Pending Avaneesh2008 - Financial Institution Registration

[Avaneesh2008]

Username Avaneesh2008

Company Name Exchange Bank

Company Type Commercial Bank

With this registration, you are also applying for a tax exemption. Do you understand you are subjected to all requirements and obligations set out by the Taxation Act? Yes

In-Game Trading Name exchangebank

Company Description Exchange Bank will be a wholly owned subsidary of The Exchange. This bank will offer a way for financial institutions to keep money in a bank not ingame or in a for profit bank.

We will offer the following services:

Institutional Deposits - Allowing Financial Institutions to keep deposits in a secondary bank that will not be affected by the financial health of other banks. We will not provide interest on said deposits but will allow easy transfer between institutional banks if depositors wish to transfer money from one bank to another. We will also not use these funds for any investments so institutions will not have to worry about their funds going away. We will charge a small monthly fee for any institution using this service. This will be one of our few sources of profits which will go to pay for employees.

Indirect Customer Deposits - For select non bank financial institutions, we will allow customers to directly deposit into ExchangeBank and verify the deposit with the financial institution directly rather than through ExchangeBank. This will allow for direct deposits from ingame for institutions like Stock Exchanges and Investment Banks that would usually require a two step process. These funds will be held in said institution bank account in ExchangeBank. Currently, the Exchange will be the first institution using this program but we will open it up to other institutions if needed.