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#1981368 - 12/05/14 07:52 PM Crowedfunding
Anonymous
Unregistered

Has anyone dealt with this sort of business? What due diligence have you done beyond your standard due diligence?

Any help would be a big help!

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#1981369 - 12/05/14 07:56 PM Re: Crowedfunding Anonymous
Anonymous
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Sorry Crowdfunding!

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#1981376 - 12/05/14 08:09 PM Re: Crowedfunding Anonymous
Tom Owen Offline
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Joined: Nov 2014
Posts: 43
PA
-Very interested to hear responses.
Anymore background info?
-How are deposits made? paypal?
-How many signers? Sole Prop? if not what type?


Last edited by Othom; 12/05/14 08:09 PM.
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#1981577 - 12/08/14 04:43 PM Re: Crowedfunding Anonymous
Dan Persfull Offline
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Bloomington, IN
Does Anon #1 or Othom want to explain what Crowdfunding is for those of us that have no idea what they are referring to?
Last edited by Dan Persfull; 12/08/14 04:44 PM.
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#1981588 - 12/08/14 05:08 PM Re: Crowedfunding Anonymous
Tom Owen Offline
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Crowdfunding is the practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet.

I am mostly aware of kickstarter.com, where you can pledge donations mostly for products in the future when the business has obtained enough capital to start producing in quantity.

Most of the donations would be through paypal.
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#1981594 - 12/08/14 05:21 PM Re: Crowedfunding Anonymous
Dan Persfull Offline
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Bloomington, IN
Thank you for the explanation. I have never heard the term and had no idea what was being referred to.

And from that statement I'm sure you can surmise that I have no experience or knowledge of this practice to share.
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#1981597 - 12/08/14 05:28 PM Re: Crowedfunding Anonymous
Pale Rider Offline
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So is the question from the point of view that your bank is servicing kickstarter or indieagogo?
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#1981600 - 12/08/14 05:31 PM Re: Crowedfunding Anonymous
Andy_Z Offline
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Isn't there a "known" and established business that would open the account? The issue would be the numerous sources of deposit but if most funnel thru PayPal that is one source to the depository bank, I would think. I grew up on the loan side of the bank so I may be simplifying this.

The first burden on the bank that I would see is the deposits coming in, many thousands of dollars based on numerous projects I've seen, and the outflow with suspected AML issues.
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#1981612 - 12/08/14 05:56 PM Re: Crowedfunding Anonymous
E.E.G.B Offline
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E.E.G.B
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Posts: 6,726
the sandy shore
Are you talking about a crowd-funding business or a business funded by crowd-sourcing? It makes a difference. smile

For businesses being funded by crowd-sourcing, I would think it would be more start-up type ventures.

If it's a funding business on it's own (like KickStarter or GoFundMe), that's a bigger proposition
Last edited by E.G.B.; 12/08/14 05:58 PM. Reason: clarification
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#1981645 - 12/08/14 06:53 PM Re: Crowedfunding E.E.G.B
Anonymous
Unregistered

I am referring to Crowd funding businesses, the one taking in the funds. I'm basically looking to see what EDD is being done by other banks to get comfortable with them.

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