Community Divisions

Whenever possible, the bank will support any community in establishing a Community Division, by providing information, advice, promotional materials and software. (Any promotional materials used in organizing must be pre-approved by the Bank.)

The Community Division will function as a nearly independent local Common Good Bank, with investment priorities and distribution of profits guided democratically by the local depositors, for the good of the community and the world. You can start one in your community NOW, even before the Common Good Bank exists. The requirements are simple (Just #1 through #4, for now. The rest will follow easily once the Common Good Bank exists):

Requirements

1. The community is home to 50 or more Member Depositors.
2. A respected local business or nonprofit organization has agreed to assist residents of the community with online account applications and loan applications, including verifying their identity.
3. At least 5 merchants in the community offer a Substantial Merchant Rebate.
4. At least 1 of those merchants has agreed to act as a Virtual ATM.

   ---

5. At least 95% of the Member Depositors have assigned a Proxy who is also a Member Depositor residing in the community.
6. Member Depositors in the community have elected 3 individuals among them, who have completed a short online training program and have been approved by the bank, to serve as the Division Advisors.
7. Individuals and organizations in the community have deposits in the bank totaling at least $200,000.
8. Individuals and organizations in the community hold stock in the bank with a total value (at the suggested stock price) equal to 10% or more of their total deposits.

Definitions

Common Good Account. Each depositor in a community can open a Common Good Account, partially linked to the Common Good Accounts of the other depositors in the community. These accounts will work just like ordinary deposit accounts (checking, savings and CDs) except that:

1. depositors must buy at least two dollars worth of stock for each family member,
2. there will be no minimum monthly balance on individual Common Good Accounts, as long as the group as a whole maintains an adequate minimum balance, and
3. depositors agree to cooperate automatically in the ways that permit fluid stock accounts, stock-backed reserve credit, automatic merchant rebates, the no-fee local debit/credit card (Common Good™ Card), and local currency system.

Common Good Rebate. A percentage rebate offered to Member Depositors by a merchant, on purchases by Common Good™ Card, by internet transfer or by Common Good Bank check – half the rebate going to the customer and half to the Community Fund for the merchant's community.

Member Depositor. An individual (human) depositor who owns stock in the Common Good Bank and has a Common Good Account.

Substantial Merchant Rebate. A large enough Common Good Rebate offered by a merchant, so that if all purchases by residents of the merchant's community qualified, then the merchant's total monthly rebates would be $200 or more (for example, $10,000 monthly gross sales to local residents, with a 2% rebate).

Virtual ATM. A merchant who, as a service to the Community, will accept a customer's Common Good™ Card, transfer credit from the customer's account to the merchant's account, and give the customer cash equal in value to the credit transferred, without cost to the merchant and charging the customer at most 25 cents.