FAQ

Bank of the Commons doesn’t provide a personal International Bank Account Number (IBAN), but a virtual bank account built from a Bank of the Commons owned (shared) IBAN account. Through this virtual account, you can interact both with the banking system and the multicurrency wallet.

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Not now. In the future it can be the possible. We need to create the european cooperative society first.

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Here are some thoughts:

  • To make it clear that we are changemakers, not just protesters.
  • To show we have concrete actions to perform, aimed at redressing international finances starting from our own monthly budgets: 5% today, 10% in 2 months, etc.
  • To become more independent from the mainstream financial system which keeps us in poverty.
  • To make money useful towards the building of a new kind of society instead of putting it in hands of harmful industries.
  • To avoid a situation where a few people make huge profits out of my financial transactions.
  • To participate in the process of money creation and in the decisions to do with how the bank’s money can be invested.

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A share is the basic unit of economic participation in a society. In our case, it is the unit of participation in the european cooperative society BotC. Legally, the number of shares is equivalent to the amount of money you have invested in this society, the main legal form of Bank of the Commons (€1=1share).

In Bank of the Commons, there are two 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.
  2.  The deposit shares that you have deposited in the Coop and you manage directly from your multicurrency wallet. These are liquid or short term shares.

In Bank of the Commons the amount of shares owned by a member doesn’t affect its participation in the decision making (1member=1vote).

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Multicurrency wallet is a software that allows you to store and manage different currencies. Bank of the Commons’ multicurrency wallet will initially include euro, FairCoin and Bitcoin, with the vision to 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 physical cash if this service is available in your country
  • Exchange from euro to FairCoin and vice versa
  • Invest in cooperatives and receive profit if they share it

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 physical cash if this service is available in your country
  • Exchange from euro to FairCoin and vice versa
  • Invest in cooperatives

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 physical cash if this service is available in your country
  • Exchange from euros to FairCoin and vice versa
  • Invest in cooperatives

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 15th. From this date onwards, people who invest the same amount (1.000€) will be given an investor membership. The difference between investor membership and full membership is not decided yet. Eventually, through the Coopshares, one of the objectives of Bank of the Commons is to invest in cooperative projects in the future via shares. How much shares a member has could be a point of reference to distribute the profit generated from such an investments. All the decisions related to these issues will be made in future BotC open assemblies. What type of membership you obtain doesn’t affect your vote, as every member of anykind has one vote.

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FairCoop is one of the co-founders of Bank of the Commons. Various services provided by FairCoop will also be available in the Bank of the Commons multicurrency wallet (like FairPay).

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You can become a member by filling in the form on membership page. The system will lead you to following the necessary steps automatically. Once you fill in the membership form, you will receive an e-mail with all the information regarding to your access to OCP, the multicurrency wallet and the virtual bank account. 

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Multicurrency Wallet provides this service. 

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There are different ways to cash your money 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 out of your wallet address.
  • Via FairCoop local nodes.
  • Via the ATMs listed here (provided by a third party).
  • Virtual Visa Card for online purchasing (provided by a third party).

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Yes. You can get back your shares at any time you want

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