Accepted MrICEKING - Financial Institution Registration

M

MrICEKING

Citizen
Grave Digger
MrICEKING
MrICEKING
Joined
Jan 7, 2022
Messages
25


Username SrICEKING

Company Name Lux 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 SrICEKING

Company Description We are a bank that seeks to put customers the first
 
Can you please include more details about your services and fee structure
 
Services Offered:

  1. Personal Banking:
    • Savings and checking accounts
    • Personal loans and mortgages
    • Credit cards with rewards programs
    • Online and mobile banking services
  2. Business Banking:
    • Business accounts and loans
    • Merchant services and payment processing
    • Treasury and cash management solutions
    • Commercial real estate financing
  3. Investment Services:
    • Wealth management and financial planning
    • Retirement accounts (IRAs, 401(k)s)
    • Brokerage services and investment portfolios
  4. Other Services:
    • Foreign exchange and international banking
    • Insurance products (life, health, property)
    • Financial education and advisory services
Fee Structure:

  • Account Maintenance Fees:
    • Personal accounts: 5/month(waivedwithaminimumbalanceof5/month(waivedwithaminimumbalanceof1,000)
    • Business accounts: 10/month(waivedwithaminimumbalanceof10/month(waivedwithaminimumbalanceof5,000)
  • Transaction Fees:
    • ATM withdrawals: $2 per transaction (first 3 free per month)
    • Wire transfers: 15domestic,15domestic,25 international
  • Loan Fees:
    • Personal loans: Origination fee of 1% of the loan amount
    • Mortgages: Application fee of 100,appraisalfeeof100,appraisalfeeof300
  • Investment Fees:
    • Wealth management: 1% annual fee on assets under management
    • Brokerage services: $5 per trade
  • Other Fees:
    • Overdraft fee: $35 per occurrence
    • Stop payment fee: $30 per request
 
@MrICEKING can you verify that you personally wrote this?
- What do you mean by the seperation of online and mobile banking services?
- How will retirement accounts work?
- How will you offer merchant services when in-game payment is direct, online and free?
- How will you run life insurance on a non-hardcore game?
- Presuming ATM's are ingame chestshops, how will you waive atm fees after a number of transactions?
 
What do you mean by the seperation of online and mobile banking services?
we are in development of an interface which players can use to make such transactions ingame..

The system will work in a way that when a client of Lux Bank wants to make a deposit or a withdraw he or she will request our bot via discord to log on democracycraft .Then the client can now interact with the bot (atm) ingame .
while using the ingame bot the client will first have to message the ingame bot his or her card number then he or she will then be able to make transactions ingame. which will be faster than the client banks that are available.

How will retirement accounts work?
Retirement Accounts will work in a way that when a player is going for a vacation in real life or maybe having school and will not be able to log into minecraft, Lux Bank will offer them a retirement account plan where when they put in their money into the plan/make a deposit Lux Bank will use that money for investment and will add an interest on the clients account after a certain period of time that was agreed upon

How will you offer merchant services when in-game payment is direct, online and free?
This is somehow difficult to explain but it has to do with the ingame transanction mechanism that Lux Bank is being to Democracy Craft
The break down of merchant services we want to introduce will work in a way that if a user does not have enough money ingame, or wants to make large Transactions from his or her bank with us to a seller ingame .The solution for that would be a merchant code which the seller with have after registering with Lux Bank.

How will you run life insurance on a non-hardcore game?
This is an idea that is still under development
 
@MrICEKING can you confirm that you have checked with staff if a minecraft account bot is permitted?

Also can you explain the purpose of the merchant service if fast bot withdrawals are going to be implemented?

Retirement account is cool idea tho
 

Hello xSyncx,​

As of now i have no mandate to talk to staff about minecraft account bot since i have no platform of doing that. In additon to above i think will have no problem with the bot as long no rules are brokens.
Inorder to ensure that no rules are broken with in the process we are going to have such closes within our terms of services which players will have to agree upon usage of any of our service

Lux Bank is a sub company of LUX GROUP

- ICEKING
CEO LUX GROUP
 
@MrICEKING can you elaborate on what you mean by "no platform of doing that"? In the sense of verifying the permissiveness of it or you won't have a bot at all?

I am confirming since the rule states that each player can only have 1 minecraft account and you mention
"request our bot via discord to log on democracycraft .Then the client can now interact with the bot (atm) ingame ."
Click to expand...
which would require a secondary minecraft account
 
Hello

xSyncx​


I think if i get a chance to talk to server administration regarding the issue of Minecraft account bot for the purpose of ensuring fast withdraws and deposits they will agree . Also Lux Group will be will to sign and agreement with the government or server adminstration granturating them the proper use of the minecraft secondary account which will be working as bot(atm).
Secondly , When I said 'i do not have a platform ' i meant that as of now since Lux Bank under Lux Group is not yet a registered Financial Institution , it has no made to request for a waver from the government and server adminstration

- ICEKING
CEO LUX GROUP
 
@MrICEKING Are you familiar with the process of creating balance sheets and income statements?
 
Lovely. @MrICEKING thank you for your patience, liasing with my department took a while.

Accepted


Your registration was accepted, congratulations! Your exemption will be applied within the next few days. This will be done by the Secretary

 
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