What is Time Banking?

This is a really great video about what time banking in Echo Park means to residents!

Click here to visit the Echo Park Time Bank website, view the video, and learn more about how to apply. The next free workshop on time banking (attendance is the first step to applying) is coming up on Saturday, May 8th from 5:00-5:30 pm at The Echo Park Film Center.

2 replies
  1. Bob King says:

    It’s called bartering. It’s actually taxable. It’s still a form of financial exchange and is taxable at the State and Federal level.

    Nobody comes out ahead with this type of program.

    This time bank program has been tried and failed many times before.

    It usually turns into a pyramid or ponzi scheme and those that get little credits, hours or whatever savings/exchange plan that’s used get burned at the end. The ones that start it and get in on the ground floor get lots of credits cash in and then those that put in the work for future returns/dividends get nothing!

  2. Bob King says:

    Yep. I just checked their site and it’s pretty much what I thought. It’s a bartering savings account
    This group may not be doing it fraudulantly, but many, many others have in the past.

    It can turn into a big pyramid where only those on the ground floor make out well.

    And it IS completely taxable and those in the group that run it and get involved in it need to be aware of that and have a legal and moral right to let everyone know. Bartering of any type is completely taxable and the State and Federal level. Look it up yourself. It’s work, compensation and that’s as taxable as using cash.
    Any and all involved with this are just as responsible for taxes, workmans comp claims, insurance, etc as any other business.

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