We are partnering with the Society to Better Everyone to organize Community Divisions of the Common Good Bank. This new model of alternative banking has been 7 years in the making and we want to do everything we can to help make it a reality in your community and across the country. It considers itself a “Social Mission with a Bank” and it will create tremendous opportunities for individuals and communities to become more economically self-sufficient via an empowering democratic process. Follow the link at the bottom of the page to learn more details.
Volunteer members of FOTC will be actively supporting the organizing efforts of paid staff who are to be directly employed for the purpose of establishing Community Divisions in your neighborhood. The current requirements to qualify a Community Division include :
- A minimum of 50 pledged depositors
- One local merchant willing to act as an ATM
- Five local merchants willing to give depositors a rebate
- A local Non-Profit partner
Due to the need for the Common Good Bank to secure a Federal Bank Charter in order to open each individual “Branch” (Community Division) nationally without limitation, actual operation is not expected to begin for another 12-18mos. The Fellowship of the Commons intends to be instrumental in accelerating this process as well as increasing the number of community divisions established in your city and across the nation.
