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(Pittsburgh Post-Gazette)   Ice cream bank draws ire of banking regulators, who claim owner is not stealing nearly enough to be a real bank   (post-gazette.com) divider line 44
    More: Strange, Whalebone Cafe Bank, new economy, overdraft fees, bankers  
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8688 clicks; posted to Main » on 13 Sep 2012 at 12:32 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-09-13 12:38:06 PM

FTFA:

So where does he keep depositors' money?

"In a savings account with First Commonwealth," he said.


Wow...he's got a lot of balls. He exchanges money for "exclamation bucks" and says that he's not a bank but a "gift card program." Wow...

Kind of jealous that I didn't think of it.
 
2012-09-13 12:39:58 PM
Their assets were frozen.
 
2012-09-13 12:41:51 PM
What a run on an"ice cream bank" might look like:
i1151.photobucket.com
'That's right! Withdraw ALL my savings!'
 
2012-09-13 12:43:16 PM
You'll need those "exclamation dollars" to say things like "Wow! I just lost my money in an ice cream Ponzi scheme!"
 
2012-09-13 12:43:24 PM
If the ice cream bank sounds too shady, please consider depositing your money in CheekyMonkey's National Mattress & Loan.
 
2012-09-13 12:43:45 PM
I believe some sperm banks also operate without a banking licence.

When will there be action?
 
2012-09-13 12:45:14 PM
He isn't owned by the Rothschilds, so HE MUST BE STOPPED!
 
2012-09-13 12:47:33 PM
Sounds like very polite loan sharking..."We've made 1 loan" (at 100% interest)
 
2012-09-13 12:48:35 PM
No, but, you're, you're thinkin' of this place all wrong! As if I've got the money back in a safe!
Th... th... the money's not here. Why, your money's in Joe's freezer. That's right next to yours. And then the Kennedy freezer, Mrs. McLean's freezer, and a hundred others!
 
2012-09-13 12:50:59 PM

EVERYBODY PANIC: He isn't owned by the Rothschilds, so HE MUST BE STOPPED!


For the sake of Free Enterprise and Capitalism, the guns of the State must be leveled at him!

Oh, wait....
 
2012-09-13 12:53:22 PM
Here's the thing people...

If you don't think that banking is already a scam by the upper tiers, you're a fool. The reason they want to shut him down is because he is not them. Their game doesn't work well when someone comes up with good ideas. When's the last time you ever heard of a bank that had a good idea that wasn't rooted in deceit?

To make our world better, people NEED to be doing stuff like this. We NEED a different banking system. We need a system that works for everyday people, is fair, and isn't ALL about profits for shareholders. It's those profits that encourage the theft we've been turning a blind eye all these years.

The fact that they're going to jump on it shows that it's a great idea. Maybe not profitable and maybe not manageable in the long term, but it's a start at getting people thinking about alternatives.

And speaking of Ponzi schemes. The entire banking industry is a Ponzi scheme and you'd be a fool to think otherwise. Over 90% of a bank's money doesn't even exist in the first place! I'd also be rich if I could create fake money whenever I wanted to!
 
2012-09-13 12:53:58 PM

Just Another OC Homeless Guy: EVERYBODY PANIC: He isn't owned by the Rothschilds, so HE MUST BE STOPPED!

For the sake of Free Enterprise and Capitalism, the guns of the State must be leveled at him!

Oh, wait....


In the new Amerika, your comment actually makes sense.
 
2012-09-13 12:53:59 PM
saveourseas.com

Whale bone.
 
2012-09-13 12:54:36 PM
So where does he keep depositors' money?

"In a savings account with First Commonwealth," he said.


Not a good idea; the Nietzscheans could arrive at any time.
 
2012-09-13 12:56:52 PM

JonnyG: The fact that they're going to jump on it shows that it's a great idea. Maybe not profitable and maybe not manageable in the long term, but it's a start at getting people thinking about alternatives.


Yeah, and when the "depositors" lose their money, people will say, "where were the regulators?"
 
2012-09-13 01:04:20 PM
Sounds legit.
 
2012-09-13 01:06:30 PM

Scoop84: JonnyG: The fact that they're going to jump on it shows that it's a great idea. Maybe not profitable and maybe not manageable in the long term, but it's a start at getting people thinking about alternatives.

Yeah, and when the "depositors" lose their money, people will say, "where were the regulators?"


The regulators were diligently watching Wall Street, of course.

Or eating ice cream.
 
2012-09-13 01:07:42 PM

JonnyG: The fact that they're going to jump on it shows that it's a great idea. Maybe not profitable and maybe not manageable in the long term, but it's a start at getting people thinking about alternatives.


We already have very, very good alternatives.

I have no idea why more people don't use them.
 
2012-09-13 01:11:42 PM

JesseL: JonnyG: The fact that they're going to jump on it shows that it's a great idea. Maybe not profitable and maybe not manageable in the long term, but it's a start at getting people thinking about alternatives.

We already have very, very good alternatives.

I have no idea why more people don't use them.


Given what the guy in TFA was describing, it sounds like he wants to open a credit union, but doesn't want to deal with paperwork and regulations and overhead.

CU's rock, especially if you get a good one.

That and USAA. Two best banking options in the country.
 
2012-09-13 01:18:15 PM
Oh, wow. Yeah - that place.

Used to work right across the street. It's a real hippy/hipster kind of place to begin with, so it doesn't surprise me that he's going for the whole, "group love and freedom, baby" kind of business. Funniest part is, there's a bar down the alley on the right-hand side of that picture that has plenty of folks in it willing to let you borrow money at a reasonable fee, and, if you're lonely, they can set you up with one of these nice young girls yous see sitting here.
 
2012-09-13 01:20:01 PM

EVERYBODY PANIC: He isn't owned by the Rothschilds, so HE MUST BE STOPPED!


www.americanspice.com

Those bastards!

/Snark aside, the guy sounds like he's running some combination of unregulated credit union and a ponzi scheme
//Regulators have a right to intervene if he's not FDIC insured
 
2012-09-13 01:22:46 PM
Not my sore ear! Don't hurt my sore ear again, Mr. Gower!
 
2012-09-13 01:45:11 PM

Mr. Harry Freakstorm
Poorsville, IL

Statement
Ice Cream Bank of Poorsville

Current Deposit

Ice Cream as of 13 Sept 2012: 4 Gal Vanilla
Interest on 4 Gal of Vanilla 1 scoop
Total as of Sept 13, 2012 4 Gallons, 1 Scoop

5 gallon or Less Fee 1 Scoop
Ice Cream Dispenser Fee (1 Scoop Minimum Fee per Month) - Used 0 Times - 1 Scoop
Freezer Maintenance Fee 1 Scoop
Teller Vinyl Glove Fee 1 Scoop
Ice Cream Scoop Washer Fee 1 Scoop
Federal Ice Cream Insurance Fee 2 Scoops
Total 6 Scoops

Revised Balance 2 Gallons, 3 Scoops Vanilla

Our Chocolate Rates are Going UP! Now is the time to convert to Chocolate! Savings are Sweet at the Ice Cream Bank of Poorsville!
 
2012-09-13 02:00:10 PM
Give a man a gun and he can rob a bank.
Give a man a bank and he can rob the world.
 
2012-09-13 02:07:06 PM

Snarcoleptic_Hoosier: EVERYBODY PANIC: He isn't owned by the Rothschilds, so HE MUST BE STOPPED!



Those bastards!

/Snark aside, the guy sounds like he's running some combination of unregulated credit union and a ponzi scheme
//Regulators have a right to intervene if he's not FDIC insured


Not to derail, but that stuff sounds delicious on the name alone.
 
2012-09-13 02:10:58 PM
www.matteoionescu.com

DOH!
 
2012-09-13 02:14:08 PM

JonnyG: To make our world better, people NEED to be doing stuff like this. We NEED a different banking system. We need a system that works for everyday people, is fair, and isn't ALL about profits for shareholders.


You mean credit unions?
 
2012-09-13 02:15:46 PM
5% interest A MONTH?

Oh wait, is that intrest you earn actually just giftcard icecream bux? I really don't understand any of this.

But if you're actually earning 5% a month in real USD, this thing is a ponzi scheme.

Otherwise it is a sneaky way for him to ensure sales and get a fat lot of capital from unthinking schmucks.
 
2012-09-13 02:18:02 PM

JesseL: JonnyG: The fact that they're going to jump on it shows that it's a great idea. Maybe not profitable and maybe not manageable in the long term, but it's a start at getting people thinking about alternatives.

We already have very, very good alternatives.

I have no idea why more people don't use them.


Because they suck. None of my credit unions have a iPhone app. Hell, even their websites look like they are from 1997. If I a problem with my account I have to go in because the phone rep (who is probably a teller answering the phone in between customers) can't do squat without verifying my ID (which can't be done over the phone).

Everyone should be a member of a credit union. But few can get all of their needs met by one. That is why banks exist.
 
2012-09-13 02:21:05 PM

Snarcoleptic_Hoosier:
//Regulators have a right to intervene if he's not FDIC insured


Why?
 
2012-09-13 02:23:52 PM

Next week's Tom Sawyer: JesseL: JonnyG: The fact that they're going to jump on it shows that it's a great idea. Maybe not profitable and maybe not manageable in the long term, but it's a start at getting people thinking about alternatives.

We already have very, very good alternatives.

I have no idea why more people don't use them.

Because they suck. None of my credit unions have a iPhone app. Hell, even their websites look like they are from 1997. If I a problem with my account I have to go in because the phone rep (who is probably a teller answering the phone in between customers) can't do squat without verifying my ID (which can't be done over the phone).

Everyone should be a member of a credit union. But few can get all of their needs met by one. That is why banks exist.


I can't tell you how glad I am that my CU hasn't wasted any of my money on an iPhone app. Doesn't your phone have a browser?
 
2012-09-13 02:42:32 PM
seemslegit.jpg
 
2012-09-13 02:46:13 PM

Weidbrewer: yous


Yous?
What are all yinz taking abat?
 
2012-09-13 03:03:42 PM

JesseL: Next week's Tom Sawyer: JesseL: JonnyG: The fact that they're going to jump on it shows that it's a great idea. Maybe not profitable and maybe not manageable in the long term, but it's a start at getting people thinking about alternatives.

We already have very, very good alternatives.

I have no idea why more people don't use them.

Because they suck. None of my credit unions have a iPhone app. Hell, even their websites look like they are from 1997. If I a problem with my account I have to go in because the phone rep (who is probably a teller answering the phone in between customers) can't do squat without verifying my ID (which can't be done over the phone).

Everyone should be a member of a credit union. But few can get all of their needs met by one. That is why banks exist.

I can't tell you how glad I am that my CU hasn't wasted any of my money on an iPhone app. Doesn't your phone have a browser?


Your CU has a mobile-browser compatible online banking site? I'm impressed. Still, 99% of the credit unions out there do not have this and don't plan to any time soon.
 
2012-09-13 03:15:34 PM
Bank? MSB? Ponzi Scheme? You be the judge.

/Might prefer my bank to pay interest in Chocolate Fudge Ripple rather than the .^A% rate I get.
//Still, I like my low mortgage rate
 
2012-09-13 03:18:33 PM

Next week's Tom Sawyer: JesseL: Next week's Tom Sawyer: JesseL: JonnyG: The fact that they're going to jump on it shows that it's a great idea. Maybe not profitable and maybe not manageable in the long term, but it's a start at getting people thinking about alternatives.

We already have very, very good alternatives.

I have no idea why more people don't use them.

Because they suck. None of my credit unions have a iPhone app. Hell, even their websites look like they are from 1997. If I a problem with my account I have to go in because the phone rep (who is probably a teller answering the phone in between customers) can't do squat without verifying my ID (which can't be done over the phone).

Everyone should be a member of a credit union. But few can get all of their needs met by one. That is why banks exist.

I can't tell you how glad I am that my CU hasn't wasted any of my money on an iPhone app. Doesn't your phone have a browser?

Your CU has a mobile-browser compatible online banking site? I'm impressed. Still, 99% of the credit unions out there do not have this and don't plan to any time soon.


Crap, just looked and my CU does have an app as well: https://www.azstcu.org/personal/mobile-banking.shtml
 
2012-09-13 03:46:54 PM
If he really wants to do this, he absolutely has to stop saying that it's a bank and taking deposits. If he wants to run a gift card system or something, that's all well and good but he absolutely needs to stop saying things like, "Quite frankly, it is a bank."

Taking deposits and issuing loans is a very easy way for him to ensure that he gets a visit from the authorities.
 
2012-09-13 03:49:09 PM

IkonOlator: Bank? MSB? Ponzi Scheme? You be the judge.

/Might prefer my bank to pay interest in Chocolate Fudge Ripple rather than the .^A% rate I get.
//Still, I like my low mortgage rate


It is all a Ponzi or pyramid at the core of "investment".
The blessing comes from where you draw your line of definition.
Delay the point where the end game suckers get hosed long enough and it's legal.
 
2012-09-13 04:01:33 PM

vudukungfu: Weidbrewer: yous

Yous?
What are all yinz taking abat?


Well, although there may be yinzer lone sharks, I spend more time explaining "yinz" than "yous" normally when painting a mental image.
 
2012-09-13 04:05:56 PM

Weidbrewer: I spend more time explaining "yinz" than "yous" normally when painting a mental image.


What kand uv a jaggoff don't know what all yinz means?
 
2012-09-13 04:58:48 PM

vudukungfu: Weidbrewer: yous

Yous?
What are all yinz taking abat?


You're close, but it should be either "Wut're all a' yinz talkin' abaht?" or "Wut're yinz talkin' abaht?"

/we're talkin' abaht banks 'n' ice cream n'at
 
2012-09-13 06:40:54 PM

MtLebanonBalogna: we're talkin' abaht banks 'n' ice cream n'at


But when can I bank wid Ahrn Ciddy?
 
2012-09-13 08:03:04 PM

mdeesnuts: Snarcoleptic_Hoosier:
//Regulators have a right to intervene if he's not FDIC insured

Why?


You're joking right? Calling yourself a bank and not having the same security AS a bank is false advertisement at best and fraud at worst. It's not a debatable point to say that investigation of bank fraud is within the jurisdiction of banking regulators.
 
2012-09-13 08:34:55 PM
So let me get this straight... I can deposit my ice cream and withdraw the same amount of ice cream at any future time, plus all the sprinkles I have accrued? Sounds delicious - I'm in.
 
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