Policy on in-world Banks. I say, it’s about time.

By Chino Yalin | January 9th, 2008

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…without proof of an applicable government registration statement or financial institution charter. Yesterday, Linden Labs posted in their blog regarding the new Banking policy. I say, it’s about time. I’ve lost more than 45,000L$ before in Ginko Financial and after that, I don’t trust banks in-world anymore.

Avoid depositing your money in banks

My warning back then was clear avoid it. If you can just keep it in your Avatar, just keep it there. That day back in October 2007, I pulled out all of my money in WSE  and other banks or investing company. I don’t want to lose my money for nothing. It’s better to give them away in my contests than losing it for nothing.

On the policy

Since those who can run banks in SL should have a government registration statement or financial institution charter starting January 22, 2008, that policy will give more security to the depositors. Banks in SL will then be more reliable. That is if there will still be some company willing to make a bank in-world.

Now, I wonder what World Stock Exchange and SlamX (are they a bank?) will do with this new policy.

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  • Ms Cuddles
    Its about time. A big problem with banks was that you couldnt take legal action against a banker who ran off with your money. It was a crime w/o consequences. All you needed was a lack of morals.

    You know what they say: Its not cheating unless you get cuaght.

    Im happy its over.
  • Trebuchet Bracken
    Oye, I am not going through those again. My partner may venture to play stocks - if those can even be toyed with now - by after Ginko and then Alenvest(sp?) failed us, I am simply moving my money to another account if I want to save it and not be tempted. Those were horrible experiences and caused a great deal of stress for us.

    Thankfully, we do not have to rely on bank growth- Chino provides a lot of good information to help us with Linden. :D
  • Elmex Electricteeth
    Totally agree with you Chino, it was about time. A lot of people got burned by these SL banks already, and it's a good thing that that is put to an end.

    I also had quite a lot of money in Ginko, but was lucky enough to be able to pull it out just in time. I could smell trouble coming when I heard about the gambling ban. Two days later Ginko collapsed. Haven't trusted an SL bank afterwards.

    It is a pitty though that, because of this ban and the suddenness with which it was presented, a lot of people will get burned again. Because at the moment everywhere bank owners are running for the hills, and their costumers can kiss their money goodbye. But at least this will be the last time that happens.
  • Trebuchet Bracken
    I remember the strain of Ginko. It hurt so much because my partner and I camped for our money, put it in the system to Grow, and then used it to pay for our land. When Ginko went down, it was right before we had to pay, and we were thousands short. All that effort was gone. Thankfully, a friend helped us with the bill.

    Of course, later we found out that our landlords were jerks, but that is another story.
  • lol, SL banks are pretty shady, don't know whos handling your money! :O
  • I am old fashioned enough not to trust banks in any life. I prefer the good old methods of gold, property and lending.
  • buaya Burger
    I am surprised that you trusted property and lending. Those two form of investment are even more voliate than putting ur money in sl bank, especially lending.
  • Trebuchet Bracken
    Lending I am not so informed on, but I can see the point in property. It is hard to tell what is going to be valuable and continue to grow in value as opposed to what is not profitable and what will decline in value. This is why I will not being stocks, and the closest thing you will get me to it is playing Black Jack in Vegas. :P
  • Haryja Aya
    They are all going to be screwed up or at least cut off of a major way to raise captial.

    Tell me, which self-respecting real world bank or entity have set up programs that promised interest earning in second life?

    WSE real world activity is shady. That only leave singapore first meta bank as the only clearly legit bank. But you would have to prepare to give ur debit card card details as they have run of the basic card, meaning that you can only apply for the gold card, which both are a pre-requsite to own an account with them
  • Sheena Sawson
    Thanks for the advice Chino.

    First, i haven't enough money to put it in a bank.
    Second, i have some experience with other onlines games and you can't trust in any bank, because they aren't like in real life.
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