- Jul 12, 2018
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THE FEDERAL RESERVE |
PURPOSE
The Federal Reserve System is the Central Bank of the United States of America. It exists to regulate banking, control interest rates, hold reserve United States currency, and issue loans when necessary. The Federal Reserve is chartered by the United States Federal Government, but is operated outside of the realm of politics. With permission from the United States Department of the Treasury, the Federal Reserve System has elected to directly offer Reserve Savings Accounts (RSA), offer loans to other sovereign governments, and offer Safe Deposit Storage (SDS) at Fort Knox, Kentucky.
RESERVE SAVINGS ACCOUNT
Any government recognized by the United States may open a Reserve Savings Account, as well as companies which have the appropriate capital available. RSAs are not checking accounts - they exist to give nations and large corporations a safe place to store their reserve wealth and earn interest. Therefore, RSAs may only have funds withdrawn on specific "Bank Days" each year, without a penalty. These bank days are (the first day of every IRL month); however, account holders may schedule withdraws in advance. In the event of an emergency funds may be withdrawn for a penalty (further described below). Interest payments occur the day after each Bank Day, and are called "Interest Days" - interest rates are fluid and depend on the amount of money that is held in a RSA account (further described below). To open an account a nation or organization must deposit at least $1-billion in addition to a one-time $25,000,000 Administrative Fee. In order to be eligible for interest payments, the account must have at least $1-billion in it. To view your RSA information and current balance, click here.INTEREST
Interest Rates with the Federal Reserve are uniquely fluid, but will normally range from 0-10%. While interest payments are not always guaranteed, the Federal Reserve will never charge negative interest to an account. The account holder may view their account balance at any time, as well as their account history which will include interest payments. While the Interest Rate may change between Interest Periods, all account holders are given the same interest rate for a given period. Interest Payments are based off of the Interest Rate and certain minimum account requirements. Any account with less than $1-billion is not eligible to receive an Interest Payment. WITHDRAWS
Withdraws from a Reserve Savings Account can be ordered on any of the aforementioned "Bank Days". Withdraws may take several days to process starting on the Bank Day, but are guaranteed provided that there is the appropriate amount of funds in the Account Holder's RSA. To make the process of withdraws quicker, Account Holders are encouraged to schedule withdraws in advance. Because RSAs are not checking accounts, withdraws are limited to "Bank Days" which are (the first day of every IRL month). In the event of an emergency an Account Holder may schedule a withdraw on another day, but this will require the payment of a $50,000,000 penalty and the withdraw may take longer-than-normal time to process. If an Account Holder wishes to close their account, they must do so (30) days in advance. The Federal Reserve also reserves the right to close an account at any time for any reason; this would include returning all of the money currently held in the account. Accounts are held with respective governments or organizations - therefore if those governments or organizations go defunct and/or collapse, their money is forfeited. Finally, any account that has a balance which falls below $1-billion will incur a $100-million Administrative Fee each Bank Day it is below the minimum.LOANS
The Federal Reserve offers Loans to sovereign governments that are recognized by the United States. These loans may be available infrequently and depend entirely on the amount of capital that has been allocated for loans. Interest rates are assigned to loans depending on the stability of the nation's government, if that nation has a RSA with the Federal Reserve, and any previous loans that may have been taken by that government from the Federal Reserve before.
SAFE DEPOSIT STORAGE
Safe Deposit Storage (SDS) is available at Fort Knox, Kentucky. SDS can range from a small box to a garage-sized storage unit. Anything from historical documents and artifacts to valuable national treasures can be stored in these facilities which are protected by the United States Army and the Treasury Department. Some items, such as money and weapons, may not be stored in a SDS. A SDS is available to any Account Holder with the Federal Reserve who has a balance of at least $1-billion. Utilizing a SDS only requires a fee of $10-million per Bank Day. |
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[hr][/hr][[color=white][b]COUNTRY/ORGANISATION[/b][/color]] NATION-HERE
[[color=white][b]ARE YOU REGISTERING FOR A RSA?[/b][/color]] [i]("x" the correct)[/i]
[] Yes
[] No
[[color=white][b]ARE YOU REGISTERING FOR A LOAN?[/b][/color]] [i]("x" the correct)[/i]
[] Yes
[] No
[[color=white][b]ARE YOU REGISTERING FOR A SDS?[/b][/color]] [i]("x" the correct)[/i]
[] Yes
[] No
[[color=white][b]TODAYS DATE[/b][/color]] MM/YYYY
[[color=white][b]SIGNITURE[/b][/color]] SIGNATURE-HERE, TITLE-HERE |
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