Frequently Asked Questions

There will never be enough resources to meet everyone's needs through the public sector. Time banks can't do everything any more than the government can. What time banks can do is help fill the gaps that were perhaps traditionally filled by extended family and neighbours. An important bonus is that they help us realise that we all have skills that are valued by others. This not only creates a closer sense of neighborliness but also increases each individual's sense of worth.

Do you need real money to run Time banks?

Money is needed to cover certain 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.

To minimise costs, you need to think creatively! The software can be accessed free of charge from www.timebanks.co.uk

Can groups join or is it just for individuals?

Time banks are for everyone and can include groups or individuals. They do not have to be stand-alone projects and can link existing groups with other members of the community. What they offer is a technology for rewarding participation and rebuilding community. 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 to encompass a wide range of ages and skills.

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 everyone's time equally. You give an hour and you get an hour back - not 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 like Health and Social Services, or local authorities, whilst LETS work more closely towards building an alternative economy. More recently, however, as part or their anti-poverty initiatives, some local authorities are now working with LETS schemes. Both Time banks and LETS help strengthen a sense of community spirit and allow individuals to discover, develop and value their own abilities.
  
  
• Time banks match people using a central broker. LETS provide a directory of members who contact each other directly to get 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, get some advice, etc. LETS usually work without a base and use the telephone, a directory and local get-togethers as contact points.
  
  
• Time banks have been given a Benefits Disregard by the Government. At present, 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.