Opening A Bank

Opening a bank in the Meridian Federal Union is a regulated process overseen by the Central Bank (C.B.).
Banks operate under stricter rules than standard private companies due to their role in managing player finances, deposits, and loans.

This page outlines the requirements, approval process, operational rules, and failure conditions for establishing a bank within Meridian.

Overview

Banks are private companies that provide financial services such as:

• Account management

• Deposits and withdrawals

• Loans

• Interest‑bearing products

• ATM access

All banking activity is regulated by the Central Bank, which enforces compliance, caps, and audits.

Requirements

Opening a bank requires meeting several conditions defined by current banking law.
These laws may change, and applicants must ensure compliance with the latest regulations.

Mandatory Requirements

• Banking License
  A specialized license required for financial institutions.

• Central Bank Approval
  The C.B. must review and approve the application before the bank can operate.

• Financial Reserve
  The required reserve amount is defined by current legislation.
  (The exact value varies depending on the law.)

• Employment Limit
  The applicant may not hold more than five jobs at the time of registration.

• Minimum Staff
  Banks must employ at least four staff members, enforced through RP and administrative oversight.

• Headquarters (HQ)
  A WorldGuard region designated as the bank’s operational area.
  Larger banks are encouraged to use business plots rather than apartments.

• Cash Register
  Required for handling in‑person transactions.

• Registration Fee
  The business‑opening fee must be paid at City Hall.

Registration Process

1. Visit City Hall.

2. Request a Banking License.

3. Submit all required documents and proof of compliance.

4. Await Central Bank approval.

5. Once approved, finalize the business registration.

6. Set up the HQ and staff.

7. Begin operations under C.B. oversight.

Operational Rules

Banks may offer all standard financial services, including:

• Loans

• Interest‑bearing accounts

• Debit accounts

• ATM access

• Financial storage (vaults, safes, etc.)

Interest Rates

Banks may set their own interest rates, but must comply with Central Bank caps.
These caps are defined by current law and may change.

Player Accounts

• Every registered citizen automatically receives a Central Bank account.

• Players may migrate to a private bank by visiting the bank and requesting account transfer.

ATM System

ATMs provide basic deposit and withdrawal functions.

Audits, Fraud & Compliance

Banks are subject to:

• Regular audits

• Fraud investigations

• Tax compliance checks

• Financial crime RP (fraud, evasion, laundering)

The Central Bank may intervene if irregularities are detected.

Failure Conditions

Banks can lose their license under certain conditions, including:

• Severe law violations

• Fraud

• Non‑compliance with audits

• Reserve dropping below the legally required amount

Reserve Failure

If a bank’s reserve falls below the legal threshold:

• The bank is typically closed.

• The Central Bank refunds up to $10,000 per account holder.

• Exact refund rules depend on current legislation.