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[My Organization] is collaborating with dozens of other organizations around the country
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Dozens of organizations around the country are working together
to create and promote the first ever Common Good Bank. Common good banks will be a new kind of community savings bank, designed expressly for economic justice, sustainability and strong local economies, independent of the dollar. Once the first common good bank exists, any community anywhere can start one in a matter of days, using cell phone and internet technology, with no red tape and no need for a bank building. The common good bank plan predicts LARGE financial benefits to participating communities -- individuals, businesses, schools and other community organizations.
Click on the video above for a compelling summary of the common good bank plan. As the video says, this is not just another bank with a social agenda. This is a social agenda with a bank. Development of the common good bank plan took six years and involved hundreds of individuals in half a dozen countries.
Local Credit Card. Common good bank customers will receive a Common Good Card: a local credit/debit card that will be processed by the bank's own computers, using cell phone and internet technology. Unlike ordinary credit cards that cost businesses 2 or 3 percent plus a per-transaction fee, businesses can accept the Common Good Card without any fees at all. This feature makes it possible for any small business to accept credit cards and could save local businesses thousands of dollars in credit card fees.
Community-Based. The most exciting innovation of the common good bank plan is its distributed network structure. Any community with fifty or more depositors can easily create its own nearly independent bank, a "Community Division". Instead of a physical branch office, a local business can act as a virtual ATM, using the Common Good Card described above. Community members get to vote on local investment priorities for their deposits and on how to spend the profits from those investments to advance the common good.
Local Currency. Another powerful innovation is a local currency credit system integrated with the dollar. The system is designed to be a transition toward a more just economic system. Communities can effectively create money for local grants or additional loan funds. Unlike other local currency systems, the common good bank local currency design requires no management and no extra bookkeeping for participants. Everything is automated.
Next Steps. To get started, the first common good bank will need to sign up 4,000 founding depositors so that the bank will be on sound financial footing right from the start. Anyone can sign up now online, without obligation, on the common good bank website (commongoodbank.com). The website also has instructions and resources for organizing a Community Division.
The common good bank project has raised about $85,000 in donations to cover the costs to date. Under state banking regulations, it must next raise $1.5 million through a private stock offering, to get a charter for the bank. Once the bank has a charter, it is expected to open within twelve months.
The common good bank website has a wealth of details, including a complete business plan, voting algorithms, design philosophy, and much more. For more information, visit commongoodbank.com or contact
the common good bank project office at 413-628-3336 (info@commongoodbank.com).
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[My Organization] at [Phone] ([Email]).