A Bank for Student Hackers

#1

Post by zachlatta » Thu, Jun 28, 2018, 3:20 PM UTC

A Bank for Student Hackers
medium.com

Re: A Bank for Student Hackers

#2

Post by XiZhao » Thu, Jun 28, 2018, 3:31 PM UTC

Awesome work, congrats Hack Club!

Re: A Bank for Student Hackers

#3

Post by JSneak » Thu, Jun 28, 2018, 3:39 PM UTC

The fact that you guys show a dashboard is amazing. Ive had too many bad experiences with long response times after asking how much money we had/trying to spend.

Re: A Bank for Student Hackers

#4

Post by infinitebattery » Thu, Jun 28, 2018, 3:42 PM UTC

This is so great. As someone who used to run a Hack Club, it's so exciting to see this (would have solved a lot of problems for me back in high school).

Out of curiosity, are there ever plans to expand this beyond high school?

Re: A Bank for Student Hackers

#5

Post by ethanhoroschak » Thu, Jun 28, 2018, 4:32 PM UTC

Amazing! Excited to see how this turns out!

Re: A Bank for Student Hackers

#6

Post by zachlatta » Thu, Jun 28, 2018, 5:06 PM UTC

infinitebattery wrote: post #4

This is so great. As someone who used to run a Hack Club, it's so exciting to see this (would have solved a lot of problems for me back in high school). Out of curiosity, are there ever plans to expand this beyond high school?

Potentially. We want to start by focusing on high school events, eventually start to provide more general financial services to clubs, and later may consider doing sponsorship for collegiate events.

So cool to see an alum on HN :-).

Re: A Bank for Student Hackers

#7

Post by driverdan » Thu, Jun 28, 2018, 5:32 PM UTC

This is a great idea.

Have you discussed this with a lawyer? It seems like this would qualify you as a money transmitter which has very strict requirements in many states. There are restrictions on the word "bank" and how that term can be used too.

Re: A Bank for Student Hackers

#8

Post by bhargavy » Thu, Jun 28, 2018, 5:32 PM UTC

This is the new standard for student run hackathons. Now, the students get both control and security for their money.

Re: A Bank for Student Hackers

#9

Post by deweller » Thu, Jun 28, 2018, 5:38 PM UTC

driverdan wrote: post #7

This is a great idea. Have you discussed this with a lawyer? It seems like this would qualify you as a money transmitter which has very strict requirements in many states. There are restrictions on the word "bank" and how that term can be used too.

The money transmission licenses are very expensive too. You definitely should vet this with a lawyer before proceeding too far.

Re: A Bank for Student Hackers

#10

Post by zachlatta » Thu, Jun 28, 2018, 5:39 PM UTC

driverdan wrote: post #7

This is a great idea. Have you discussed this with a lawyer? It seems like this would qualify you as a money transmitter which has very strict requirements in many states. There are restrictions on the word "bank" and how that term can be used too.

Fortunately we're not acting as a money transmitter, but rather as a fiscal sponsor - see https://en.wikipedia.org/wiki/Fiscal_sponsorship.

A very common practice in the non-profit world, but very much not something that is accessible to students. Most fiscal sponsors out there are very bureaucratic and not set up to handle short-term engagements like hackathons.