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PITTSBURGH (AP) — State regulators are cool on a Pittsburgh businessman's idea for a bank that pays interest in ice cream shop gift cards.
The Pennsylvania Department of Banking says they want Ethan Clay to shut down the community bank he's set up at Oh Yeah! ice cream and coffee shop.
Clay says he was motivated by unpleasant bank experiences to provide a simplified community bank offering savings accounts, check-cashing and loans. He calls the venture Whalebone Cafe Bank.
With your own Financial Institution you can legally engage in activities and offer services such as:
Deposit taking and lending
Offering of securities
Issuing of financial guarantees
Cash management services
Payment services
Current accounts
Checking accounts
Savings accounts
Term deposits
Certificates of deposit
Wire transfer services
Credit and debit card services
Marketing investments
Fund Management
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