'Bank' That Pays Interest in Ice Cream Gets Cold Reception from Regulators

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Oh Yeah! Ice Cream & Coffee, FacebookPITTSBURGH -- State regulators are cool to 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.

Clay tells the Pittsburgh Post-Gazette he's not subject to the usual banking rules because his "bank" is actually a gift card program that pays out its 5.5 percent monthly interest in a made-up currency that can be used at his store.

Regulators are unmoved. Banking department spokesman Ed Novak says if Clay doesn't close down "he will be hearing from the district attorney."

Oh Yeah! Ice Cream & Coffee, Facebook.com

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9 Comments

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JH

USA is a free country. lol.....that is so funny. Chant it long enough, you will believe it also.

September 15 2012 at 8:44 PM Report abuse rate up rate down Reply
maxcranium

As long as they don't make us stick our arms out...

~ Have a nice day ! ~

September 14 2012 at 7:24 PM Report abuse rate up rate down Reply
Raysan

Heard he hade a cone named after Romney."The double mitt tuti fruti"

September 14 2012 at 11:44 AM Report abuse -1 rate up rate down Reply
wurkinman1

lets see, a bank can pay interest in ice cream, but a guy cant pay a parking fine in origami $1.00 bills.....I love this country

September 14 2012 at 10:55 AM Report abuse rate up rate down Reply
drakkusshadows

Small businesses need to play by the rules. I hope this loser is paying taxes on the gift cards. If not, shut him down, arrest him and fine him thousands of dollars. Romney 2012!

September 14 2012 at 8:24 AM Report abuse rate up rate down Reply
1 reply to drakkusshadows's comment
Dave

Shove the rules up your ass! No one had any right making the 'rules' in the first place! If those in 1776 just followed the 'rules' there would be no america! What happened in germany happened because they followed the 'rules' ! Shove the 'rules'!

September 15 2012 at 5:48 AM Report abuse rate up rate down Reply
TONY BELL

Bank regulator is ticked because he doesn't get a piece.

September 13 2012 at 3:40 PM Report abuse +1 rate up rate down Reply
fishmanpm345

They think everythings funny especially @ bank America, look at those who are out on the street due to this bank"lost the family home, some of our frineds, its at a point now where retirement in another county is a clear option due to the way the regultors are in the hands of the banks and judicial system.'

September 13 2012 at 2:34 PM Report abuse -2 rate up rate down Reply
jdykbpl45

Wish they would shut down Bernake's operation.

September 13 2012 at 11:16 AM Report abuse +4 rate up rate down Reply
1 reply to jdykbpl45's comment
Hardy

Great comment! Just luv the way the feds are printing $$$ and then monetizing the debt.

September 13 2012 at 12:30 PM Report abuse +2 rate up rate down Reply