Community Divisions

Whenever possible, Common Good 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 democratic bank, with investment priorities and distribution of profits guided democratically by the local members, for the good of the community and the world. You can start one in your community NOW, even before Common Good Bank exists. The requirements are simple — just #1 and #2, for now. The rest will follow easily once Common Good Bank exists.

Requirements

1. The community is home to 50 or more Member Depositors.
2. Member Depositors in the community have elected three individuals among them, who have agreed to serve as Division Advisors.
   
   Then, within six months:
3. At least one local nonprofit organization (for example a library or credit union) has agreed to assist residents of the community with online account applications and loan applications, including verifying their identity.
4. At least five businesses in the community offer a rebate to other Common Good Bank members. Half the rebate goes to the customer, half to the Community Fund.
5. At least one of those businesses has agreed to accept the Common Good Card and give "cash back", with no purchase required.

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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. 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
2. 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 credit.

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