Common Good Finance: creating common good banks(tm)

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Local Currency

Presentation

The Depositors Association will present a combined monthly report that looks very much like the familiar checking account statements that everyone is used to. There will be some additions to handle the features of a virtual hybrid account with its various component accounts:

A new column in the transaction list, showing credits for merchant rebates on transactions by local credit card or check.
A section showing the individual balances in the various component accounts and the effective interest rate on each.
A section showing how the community benefited from the depositor's account activity.

Here's what it might look like:

CHECKING TRANSACTIONS MONTHLY REPORT Dollars and Common Goods (CGs)
Date	Description / Recipient		Number	Debit (FROM you)	Credit (TO you)	Rebates	Balance
	Starting Balance						250.00
12/1	Check:	Sam the Plumber	# 123	45.00		0.90	205.00
12/3	CG Card:	Minnie's Market	c45	68.00		1.36	137.00
12/5	Check:	(non-member)	# 120	12.50			124.50
12/6	Deposit:	cash + 6 checks	d3		1,024.00		1,148.50
12/8	Check:	Dinah's Deli	#125	15.00		0.30	1,133.50

12/31	Advertising (Community Contributions and Customer Rebates			8.37			1,125.13
12/31	Interest and Appreciation (1)				0.52		1,125.65
12/31	Rebates on purchases by check or CG card				2.56		1,128.21
12/31	Rebates on CG paper dollars (2)				0.40		1,128.61
	TOTALS			148.87	1,027.48

	Portion transferred as CGs			23.11	35.59

ACCOUNT STATISTICS
Account			Starting Balance (1CG = $5.000)	Ending Balance (1CG = $5.025)	Portion Held as CGs	Nominal Rate (1) for CGs / $	Effective Rate (APR)

Stock (3)			2,500.00	2,513.54	500.2 ($2,514)	0.5% / NA	6.50% (4)
Savings / CD			1,000.00	1,004.58	100.0 ($503)	0.0% / 5.0%	5.50% (4)
Checking			250.00	1,128.61	24.9 ($125)	-3.0% / 2.0%	16.71% (5)
TOTAL			3,750.00	4,646.74	625.1 ($3,141)

CONTRIBUTIONS TO THE COMMUNITY			You		Everyone Together
			This Month	Year to Date	This Month	Year to Date	vs. Last Year
From Your Purchases			2.56	28.16	8,451	92,956	+18%
From Your Sales			8.37	92.07	27,629	303,923	+4%
From Your Use of CGs			5.68	62.50	18,756	206,313	+7%
TOTAL			14.05	182.73	46,385	603,192	+11%

FOOTNOTES Common Goods maintain a constant value by definition. Dollars lose value. Consequently, CGs appear to be worth more and more. (Unearned income causes dollars to lose value. Also, the U.S. government devalues U.S. dollars by wasting them.) 1% for every Common Good Dollar (cash) you receive from the bank. Appreciation of stock is subject to demand, targeted at and limited to: inflation + 0.5% per year. Effective rates show what the annual percentage rate would be if your money grew at this month's rate for a whole year. The effective rates for CGs are guaranteed to be always higher than the effective rates for dollars. The effective rate on your checking account includes rebates, appreciation and interest on your minimum balance for the month.