A time bank is a banking institution that runs on time credit exchanges. Time banking works on the principle that 1 hour of service is equivalent to 1 unit of payment. Every service provided in time banking is considered equal and paid for in 1 unit per hour (1 time dollar).
The first time bank was set up in Japan in 1973 to promote the exchange of skills through services that were paid for in time credits. Over time they have grown and today there are more than 800 time-banks across 34 countries.
The 5 Principles of Time Banking
Time banking was founded upon 5 core values listed below:
Community. Time banks work within communities and promote social networks among its members.
Every member is an asset. Every person’s skills are considered valuable in time banking and they are all valued equitably at 1 time-credit for every hour of service given.
Reciprocity. This principle of time banking encourages its members to reciprocate the help they get and give back to the community in form of services they are skilled at.
Respect for all. Every member is required to show respect to others even if their skill levels are different.
Not every work can be valued by monetary standards. Time banks consider other types of services to be beyond the measure of monetary value and they can only be repaid back in similarly excellent services.
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