I'm going to create a 'bank' for Progressives and Liberals

[ck4829]

I have taken the first steps today in making what I call the "Liberal Social Fund", what I hope will become a source of support for Liberals, Progressives, and other people who support our cause.

My first step was creating an account in which 90% of the money that goes into it is purely saved.

My first idea was to create something that would support New Media groups such as Daily Kos and DU, but I thought that I could expand upon it and find ways to support other groups too.

What else should I do?

Should I create a Paypal account?

Are there wealthy philanthropists (such as George Soros) who might be interested in this?

Would you like to support this idea?

[marbuc]

1. Contact David Sirota

He's doing something similar with progressive local legislators. There are philanthropists that will likely contribute. You should put together a business plan, and start beating the bush for support.

[The Doctor.]

2. I cannot begin to consider the complexities that go into creating a bank..

But it is an excellent idea that I've pondered as well.

If one could create a bank that would not take advantage of the disadvantaged, that bank would acquire a million accounts overnight... perhaps every night.

One of the great problems we have is a system set up to punish the poor for not being able to pay... by adding fees.

I imagine a large percentage of the lower class would benefit greatly from the relief of obscene overdraft fees and ridiculous late fees. It's a reality many people face who are charged $25 dollars for putting a $6 package of diapers they are in desperate need of on their debit card.

Sure, many might take advantage, but the giant sucking sound you'd hear would be low income people closing their accounts at oppressive banks.

[frankly_fedup2]

3. Why do you think anyone would send in any donations? I, personally,

do not know you so how do I know your not ripping me off? You may be a wonderful person that is honestly trying to come up with some ideas to bring the groups together (which is needed); however, I, again personally, have been charitied out this year with all the natural disasters.

This post is not meant to make you angry, and I hope you do not get angry; however, again, how is anyone suppose to know who you are and really where the money is going?

[ck4829]

4. Of course, this is an age of rip off artists

I'm not trying to pan handle, right now I'm just looking for organizational hints.

[frankly_fedup2]

9. Oh no, there have been those since the beginning of time. I didn't mean

that.

So what you are wanting to do is to start a bank on say PayPal. No FDIC so no guaranteed backup.

So those that are interested in building this fund would open an account within this bank; however, they would also have a separate password and username that would have to be attached to the individual accounts that only the person that put the money in that account could open and transfer to the total bank fund.

Then, when monies are needed for whatever, the person that owns the smaller account would then put some funds into the bigger, communal Liberal Bank.

Is this the gest of it?

[grasswire]

5. DU member Ugnmoose...

..is a financial planner who has participated in some online fundraising before. You might give him a toot.

[druidity33]

6. microcredit...

just saw a PBS documentary on microcredit a couple days ago (week maybe)... might be what you're looking at... sorry can't find link... Halloween, gotta get kid... bye.

[bluedonkey]

11. I saw that too

and was intrigued by the concept.What a wonderful banking idea this would be,if only.....

[NotThatNolan]

7. Could you be a bit more specific?

This sounds like an intriguing idea, but I'm not sure exactly what you're planning based on the description.

Is it like a regular bank that repubs are banned from, or is it some sort of communal banking experiment that is radically different from traditional banking?

[ck4829]

8. The experiment is what I'm going for

[newyawker99]

12. Hi NotThatNolan!!

Welcome to DU!! :toast:

[moddemny]

10. I am not sure what type of "bank" you are referring too.......

if you mean starting a community bank here is a link that has an outline/overview of what is invovled in the process.

http://www.denovobanks.com/

I am not an expert on banking but I have met people at a former job who went through the process of forming a community bank....... and it was a very stressful, complex, laborious experience.