Banking

Summary of Accounts

The accounts summary is designed to allow you to quickly and easily see your personal and group financial information. It contains the "Cash Balance" and "Bank Balance" information for each account you have permission to work with, as well as several quick links for other actions. For users responsible for several groups, this page is quite useful for quick, at-a-glance banking.

Cash vs. Bank

The money in "Cash" is considered to be your operational money and can be used to pay for transactions, but does not earn interest. Money in your "Bank" cannot be used to pay for anything but does accrue daily interest. Many of your personal or group transactions within FSE are caused by the actions of other players (rent your plane, fly for your group, etc.) without the need for you to be involved or approve it. These transactions are automatically withdrawn from your Cash balance. These transactions will never withdraw from your Bank balance, so always make sure you have enough money in your Cash balance to complete your transactions. If someone attempts to do something that requires your Cash, and you do not have a sufficient Cash balance, that action will be denied to the other player.

Note: Negative amounts are indicated by enclosing the amount in parenthesis. i.e. ($10,000) is negative Ten Thousand.

Quick Transfer

Each account includes a Quick Transfer feature to move money between Cash and Bank. Many FSE players like to regularly transfer all their cash to the Bank to earn interest. Others prefer to leave a set amount of money in their Cash Balance for operational purposes. Whatever the reason, the Quick Transfer drop-down feature allows a user the ability to shift a pre-determined amount of funds between their cash balance and bank balance with a single click.

Specific Transfer

If you would like to move a specific amount of money between your Cash and Bank, and the amount is not listed in the Quick Transfer drop-down options, you can simply click the listed Cash or Bank balance.

  • Bank Deposit: If you click the Cash balance, you will enter the specific amount to deposit from Cash to Bank.

  • Bank Withdrawal: If you click the Bank balance, you will enter the specific amount to withdraw from Bank to Cash.

Bank Loans

After you have completed 10 flights in FSEconomy, you are eligible for a Bank Loan of up to $40,000. Bank Loans are charged a 10%APR interest rate, and only applies to personal accounts -- groups cannot borrow money from the Bank of FSE. To borrow money, simply "Withdraw" it from the Bank. If you have $2000 in the Bank, and you Withdraw $8000, your Cash will increase by $8000 and you will have a ($6000) Bank balance (the $2000 original balance minus $8000 withdrawal). Any negative amount in your Bank balance is considered a loan. You can withdraw (loan) as much as you like, whenever you like, up to a maximum of ($40,000).

Loan repayment: To re-pay an FSE Bank Loan, simply deposit enough from Cash to bring your Bank balance to $0 or higher. FSE Bank Loans do not have a repayment schedule. You can re-pay your entire loan at once, or in any increment you choose on any timeline you choose. Your account will charged 10%APR interest EVERY DAY that you have a negative bank balance.

Note: Larger loans for specific financing issues may be available from other players and member groups. Visit the forum for more information.

Bank Interest

The FSE Bank will pay you a monthly interest payment (accrued daily) at 5% APR on any positive Bank balance, up to $1,000,000. Any balance amount exceeding $1M will be ignored for interest purposes. The FSE Bank will also charge you at 10% APR interest rate (accrued daily) for any negative Bank balance.

Only personal accounts earn interest. Group Bank accounts are not eligible for earning interest. (since group's cannot take out a system loan, they will also not pay interest)

Every night at "server midnight" (which occurs at 2200 or 2300 UTC, depending on Daylight Saving), your Bank balance will be examined, and the amount of your daily interest payment or debit will be determined. This amount will be added to (or subtracted from) your "monthly interest holding account". At the end of the month, the amount of money in your "holding account" will be deposited into (or subtracted from) your Bank account.

At the bottom of your Summary of Accounts, you will see your Personal account earned interest to date. This is the current value of your "interest holding account". If today were the last day of the month, this is the amount that will be added to, or subtracted from, your Bank balance.

Examples:

  • On the first day of the month, you have a Bank balance of $1000. At midnight, your balance is assessed, and it is determined that your balance is positive. Since a positive balance earns you a daily interest accrual of 5% APR, you will have $0.14 added to your "monthly interest holding account". If nothing changes for the next 30 days, each day you will have $0.14 added to your holding account, for a total accumulation of $4.20. At "server midnight" on the last day of the month, $4.20 will be deposited into your Bank Account as a monthly interest payment from the FSE Bank to you, and your "holding account" will be reset to $0.

  • On the first day of the month, you have a Bank Loan of $5,000. At midnight, your balance is assessed, and it is determined that your balance is negative. Since a negative balance costs you a daily interest accrual of 10% APR, you will have $1.37 subtracted from your "monthly interest holding account". If nothing changes for the next 30 days, each day you will have $1.37 subtracted from your holding account, for a total accumulation of $41.10. At "server midnight" on the last day of the month, $41.10 will be subtracted from your Bank Account as your monthly interest payment to the FSE Bank, and your "holding account" will be reset to $0.

  • For the first five days of the month, you have a Bank balance of $1000. After the fifth day, your "monthly interest holding account" has accumulated $0.70 (14 cents per day for five days). On the sixth day, you withdraw $6000 from Bank to Cash, leaving your Bank balance at ($5000). Since you now have a $5000 Bank Loan, your nightly assessed interest payment is $1.37. On the sixth night, this amount is subtracted from your current holding account's accumulation of $0.70, leaving your holding account with a negative ($0.67). For the next three days, nothing changes. Each night you are assessed a $1.37 daily interest payment against your $5000 Loan, bringing your holding account to negative ($4.78). On the tenth day, you pay off your Bank Loan by depositing $5000 from Cash to Bank. Since you now have exactly $0 as your Bank balance, no interest will be accrued (either positive or negative). Your current "monthly interest holding account" will remain at negative ($4.78) until your Bank balance changes. If nothing changes for the rest of the month, $4.78 will be subtracted from your Bank Account, and your "holding account" will be reset to $0.

Transferring Money

Transferring money to other players and groups is accomplished at the bottom of the Banking page.

  1. Select which account you wish to send money from

  2. Enter your intended recipient using the "To account:" text box

  3. Enter the amount you wish to transfer

  4. Enter any comments (this may be left blank if you wish)

  5. Click "Transfer" to commit the transaction


Notes

  • Funds must be available in your cash balance. A transfer will not draw from your bank balance.

  • If the "Limit to my groups only" checkbox is checked, you will not be able to type a name. Uncheck this box if you wish to send money to another person, or to a group where you are not owner/staff.

  • When typing the recipients name, you MUST click the name that appears in the blue select box. You cannot simply type the complete name and click Transfer.

  • There are no confirmation dialog boxes, so double check your recipient and amount prior to clicking "Transfer".