There are clear definitions, regulations, and penalties for operating as a dollar holding/ transferring financial institution.
Especially since the percentage paid as a fee makes it essentially a defaulted account, or at least a service not provided and funds not returned.
These types of donation accounts have a long history at brick banks of helping those in need (while taking a hefty percentage off the top). It's not a new idea.
I suspect it's more likely this isn't lack of regulation, so much as a loophole or stretched legal definition. Maybe someone here is familiar with their regulatory classification. You don't launch something like this without reasonably ensuring the feds aren't coming after you.
There are clear definitions, regulations, and penalties for operating as a dollar holding/ transferring financial institution.
Especially since the percentage paid as a fee makes it essentially a defaulted account, or at least a service not provided and funds not returned.
These types of donation accounts have a long history at brick banks of helping those in need (while taking a hefty percentage off the top). It's not a new idea.
I suspect it's more likely this isn't lack of regulation, so much as a loophole or stretched legal definition. Maybe someone here is familiar with their regulatory classification. You don't launch something like this without reasonably ensuring the feds aren't coming after you.