The Observer:
Richard Branson is to launch an internet bank in a move designed to exploit public disgust with Britain's big banks in the wake of the credit crunch.
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if Virgin was really serious they would start providing micro-investments which would blow out WallStreet banks and PayDay loan companies. Empower people not investors.
I like anything disconnected from the "business as usual" followed by the banksters running the country now. Give them some health competition. I'd switch.
This will be about as good as his phone company? Have you every dealt with Virgin phone? If so, you surely would not put your money into a Virgin Bank.
Actually, yes, and I think Virgin Mobile is definitely the way to go if you want a pay as you go plan.
He is so gross. Question is why does he need to associate himself and his persona with all his products, services?
Ego issues?
A bank strictly for virgins?
Or is this an afterlife bank for suicide bombers?
Not bad, not bad at all.
No, when you open an account you get a choice of toaster or a virgin. The man knows how to run a business.
Yeah, this venture is going to flop. If he tries to get the small guys, no one would put money in "Virgin Bank". LOL.
Well needs something new too focus on ,since Virgin stores are closing because, declining C.D. sales ,the music world is a changing,so I think it's a smart thing to try,everyone hates the loan shark thugs at CITI,BOA,WF,so it just might take off and be successful venture.
I was wondering why he was on a media blitz recently. This coupled with his ever expanding ego explains it quite nicely.
Jeez - Doesn't he have enough money??????
Sure Mr. Branson wants to earn some money. However, he wants to show the current crop of """""bums in banking""""" that there are others ways to skin the cat. I like Branson: innovative, classy, fun.
I wish that a few honest rich folks like Brad Pitt and others would do the same.
Best of luck to him. I will see if I can transfer some funds.
There is no alternative without an alternative. The Banks need a Virgin Model to provide competition.
Credit Unions are also a good alternative but they are under the control of teh Bank controlled Congress. Even so they are not so prone to gamble as the Wall Street bankers.
"Credit Unions are also a good alternative but they are under the control of teh Bank controlled Congress."
Incorrect. If you were a member of a credit union you would know that the members own the institution, they vote for board.
what are the advantage of an internet banking system?
I would guess low overhead and convenience for the customer. Plus they can offer higher interest rates on their savings account due to low overhead. If there is no brick and mortar involved you only need to employ a 24-7-365 help/service center staff to take calls, an IT team and a data center (which would be small scale). No stupid and useless heirarchy of big-headed honchos that just muck things up anyway.
You are correct and a few USA institutions offer CDs on line that pay higher interest than your local owned bank.
If there is no brick and mortar, how long would it take to deposit cash and checks? Its not even possible to deposit cash, is it? Snail mail? I dont think its very practical. There would have to be at least one small brick and mortar per city.
So, how do they do mortgage applications?
I f you actually read article...
Virgin is looking at three options: launching a new bank, complete with a branch network; entering a partnership with another financial player; or buying a stricken bank, such as Northern Rock, as part of a larger consortium.
Simply. All phone and/or computer based application process and the same for approval. All loans can be done over the phone and a check through the mail or even an E-Check program.
No way! With all the tech flaws, lD theft, data thefts so much to not trust already
Bad enough when you can walk into a Bank that is crooked
The reason banks have been running rampant is because they all were following the same shady business practices. Put something out there that provides a clear alternative, that doesn't rip its depositors off, and that institution is going to bring in big bucks (the right way this time).
Here's hoping Virgin Bank is the beginning of a trend.
Begining of a trend? Maybe you need to look into community banks and credit unions?
Never trust a banker that wind surfs at the beach of his private island with a naked super model on his back..
He is soooooo cooooool. Give you your money.
Apolgies: Give HIM your money.
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First Posted: 05-17-09 09:24 PM | Updated: 05-17-09 09:27 PM