Thread: Bank Accounts

Hi all,

Firstly, a great forum with lots of very interesting topics - PIPS members are certainly a good bunch of guys.

Just a thought, and please shoot me down if nonsense, but would it not be possible for us to open individual bank accounts with the same bank that processes the transactions. This way the transfers would be cheaper, and quicker, and as account holders we could draw the funds using the standard cheques, ATM cards, and all of the other gizmos that come with a modern bank account.

For the bank this would be a tremendous boost, and a further way of producing income with the normal sort of bank charges that most high street banks charge.

Just a thought . . . . . . . . . . . . :)

I've had the same thought, but for some reason the CEO has chosen not to go in that direction. It wouldn't be possible for us to join a Malaysian bank because we'd end up getting paid in Malaysian Ringets (or whatever it is.) But why couldn't a members bank be set up in each country: one for the USA, one for Autstralia, one for France, etc. Then Bryan could wire large sums to the member banks, and the member banks could distribute that amount to the members.

Don't know, but I sure am getting anxious to see some sort of progress made

- TwiceWise
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58 days and counting

Hi Twicewise

Yes that's a point, but these days the actual currency is really only a set of promisory notes that have a monetory value. If I have 200 'Ringlets' I withdraw the equivalent value in £ stirling.

I often get paid in US $, but I withdraw these as £ Stirling or Francs, or Rupees, depending on where I am at the time. This is how banks make their massive profits!

I would be happy getting milk bottle tops from PIPS if they were worth the actual amount in £'s and I could locate a buyer.