Either member can record the exchange. Just agree before or after the transaction. Each member will receive an email notification of the transaction.
How many dollars is a Time Credit worth? Does a TimeBank hour have a monetary value?
No, a TimeCredit never has a monetary value. TimeCredits just track services (and sometimes goods) people provide for each other.
Are TimeCredits taxable?
No. TimeBank hours have been ruled tax exempt on two occasions by the IRS because an hour is always valued at one hour. There is no legal responsibility on anyone’s part to redeem a TimeCredit, it is considered a “non-commercial…
Are there units smaller than one hour, or one TimeBank hour?
yes, you can record units as small as 1/4 TimeCredit or 1/4 hour. And we always round up!
What happens when a member’s balance goes in the negative?
1st Time Bank of Columbia (1st TBC) honors those with needs just as we honor those who give. By receiving TimeCredits, a member is contributing to the entire system of exchange equally as much as a member who earns a…
What’s to keep a member from being dishonest with their TimeCredits?
Our coordinator is made aware of every single transaction that takes place. While it seems unfathomable that our neighbors would attempt to take advantage, it would be nearly impossible as both the giver and the receiver are notified of the…
What if a member performs a service that I am not happy with?
It is important that you let your coordinators know if this happens. We have a log and will handle complaints if necessary. Similarly, if a member is not respectful, on time, or unreachable, we need to know. These matters are…
Do I have to have a computer to be in 1st TBC?
No, you do not. 1st TBC will pair you up with another member who can help you record your hours online. In addition, when you write your offer or request, you can state that the member who wishes to exchange…
What about liability?
Being in a TimeBank is no different than helping your neighbor. Every member in the TimeBank assumes all responsibility for their exchanges just as you would treat a friend or a neighbor. Although homeowners insurance protects members, some TimeBanks have volunteer liability insurance…
Can a group, organization or merchant join?
Absolutely, 1st TBC is more than just an individual exchange system, we want to work with churches, schools, libraries, youth groups, neighborhood groups, outreach programs, agricultural projects, municipalities and local merchants. There are several distinctions in applying that can be discussed…