what kind of lisence will be needed? how long will it take? what kind of insurance?
2007-11-16 08:16:56 · 9 answers · asked by junebug 1 in Business & Finance ➔ Small Business
The answer to your question is NO! Ordinarily, banks and credit unions are chartered by the Banking Commission of the state. There are specific requirements like naming incorporators, the total capitalization of the bank, liqudity of funds. Once you have met the requirements of the state,you will be allowed to operate. You must also name the directors, your officers and their affiliations.
2007-11-16 08:28:53 · answer #1 · answered by googie 7 · 0⤊ 0⤋
No. You must apply to the Federal Reserve and show an excellent business plan. There are no state banks any longer (for the individual who spoke about state requirements). The Federal Reserve does not give permission to everyone who asks for it...
2007-11-16 09:19:54 · answer #2 · answered by Other Guy 3 · 0⤊ 0⤋
To an extent. You have to have investors that can trust you with a lot of money, and then you have to file with the federal government to open a bank. They will then do an extensive background search of you and all investors and then determine if you can open the bank. It takes a lot of time to open a bank.
2007-11-16 08:21:11 · answer #3 · answered by Cool guy 4 · 1⤊ 0⤋
You would have to be insured by the FDIC. You would have to have a lot of money to invest and it is just not probable for an average joe to do.
2007-11-16 08:20:33 · answer #4 · answered by Frosty 7 · 0⤊ 1⤋
You will need a state id and/or a birth certificate, atleast in California. Other than that a small deposit to start may be needed.
2007-11-16 08:20:57 · answer #5 · answered by Sandy Dahling! 3 · 0⤊ 1⤋
You will need ss# number or card and 2 types of Ids
Drivers license or valid picture id
2007-11-16 08:22:19 · answer #6 · answered by dd 2 · 0⤊ 1⤋
An account yes ....but not the bank it's self.
2007-11-16 08:20:16 · answer #7 · answered by rainbowmatrixs 4 · 0⤊ 0⤋
As long as they have a ssn, and picture Id, and doesn't owe that specific establishment.
2007-11-16 08:20:05 · answer #8 · answered by tlnay025 3 · 0⤊ 1⤋
I dunno
2007-11-16 08:19:29 · answer #9 · answered by lindsey 3 · 0⤊ 0⤋