Time Banking: Information

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What is the purpose of a Time Bank?
A Time Bank enables people to help each other by exchanging time rather than money. It can be of particular benefit to those who feel socially excluded. Members can 'deposit' their time in the bank by helping others and 'withdraw' their time when they need someone to do something for them. For instance Brian helps Mrs Smith by collecting her prescription and he earns a time credit. In exchange, Julie updates Brian's C.V. and then Mrs Smith gives Julie a lift to the station. Each persons time is equally valuable.

Above left, a Whittington Time Exchange member addresses the audience at the Islington Time Banks Network launch. Above right, Councillor Laura Willoughby (Executive Member for Communities) congratulates the young participants of Time Banking at the launch of the Islington Time Banks Network.

How are Time Banks run?
Each Time Bank has a Time Broker, who promotes Time Banking in their area. They recruit new members and arrange activities and events to reach out to local groups, business and organizations. When new members join a Time Bank, they identify the talents and skills that they can offer to other members and the help that they would like to receive in return. These services can be added to or withdrawn at any time. 'Timekeeper' software is used to record all transactions between Time Bank members, providing details on the number of hours exchanged. Each Time Bank Sponsor supports the development of their respective Time Bank and provides resources for the Time Broker.

How is Time Bank performance monitored?
Each Time Bank has signed a Service level agreement with LBI (London Borough of Islington - Regeneration and Education) and a joint one with each other and LBI. This identifies quality assurance issues including health and safety, equal opportunities and best practice. The sponsor organization of each Time Bank monitors its performance. Also Time Bank Brokers will ask those taking part for feedback, using questionnaires and informal interviews to ensure that people are happy with their time exchanges.