1. Changed time of compounding to Midnight.
2. Changed the withdrawal procedures 2% interest rate if unable to immediately pay. (see Investment Rules 9)
3. Added withdrawal request prioritization clause. (see Investment Rules 10)
4. Added Loaning of collateral items. (see Loan Rules 6c)
The People's Bank of Carnage
Mission Statement:To provide quality financial services for the CB2 community by offering loans and investment opportunities, and to make these services the most efficient and safest way to do business.
Banking Rules:
General Rules
1. All transactions will be made in CB2$ unless otherwise noted. All times will be CB2 Server Time.
2. The default terms and conditions laid out in this document will apply on every transaction. All terms and conditions must be agreed upon by all parties.
3. All transactions will be open to the public.
4. Effort shall be made to provide error free transactions. If an error by the bank is discovered, the first person to post the error will receive a reward of $10,000.
5. Any errors caused by customers will be rectified to the best of the bank's ability, but may be subject to a 1% fee to cover transaction costs and lost time.
Loan Rules
1. Minimum loan amount is 100,000 CB2$.
2. All new loans on a given day are charged one day of interest immediately. This ensures that the bank can at least cover transfer fees.
3a. There are two types of loans: Short Term and Long Term. The loan rates for each are determined by the bank.
3b. Short Term loans are given at a rate of 1% per day, compounded daily at Midnight. All payments on the loan are credited to the balance immediately.
3c. Long Term loans are given at a rate of 0.75% per day, compounded daily at Midnight. Unlike Short Term loans, all payments made within each week are credited on the last day of the week.
4. Loan opportunities are subject to availability and good credit.
5. In order to receive a loan, an applicant must have good credit. Good credit includes either a respectable reputation, good references (i.e. forum threads showing past loans repaid on time), a co-signer who meets these requirements and is willing to pay if the applicant can not, or an item of collateral (of market value, as determined by the bank, usually equal to at least half the size of the loan) which will be turned over to the bank for the duration of the loan. The required credit is proportional to the size of the loan.
6a. The collateral item makes it possible for the bank to take chances, and since each loan is--in at least some small way--a gamble, this makes the whole system safer. If they have not been returned before, collateral items will be returned as soon as possible after the last loan payment has been made. Forfeiting the collateral does NOT count as a payment, should the borrower default on the loan (the standard remedies for this situation will be pursued instead).
6b. One or more items can be used for collateral. These items are transferred to the bank, not loaned. This item may be placed in rentals. Depending on the success of the rentals, the bank may be able to refund the transfer costs of the item back to the customer after the loan is complete.
6c. A collateral item may also be loaned back to an individual for the extent of the loan. Loan fees will be added to the final balance of the loan if this option is used.
7. Payments are due at least every 7 days for short-term loans, and 13 days for long-term loans. If no payments are made within that time, an additional 2% interest per day, compounded daily, will be applied. If no payments are forthcoming after 5 additional days, the loan is considered to have defaulted. This penalty will be waived by the bank for special circumstances (e.g. vacations, business trips, etc.) if the bank is made aware of upcoming violations of the payment schedule in advance.
8. Defaulted loans will result in prosecution to the fullest extent. Currently, this involves requesting admin intervention and resetting the offending character. This is not good for anyone involved, so please don't let it come to this.
9. Payments of less than $50,000 will only be accepted if that amount is the entire remaining balance. This just saves a lot of bookkeeping, and is better for everyone involved in the long run (fewer opportunities for mistakes, etc.).
Investment Rules
1. All new investments made on a given day are processed as though they were made on the next day (and gain interest at that time).
2. Investment interest rates are 0.5%.
3. Investment interest is compounded daily at Midnight.
4. Investment opportunities are subject to availability.
5. Investment interest will be paid weekly, beginning 1 week after the initial investment.
6. Investments may only be withdrawn after 2 weeks have passed. If an investment needs to be withdrawn before the 2 week period, a penalty of 50% earned interest (for that 2 week period) will be charged, and investment rule #9 will not apply (funds will be paid as soon as they are available).
7. To withdraw funds without a penalty, indicate in your post that you would like to withdraw your funds at the end of the 2 week period. This post must be made prior to the end of the 2 week period.
8. After the initial 2 weeks, Investments will be automatically re-invested for an additional 2 weeks if a withdrawal request has not been made. Early withdrawal penalties (Investment Rule #6) will apply to the new 2 week investment period.
9. In the rare event that the bank is not able to meet a withdrawal deadline, the bank will make every effort to return the investment as soon as humanly possible. This includes accepting other investors as well as purchasing $CB2 with USD until the amount owed is paid in full.
10. Once a withdrawal request is placed whomsoever places the withdrawal will become first in the repayment priority. Any other withdrawal requests will subsequently be placed in order of withdrawal request.