Cash Hash » Cash Hash » Cash Gold » How can one start a local bank with out the Feds being involved?

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  #1 (permalink)
: Is is possible to start a state charted bank using gold and/or other precious metals to back deposits instead of using FDIC? In other words if a person wanted to start a local bank outside of Federal regulations, could you back deposits using Gold and get around the Feds?

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  #2 (permalink)
: Yes it is possible to start a state chartered bank without FDIC protection, but what is the purpose of doing so? You cannot substitute gold or precious metals to back your deposits, so you still need need hard cash money to get your bank going. But not having FDIC protection may scare potential depositors away. Starting a bank means spending big money.
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