print pagePartner FAQS
(Click on a question, or scroll down to see the answers.)
ANSWERS
How much will the nonprofit be paid, for assisting bank customers?
The nonprofit can charge whatever it thinks is reasonable. If the people in the community division think it's too much, they can find some other nonprofit. The bank will provide online what little training is needed, for the nonprofit staff.
top What if too many people need help?
The nonprofit could be overwhelmed with requests for assistance. But this can be easily managed by requiring people to make an appointment.
top What are the legal risks to nonprofits?
Somebody can always sue you, even if you're minding your own business. The nonprofit will only be helping people deal with online application forms. After filling out the forms for opening an account or applying for a loan, bank customers will print out a written version that they will have to sign and mail along with a copy of their driver's license (or other ID). In the most extreme case, say for a blind non-typist, the nonprofit will do the typing, printing and photocopying, the customer will sign, then the nonprofit might even stuff, seal and mail the envelope.
All of these services are at no cost to the customer. The contract will say the customer holds the nonprofit harmless and that any dispute will be resolved by mediation or binding arbitration. Still, you can be sure that sometime some disgruntled customer whose loan application is declined, egged on by predatory lawyers, will sue not just the bank but the nonprofit and the nonprofit employee as well. The bank will defend the nonprofit and its staff, covering all legal costs.
All of the assistance costs and legal costs will come out of the community division's profits. This will discourage (somewhat) any member of that geographical community from initiating such a lawsuit.
top What other risks are there for partner businesses and nonprofits?
Almost none. The Partnership Agreement is a non-binding statement of intent. Of course if we do something flamboyant and unethical, we could get a bad reputation that would reflect badly on our partners. That is very unlikely to happen.
top If we support the Common Good Bank project, won't our current bank be mad at us?
As a business owner, you may fear that if you support an innovative new bank, your current bank will retaliate by giving you less favorable rates. This is a misunderstanding of the relationship. Banks make money by serving businesses. They want and NEED your business. If businesses start to support a greener bank, then existing banks will very likely get greener to keep you and other business clients. This can only be a good thing.
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