Topic: TESTERS NEEDED (BTC-escrow Bank) - FREE BTC FOR TESTERS - page 3. (Read 6103 times)

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The following information was submitted:
Name: Freddie May [random name, misspelt freddie mac ]
Email: [email protected]
Phone: [snip]
Country: Australia
Username: gladoscc
Password: [THIS WAS IN PLAINTEXT]

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Don't compare your site  with bank because your process is different and stupid.
Seriously give me 1 reason why anyone will use your site to get something which he already have.
Usually people needs loan when wants to buy something but he don't have enough money. Lets say I have 10$ I want to buy 11$ thing. I need 1$ loan urgently, now thru you site i can't get that 1$ as loan.
You will take my all money and give me my 10$ back as loan and charge fees for that.

Did you have ever seen anyone giving 1000$ to bank to get 1000$ loan.
Yes Bank gives loan Good credit reports, payment history and no defaults but they don't ask for money nor they freeze your money that's in your bank account .

oh and sorry i don't know answer of all the questions you asked about swift, so kindly please let me know answer of those questions as you are running a bank.

Everybody knows, to obtain a house,car or even personal loan then the bank needs to trust you. right?
Good credit reports, payment history and no defaults all help with this.
I'm not saying that we'll hand out bitcoin loans for house's but the point is about building a good credit report with the bank.
We use your savings to secure loans IF you need one, we also loan your savings to other people in the bank, that how a savings account earns interest etc. You have access to your savings at any time you please, so long as there are no outstanding loans to pay on your account.

After 2 maybe 3 loans, then the bank might be willing to give a loan higher than your savings. at an increase of 0.45bitcoin per loan as an example, depending on the amount in your savings
As for the Fee's, i didn't say its going to be a huge amount, it all depends on the amount loaned.

As for the accusation "please don't lie about SWIFT."  now what makes you think we are lying?
Have you looked into the eligibility and requirements for using SWIFT?
Do you know what category group we as a bank fall into with SWIFT?
Do you know what documents are required to request access to SWIFT and how payments are processed by the bank and SWIFT?

So you will lend their own money to them and charge fees. Great (Joke of the day)
Let me tell you, your plan is a big fail and no one will put money in your bank to get same amount of loan.
and no one will trust your bank website unless you register a company. (even companies can do scam but still people trust them) and please don't lie about SWIFT.

And i checked your website, it's not even completed yet.

About us!
TBA

Why choose us?
Because we offer

We comply with most of the reserve banks protocols and we implement only some of there rules.
We are however not a registered bank under the umbrella of the Reserve Bank of New Zealand
We are a registered partnership bank, registered with the  New Zealand credit union association, which allows us to more easily provide services to international audience,

Our credit union law hasn't been updated since 1982 if I recall correctly, and wont be updated for many years to come (too many land arguments that the NZ govt updating credit union laws is probably at the bottom of there todo list)

98Credit unions to be registered
(1)No person, society, or body of persons (whether corporate or unincorporate) shall trade or carry on business as a credit union unless registered as such under this Part.
(2)For the purposes of subsection (1), to trade or carry on business as a credit union means—
(a)administering a fund into which members of a group contribute money which is to be applied either wholly or principally in loans to those members:
(b)representing the person, society, or body of persons as being a credit union:
(c)using, in reference to the person, society, or body of persons, any name, title, or descriptive expression containing the words “credit union”, “money club”, “savings society”, or “loan society”, or any cognate term or any derivative of those words, when trading, carrying on business, or advertising for share capital, deposits, or loan funds.
(3)Nothing in subsection (2)(c) shall apply to—
(a)the use by an officer or employee of a credit union of a title or descriptive expression indicating his office or post with the credit union; or
(b)the use with reference to an association of credit unions of a name which has been approved in writing by the Registrar.

102Qualifications for admission to membership of credit union
(1)For the purposes of this Act, a credit union has a common bond if the qualification for membership is—
(a)following a particular occupation or particular occupations:
(b)residing in a particular locality or particular localities:
(c)being employed in a particular locality or particular localities:
(d)being employed by a particular employer or particular employers:
(e)being a member of a bona fide organisation or bona fide organisations or being otherwise associated with members of the organisation or organisations for a purpose other than that of forming a society to be registered as a credit union:
(f)any other qualification that can be objectively determined:
(g)a mixture of any qualifications in paragraphs (a) to (f).
(2)For the purposes of subsection (1), a qualification can be objectively determined if it—
(a)includes every person who fulfills the qualification; and
(b)is able to be determined by a person who is not a member of the credit union; and
(c)does not depend on any person's subjective judgement.
(3)For the purposes of this Act, if the rules of a credit union so provide, a person shall be treated as fulfilling a qualification for admission to membership stated in those rules if he is a member of the same household as, and is a relative of, another person who is a member of the credit union and fulfils that qualification directly.
(4)In subsection (3), relative, in relation to any person, means—
(a)any current or former spouse, civil union partner or de facto partner of the person; and
(b)any lineal ancestor, lineal descendant, brother, sister, uncle, aunt, nephew, niece, or first cousin of the person or of any current or former spouse, civil union partner, or de facto partner of the person; and
(c)any current or former spouse, civil union partner, or de facto partner of any person referred to in paragraph (b).
Compare: Credit Unions Act 1979, ss 1(4), (5), (6), 31 (UK)
Section 102(1): substituted, on 22 November 2006, by section 5 of the Friendly Societies and Credit Unions Amendment Act 2006 (2006 No 65).
Section 102(2): substituted, on 22 November 2006, by section 5 of the Friendly Societies and Credit Unions Amendment Act 2006 (2006 No 65).
Section 102(4): substituted, on 26 April 2005, by section 7 of the Relationships (Statutory References) Act 2005 (2005 No 3).

The savings account ties in with the Loan Accounts, but the Savings cannot be touched if there's an outstanding loan unless hardship can be proved. Here's an example of how this works:

If John has savings of 30Bitcoins, he can then take a loan with us, for a total amount of 30bitcoins from his loaning account. Johns savings is still there, but because he's asked for a loan against his savings, the bank puts a hold on the savings, and cannot then cannot be withdrawn. But if he has taken a loan of 25bitcoins, he can take 5bitcoins from his savings but not be able to take the remaining 25 as there is a loan against his savings.

If the loan is partially paid back, so once again if he had taken a loan of 30bitcoins but has paid back 20bitcoins of the total 30bitcoins, he can ask for a topup on his loan upto the amount of savings that he has.
If John defaults on his loan amount, we can take the savings etc...

Eveytime a loan is approved there is a small fee to apply, this is to help cover admin costs etc,

May be of interest to people: http://www.rbnz.govt.nz/finstab/banking/2969066.pdf

And: http://www.rbnz.govt.nz/finstab/banking/regulation/0094291.html

No we dont as we do not operate within the USA, our head office is located in New Zealand, and therefore New Zealands Bank laws apply.

For deposits or withdrawal transactions that are under $500NZD per calender month, then no i.d is required, any thing over $500NZD then a government issued i.d is then needed along with proof of bank account  and a utility bill with proof of address.

an anti-laundering procedure in place. We also need a stable, safe and secure banking system, which we have met, now its just testing it and getting the last few bugs out of there.

This is still weeks away from implementing at the moment, and will not be used until at-least the pre-release

Wonder if you told them that you are running a bank, or will get a nice fraud suit.

Great News People

SWIFT (Society for Worldwide Interbank Financial Telecommunication) have confirmed they'll let me use there platform to send and receive payments!

That to me is a major milestone, as the banks are now clamping down as such on bitcoin transactions, now with SWIFT on side that means its no different from sending money to someone else in another country, its just the same! and its harder for banks to stop us from paying you!

I'll keep people updated on the website construction, as we have just implemented the LiteCoin and BitCoin system into our Banking System!
You Can also convert Bitcoins to LiteCoins and Vise Versa. Thsi feature should be rolled out in the next month! about a week or two before our banking we hope!

Just wondering what do you do if someone takes a 75 BTC loan (because they have 75 BTC in savings), and then they withdraw the savings and don't pay you back? Or will you not give them access to there savings, because if you did that, they they should just use there savings and not have interest?

Great idea though, way to support the bitcoin economy. I don't have the time to be a tester though.