Active Now

Slartibartfast
Spunky
Discussion » Questions » Business » I would like to get $1,000,000 fresh printed money from the mint to start a banking business -but how do I pay for it?

I would like to get $1,000,000 fresh printed money from the mint to start a banking business -but how do I pay for it?

I might need about that much float to cash people's checks when they open an account.
Do I use property as collateral then make payments? 

Posted - May 10, 2018

Responses


  • 5354
    Go to a bank and pay for it with with as many US dollars in well-used bills. They may even give you a rebate, the mint likes to get old worn-out bills back so they can recycle them and issue a similar amount of new
    squeaky-clean currency.
      May 10, 2018 11:50 AM MDT
    1

  • 13395
    I just have to figure out how I can get my mitts on a million in well used bills.
      May 10, 2018 12:59 PM MDT
    0

  • 5354
    Mugging old ladies in the park is always a possibility, but getting riskier these das because more and more of them now have a mobile with camera to take a mugshot of you as you move in.
      May 11, 2018 10:00 AM MDT
    0

  • 5835
    ?? You don't need money to start a bank, only credit. And if you didn't know that then you are not qualified to run a bank.

    There are two types of banks: the savings bank and the reserve bank.

    The savings banks accepts cash deposits and loans the money to local businesses. Interest on the loans is then dispersed to depositors.

    The reserve bank is totally fraudulent. The central bank credits your bank with a loan which serves as your cash reserve. That is used only for making small exchanges and limiting the loans you can make. You don't need money to make a loan, only reserve. So if the reserve requirement is, say, 10%, then you can loan ten times as much as you have in reserve. That is where inflation comes from. The note that you sign, that is money. It is worth 40% of face value, cash in fist. 
      May 10, 2018 12:14 PM MDT
    2

  • 13395
    Ok I'm just learning as I go along.
      May 10, 2018 12:57 PM MDT
    0

  • 7280
    You will need a group of experienced bankers that pass an FBI background check and finally you will need to show that you have $10 to $30 million in capital to get your bank underway. Starting a bank offshore costs between $150,000 to $250,000 and requires $1 million in capital, depending on the jurisdiction.

    One of the Acts passed as a response to the increase in terrorism has completely changed banking laws.
      May 10, 2018 2:58 PM MDT
    2

  • 5391
    Here’s the thing, Kittigate, you’re gonna need more than that. 

    Unless you drop, oh, several tens of thousands of those dollars into a business or banking degree, your banking career is gonna be a short, disappointing affair. There are so many important legal and financial issues in running any business, especially one that handles currency, untrained and learning on the fly will part you from your wealth (and perhaps your sanity) in a big hurry. 

    Take your imaginary million on a long vacation. 
      May 10, 2018 3:16 PM MDT
    1

  • 13395
    Well it was fun thinking about it. Now I learned something. 
      May 11, 2018 1:56 AM MDT
    1

  • 22891
    not sure how
      May 12, 2018 5:56 PM MDT
    1