8.05% Rolling Account One Year Notice from Friends Mutual

innovate

Or he is trolling elsewhere.

karlie88

vectistim wrote: »

That was a bit of fun - I just went through their account application procedure using the name Henry Kissinger, on the last page of it they wanted you to upload a scan of your passport and utility bill (having already asked for name, dob, address etc) still with no encryption of any form, I didn't attach anything and it still let me complete my application, and apparently I will hear something in the next two days (or at least I allegedly would do had I provided a real email address), and I was given the application reference number 100008, so presumably the eighth 'application'

Its intriguing as City Endowments Limited, which is listed as a sister company seems to be a real company with real profits:
https://www.duedil.com/company/03597588/city-endowments-limited
so I'm not quite sure what is going on with this very dodgy 'Friends-mutual' site which has only been in existence since September:
http://reports.internic.net/cgi/whois?whois_nic=friends-mutual.com&type=domain

You don't even have to complete all the details to submit an application.

You can bypass pretty much the whole application process.

http://www.friends-mutual.com/en/apply-now/

Just go to step 7, enter the security check words, submit and hey presto!

My application number was 100012.

ColdIron

Hey you're right, I'm 100013

antrobus

Aegis wrote: »

..First point: fractional reserve lending doesn't mean that only a fraction of money is lent out by the bank.

Yes it does actually.

Not that it matters that much in the context of this thread.

vectistim wrote: »

...Its intriguing as City Endowments Limited, which is listed as a sister company seems to be a real company with real profits:

Friends Mutual is owned by City Corporation Ltd which is a real UK company which appears to do a lot of things from Waste Management to Property development. I would guess that Friends Mutual is simply a vehicle for financing the activities of said City Corporation.

jimjames

ColdIron wrote: »

Hey you're right, I'm 100013

Wow, it works.

And you don't even need to upload any files. Site is very well designed and clearly suitable for a secure bank to be running!

jimjames

antrobus wrote: »

Yes it does actually.

Not that it matters that much in the context of this thread.



Friends Mutual is owned by City Corporation Ltd which is a real UK company which appears to do a lot of things from Waste Management to Property development. I would guess that Friends Mutual is simply a vehicle for financing the activities of said City Corporation.

Which begs the question: why try to hide that and as a result make it appear that you are a scam company from NZ? Point gun at foot and fire.

innovate

ColdIron wrote: »

Hey you're right, I'm 100013

100016 for me, lol :-)

sabretoothtigger

Im going to put my long lost Nigerian prince millions in there, hoping they will give me 33% interest like Richard Pryor on Brewsters millions

Thank you for submitting your application. We will be in touch in the next two working days. Please quote this reference number when contacting us: 100018

antrobus

jimjames wrote: »

Which begs the question: why try to hide that and as a result make it appear that you are a scam company from NZ? Point gun at foot and fire.

Well they don't 'hide' it that well. You just need to read their website:-

http://www.friends-mutual.com/en/what-we-do/#securing-your-savings

Aegis

antrobus wrote: »

Yes it does actually.

Not that it matters that much in the context of this thread.

Fair enough, as a proportion of the deposit is retained as a liquidity fund, but the remainder is lent out multiple times. Essentially this means that more than the entire deposit is lent out even though some of it is also retained. My point here was supposed to be that the bank won't be limited to making, say, £80 of loans for £100 deposit like a private non-banking company would have to do.

I'll admit that fractional reserve banking is largely outside my area of expertise and seems somewhat like black magic to me, but I understand that it allows modern banks to function as (relatively) safe deposit takers and large-scale lenders at the same time.