Can you Really Start your Personal Bank?
Banks could appear like huge, scary, impersonal behemoths, however the reality is that anyone can start one. All it requires is an efficient marketing strategy, a whole lot of capital and making it through a posh regulatory course of. Maybe you're a big fan of the basic movie "It's a beautiful Life," and dream of operating your own model of Bailey Building and Loan. Or maybe you need to emulate Amadeo Peter Giannini, the early 1900s fruit vendor who convinced immigrant families in San Francisco to deposit their savings in his new financial institution, which finally became Bank of America. If that's the case, supplied that you've got sufficient cash, a superb business plan and the patience to make it by means of the regulatory process, you could possibly truly begin your own financial institution. Plenty of individuals have, through the years. Unlike most industrialized countries on the earth, which are inclined to have just a handful of massive banks, the U.S