Bank of the Commons doesn’t provide a personal International Bank Account Number (IBAN), but a Virtual Bank Account, a token built from the Bank of the Commons IBAN account, with which it is possible to operate within the banking system and the Multicurrency Wallet.
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At moment the service is not available, we are striving to have it happen in the near future.
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Some reasons:

  • To achieve a real social change, more than just protesting.
  • To show that we have a clear plan in mind, aimed at redressing international finance and money creation.
  • To make a proper use of money aimed at building a brand-new ecologically conscious society.
  • To become more independent of the mainstream financial system.
  • To avoid the situation in which a few make huge profits out of  finance from the many.
  • To participate in the process of money creation and in the funds’ investment decision-making.
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A share is the basic unit of economic participation to Bank of the Commons. Legally, the number of shares is equivalent to the amount of money you have invested (€1 = 1 share). In Bank of the Commons, there are three types of shares.
  1. The social capital shares that you invest (like the 100€ for 100 shares of full membership). These are long term, non-liquid shares but refundable when the member decides to leave the cooperative. Social capital shares are exchangeable between members.
  2. The deposit shares are equivalent to what you have deposited in your own BotC multicurrency wallet and you manage directly from your multicurrency wallet. These are liquid or short term shares. This deposits are framed as shares mostly for for accounting purposes
  3. The bonus share: every purchase of 1000 social capital shares is rewarded with an additional bonus of 200 social capital shares. This bonus share allocation allows members to receive 20% more profit on BotC collective investments; if the profits generated are destined to be shared with investors, of course. Bonus shares are not refundable.
In Bank of the Commons the amount of shares owned by a member doesn’t affect their participation in decision making (1 member = 1 vote)
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Multicurrency wallet is a software program that allows you to store and manage different currencies. Bank of the Commons’ multicurrency wallet will initially include Euro, FairCoin and Bitcoin, with the intention to eventually include multiple social currencies.

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Investor or Co-founder Member*: 1000 (or more) eur = 1000 shares

  • Participate in assemblies and decision-making processes
  • Store – move FairCoin
  • Hold savings in euros
  • Send money via bank transfer
  • Receive bank transfers
  • Exchange from euro to FairCoin and vice versa

Individual Full Member: 100€ = 100 shares

  • Participate in assemblies and decision-making processes
  • Store – move FairCoin
  • Hold savings in euros
  • Send money via bank transfer
  • Receive bank transfers
  • Exchange from euro to FairCoin and vice versa

Collective Full Member: 200eur = 200 shares

  • Participate in assemblies and decision-making process
  • Store – move FairCoin
  • Have savings in euros
  • Make bank transfers
  • Receive bank transfers
  • Exchange from euros to FairCoin and vice versa

Limited Member: 1eur = 1 share

(Available in the last quarter of 2017)

  • Participate in assemblies and decision-making processes
  • Can store-move FairCoin
  • Can hold savings in euros, with a maximum limit
  • Can send money via bank transfer to other members of BotC or to your account in another bank
  • Can receive bank transfers from other members of BotC or from your account in another bank
  • Exchange from euros to physical cash if this service is available in your country, with a 1% fee
  • Exchange from euros to FairCoin and vice versa with 1% fee
*The application period to become a co-founder closed in July, 15 2017. From this date onward, people who invest the same amount (1.000€) will be given an investor membership. What type of membership you obtain doesn’t affect your vote, as every member of any kind has one vote.
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FairCoop is one of the co-founders of Bank of the Commons, therefore some services provided by FairCoop ( e.g. FairPay) are also available in the Bank of the Commons Multicurrency Wallet.

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To become a member is easy: just follow the instructions on the membership page. Once that’s done, you will receive an e-mail with all the information regarding how to access the Multicurrency Wallet and the Virtual Bank Account.
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Multicurrency Wallet provides this kind of service. 
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There are different ways to cash in and out from the Bank of the Commons Multicurrency account.

Cash In:

  • By SEPA transfer to the Bank of the Commons’ IBAN number, noting your personal details in the transfer.
  • By sending FairCoin to your wallet address.
  • Via FairCoop local nodes.

Cash Out:

  • Via SEPA transfer from Bank of the Commons’ IBAN number.
  • Sending FairCoin from your wallet.
  • Via FairCoop local nodes.
  • Virtual Visa Card for online purchasing (Spark, provided by a third party).
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It is possible to get back the shares invested at any time.

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