Frequently Asked Questions (FAQ)
Help us build the Frequently Asked Questions below. You might have a very good question that isn't answered here. Contact us with any questions: Amy and Heather at timebankinfo (at) sfbace (dot) org.
Measuring time
Everyone's time is valued equally here, meaning one hour equals one hour. This creates more equality within our community and it shifts the focus of our exchanges away from competitive market value and towards helping each other and building relationships.
When offering a service, it is important to consider the actual total time it takes to perform a service both as a giver and as a receiver. Some goods and services on the market are undervalued because part of the cost to produce them is subsidized by exploited labor or natural resources or expensive technologies that are not readily accessible to most people. Some people also just take a lot of time in order to provide a better quality service or product and not take short cuts. Please explain and ask about the actual hours required to complete the service/task if it is not obviously clear.
Offers
If you have something you'd like to offer to the community, a service, goods, knowledge, anything, simply create an offer. Other members can then browse your offers and submit time estimates for the work. Once an estimate is confirmed, the transaction can then take place. When the transaction is complete, the receiver acknowledges the hours spent by giving time credits to the member who performed the work. An equal amount to the credit will be deducted from the receiver's account as a debit.
Requests
If you have a need, you can post a request. Just like offers, other members can browse through requests, create time estimates for the work, and accept work they want.
Direct exchange
If another member has just done something for you, even if you didn't go through the process of creating offers and requests through the timebank system, you can still show thanks by giving them credit in the form of hours. Simply go to their profile and transfer hours to them by clicking on "Give Credit" (a button found on the left of each member's profile.
What is the ‘SkillBank'?
The SkillBank is a categorical directory designed to help you find what you need. Browse a category to see all the active offers and requests, as well as all the members who are involved. The numbers in parenthesis next to each skill indicate the number of active requests and offers in a given category.
What if I have a negative balance?
Don't worry about having a negative balance. Every member has a balance, which is the sum of their credits and debits. When a member gives as much as she receives, her balance is zero. Negative balances are both allowed and encouraged as they represent circulation of resources within the community. Everyone needs to be taken care of sometimes. This is what community is for!We are considering flagging very high or low balances so that we can help members figure out how to spend their hours or earn more.
Is there ‘interest' or ‘penalties' involved
This system is interest-free so there is no incentive for hoarding credits and there is no penalty to those that are in debt to the system.
Can goods be exchanged on the system?
Yes. You can offer goods on the system so long as they are offered in terms of hours. For example, if you want to offer veggies from your garden, consider offering an assortment of veggies for 1 hour because of the time you spent picking, washing, and coordinating a pick-up/drop-off. Or if you knit hats and want to offer them on the timebank, offer them for 4 hours if that's how long it takes you to make one.
Is this legal?
The Internal Revenue Service and the courts have determined that alternative currencies are perfectly legal as long as the exchanges follow federal laws about taxation and reporting income. When we use hours actually worked instead of market price for the those hours as a measure of value AND everyone's hours are valued equally AND there are no enforced contractual obligations to give or receive hours through the system, the IRS has determined timebanks are nontaxable as they are considered systems of volunteering. Valuing your time more than others' on the system may make your timebank balance taxable though the transactions are still legal.
How is this different from Barter (one-to-one exchange)?
A timebank is better than barter. Barter requires you to have what another person wants and she to want what you offer around the same time in order to make a direct exchange. This can be a significant barrier to getting your needs met. BACE Timebank credits perform the function that money was made to do (i.e. facilitate the exchange of goods and services) not just between two people, but throughout our entire network. The timebank allows you to provide service to one person, while a different person may provide you with the service that you need at a later date.
