FAQs

FAQ Categories

What about tax?

How will it show up on my bank statement?

How do these transfers of money show up on the bank statement and what kinds of problems will this lead to?

Will it affect my benefits?

No, not unless it pushes you over the cap.

Miscellaneous

What if someone is struggling to contribute?

It's important that the group has agreements for what to do if someone isn't able to contribute for a short while and for if it turns into a long while.

Studies* indicate that being too strict is not the answer. Resilience comes from having robust processes for making-decisions about things together and the trust to live by those decisions and transparency. Remember this is mutual aid and when someone is struggling, that may be when they need the most support and not to be isolated.

*Ostrom. E (1990) Governing the Commons

How do I ask someone to introduce themselves?

Worried about someone I don't know at all.
Sharing social media details, employer details, LinkedIn.

What can Kin groups be used for?

Do you need to have contributed money to receive a gift?

No
Example: Setting up one because you have a need in mind.
Different to a crowdfunder.

Can a group be for multiple uses at once?

Why not?

Can a group make a profit?

How profit works...

Can I get paid using a group?

Can your employers/business revenue pay you to your saving groups?

NO!

What's the story?

Who is Kin?

Is someone paid to keep the system up and running? who? … and how much? Will this be transparent to everyone in the coop?

Is it safe?

Where is the money held?

In the Kin Co-operative bank account with the Co-operative Bank.

Wasn't the Co-operative Bank sold to private owners?
Yes. ... BUT!
As of January 1st 2025 (expected), it has been bought by Coventry Building Society and will be remutualised.

Who can access the main Kin account?

Only three Kin Co-operative workers have that permission.

What if Kin was hacked?

Worst case, they could set up direct debits but you are covered by the direct debit guarantee or a criminal could attempt to use your details to establish a fraudulent account.

Worried about whether people might scam you?

There will be some potential members who are concerned about being scammed by apparently trustworthy people, or who have experienced this. It happens, I can testify to that, sad to say. Guidance around how to avoid/navigate this difficult topic could be helpful, perhaps shared by one of the member groups once things get underway.