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3 Comments
Being that it is time to create what we want to live, it is high time for the Common Good Bank to come into our communities to create a true and viable “money” system that will REALLY be for us innstead of feeding the bankers!!
William, since the Common Good Card will be used only for transactions between Common Good Bank account holders, we need not go through the Visa/MasterCard network. The transaction will cost the Common Good Bank almost nothing to process. In the short term, we will probably go through the network but process the transaction as an “informational transaction” at a flat cost of 27 cents per transaction (paid to the Visa/MasterCard network). That temporary cost will come out of the Common Good Bank’s profits, rather than out of the merchant’s.
There are several things of great interest to me. I am especially intrigued by the free credit card processing for local banks. How can that be achieved with the current visa/mastercard monopoly.