Banking

Owned by The Dev Team
Apr 12, 2024
2 min read

All banks in the world of FSN are operated by players. You can run one yourself if you join the Donator Club at the manager level or above. There are a few things a FSN player should know about the world of banking in FSN.

 

  • Banks have a couple of status symbols that are important to note. One is the “View/Closing Soon” button. If you see a bank that says “Closing Soon”, it means this bank is set to close, and you should remove any savings you have with this bank, otherwise it is at risk of being lost! (Any loans you have with them will transfer to another bank at the same rate.)

  • To the right of this button, you’ll see one of three status symbols “Open” “Out of Office” “Temporarily Closed”, these represent how long it has been since the banks operator has checked their banking company. Open means within 24, out of office means within 48, and temporarily closed means over 48 hours.

  • You can deposit as much money as you’d like into a bank savings account. Some banks may have a ‘minimum’ to open the account. Accounts may earn interest as set by the bank owner for balances under or up to $1m. The rate for the savings accounts can be seen when creating or viewing your savings account.

  • You can deposit more than $1m, but will only earn interest on the first $1m.

  • You can also apply for a loan through the banking system, which gives you a chance to potentially grow your operation, but be mindful, loans cost daily payments, including interest!

  • Loans are always scheduled to last 100 days, if you pay minimum payments, and your payment will always be 1% of the principle, + the interest on whatever principle currently remains.

Example: A loan of $100,000 bux with 2% interest would have a payment of $3,000. The following day the principle would be $99,000 bux with a payment of $2,980. This would continue for 100 days.

  • You are able to pay more than the minimum payment daily on loans, but you cannot pay additional principle payments until you have had the loan for atleast 1 week. After one week, you can choose to pay an additional principle payment at anytime.

  • Credit Rating: All companies start with a 600 credit rating and this can be improved by paying loans on time, and paying your virtual taxes on time. Failing to pay either on time can result in this going down. Banks will look at your credit rating and financial situation when determining eligibility for a loan!