#2246415 - 12/10/20 06:26 PM
Re: Customer is a lender
Anonymous
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Power Poster
Joined: Jun 2003
Posts: 7,728
Florida
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Just want to make a comment. Any time the customer knows significantly more than the bank, it could be an issue. From the 2nd comment, the customer does not appear sophisticated, sometimes they play stupid to lull banks into a false sense of security. If they sought your bank out, it might be that they felt comfortable in being able to do what they wanted, without the bank being aware.
Don’t let a branch manager call the shots, there are risks and expenses (IMHO) involved, not just deposit growth.
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#2246416 - 12/10/20 06:38 PM
Re: Customer is a lender
Anonymous
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10K Club
Joined: Jun 2004
Posts: 19,935
Pulling people out of the ditc...
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Originally Posted by Anonymous . But if they stay...what else would I have to do? Not only the ins and outs of EDD and that type of thing, but also how do you introduce and implement new types of businesses into your population. Where do you start with policy, assessment, board etc? Is there any guidance out there that navigates one from a bank that is somewhat vanilla to a bank that starts integrating some complexity?
these questions right here is what scares me. if you (and by "you" I mean your bank and the people whom work there) don't have the working knowledge of this and how to address, then reading on it so you can decide whether to allow a potential customer to do this or not is not a place you should be. if you don't know what to do, then you also don't know what not to do. and those 2 items combined put your bank at risk.
now, still want to proceed? then you need to find and hire someone who is knowledgeable of this type of business and how to bank them, including all the steps your bank needs to take. or find a consultant willing to come in and build this for you. (heck, quite a few of the BOL commenters and gurus are consultants, listen wisely to their words here)
Last edited by HappyGilmore; 12/10/20 06:40 PM.
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