Frequently Asked Questions
Isnt this just public services on the cheap?
Do you need real money to run Time Banks?
Can groups join or is it just for individuals?
What is the difference between Time Banks and LETS?
How are Time Banks UK working with the BBC TimeBank campaign?
How will I know I am safe?
Time Banks UK recommends that anyone setting up a Time Bank ensures high standards of safety. As a minimum, these should include:
- taking out references on all participants
- individual interviews should form part of the recruitment process
- police checks on everyone working with children
- public liability insurance.
An added safety measure is Timekeeper, the special computer software that does the matching. Providing all transactions are arranged through the central broker, this ensures you know where anyone carrying out a service is at a given time.
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What if I get into debt?
Unlike a conventional bank account there is no penalty for being in debit. All that is asked is the willingness to give your time to someone else in the scheme when the opportunity arises. We recognise that there will always be participants who have a greater earning capacity than others. The option can be given for them to donate some of their credits to fellow members or to a central pool to "top up" other bank accounts.
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Isn't this just a tax dodge
The help you can get through a time bank are often the kinds of things money can't buy - someone to talk to, a prescription collected, a pint of milk, a letter read or written, a homemade cake for a children's party. These are the things that a neighbour or a family member might do for us - but not everyone knows their neighbours or has friends and family close by. The time bank links people up so they can share skills and get help so that it is mutually beneficial. But its main emphasis is in the social sphere - linking people together and building community - not in the economic sphere.
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Isnt this just public services on the cheap?
There will never be enough resources to meet everyones needs through the public sector. Time Banks cant do everything any more than government can. What they can do is to help to fill the gaps that were perhaps traditionally filled by extended family and neighbours. An important bonus is that they help us realise we all have skills that are valued by others. This not only creates a closer sense of neighbourliness but increases each individuals sense of self worth.
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Do you need real money to run Time Banks?
In reality, money is needed to cover certain material costs such as a computer to run the Timekeeper software, a telephone, a base to work from and ideally someone to work as the broker. For a guideline on how much this might cost see our fundraising ideas. To minimise costs you need to think creatively! The software can be accessed free of charge from our software page. Businesses are often willing to donate surplus computers and participants can earn their time credits through helping to run the time bank.
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Can groups join or is it just for individuals?
Time Banks are for everyone and can include groups and individuals. They do not have to be stand alone projects, and can link existing groups with other members of the community. What they offer us is a technology for rewarding participation and rebuilding community. In this way you can mix and match. Schemes can be run to suit your own community and those individuals and groups who are part of it. Time Banks are flexible - they can be skill based, gender based, age based or more general encompassing a wide range of ages and skills.
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What is the difference between Time Banks and LETS?
Time Banks and LETS both use time as a means of currency. There are many different types of each scheme but broadly speaking the fundamental differences between the two are:
- Time Banks value everyones time equally. You give an hour and you get an hour back no matter what service is required or skill needed to deliver it this exchange rate never changes. LETS schemes sometimes work this way but each LETS group has its own way of deciding how much their currency is worth. In many LETS groups, one LETS credit is worth one pound sterling which enables them to relate to market values.
- Time Banks aim to work alongside the mainstream agencies i.e Health, Social Services, Local Authorities, whilst LETS work more closely towards building an alternative economy. However, more recently, as part of their anti-poverty initiatives, some local authorities are now working with LETS schemes. Both Time Banks and LETS helps strengthen a sense of community spirit and allows individuals to discover, develop and value their own abilities
- Time Banks match people using a central broker. LETS provide a directory of members who ring each other directly to acquire the service they need.
- Time Banks usually have at least one paid member of staff. Most LETS schemes work on a purely voluntary basis.
- Time Banks have a local base, office or shop where participants can call in for a chat, advise etc. LETS usually work without a base and use the telephone, directory and local get togethers as contact points.
- Time Banks have been give a benefits disregard by the Government. At the present time LETS have not been awarded this disregard - members on benefits have to declare their LETS earnings. LETS schemes, with the backing of several government ministers, are trying to get this position changed.
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How are Time Banks UK working with the BBC TimeBank campaign?
The national TimeBank campaign (www.timebank.co.uk) is a national campaign which encourages people to pledge their time in their local community. Time Banks UK is the network organisation for community time banks, which encourage people to give and receive time. Local time banks link up with the national campaign by providing a local infrastructure alongside the volunteer bureaux.
Download a copy of the Time Banks UK and BBC TimeBank leaflet (46kb PDF file)
