4 ms·
> You cannot take deposits without falling under federal regulatory compliance. It sounds like there's a need for a "safety deposit box delivery" service. The
by adekok 13y ago
> You cannot take deposits without falling under federal regulatory compliance.
It sounds like there's a need for a "safety deposit box delivery" service. They'll deliver a safety box to you, which you fill with whatever makes you happy. You close it, and they pick up the filled and locked box. It then gets stored in a secure vault.
That would avoid a lot of fear surrounding the personal transport of money.
It sounds to me like a business ready for disruption.
- acgourley 13y agoHow do you insure such a black box?
- gloverkcn 13y agoIt is in need of disruption, but there are alot of laws surrounding taking cash from people for something other than a product/service. The problem you'll run into with the black box scenario is that the customer has no access to the funds unless you bring them the box which makes it a poor place to keep working capital funds that businesses use. Even if you start giving loans based on the box you start hitting legal restrictions, and compliance issues. I worked for years in the financial industry focusing on services for the under/unbanked which relies on a lot of cash handling. Every way you can think about how to get around the law has been used in the past to launder money and/or evade taxes.