History shows that community money pools work best when communities make their own rules and build trust together. That's why we didn't want to become a bank or credit union which lend money at interest and have a private relationship with each individual. We want to facilitate community self-empowerment, not get in the way of it.
That's why Kin Cooperative chose to become a not-for-profit fiscal host.
Kin Cooperative is not a bank or credit union. Kin Cooperative is a fiscal host.
Kin Cooperative does not lend anything to anyone. Kin hosts the money of members' groups in our bank accounts, providing the space for members to save together without having to register as an organisation and apply for their own bank account.
That means, when you contribute money to your group, the money belongs to your group. It is not a deposit and Kin Cooperative is not responsible to get it back for you as an individual but we are responsible for providing the hosting service to your group. This is why it is important that you trust the people in your group and particularly your group admins who approve new members and requests for money from group members.
There are many fiscal hosts in the UK and around the world that operate for different kinds of groups and if your group isn't right for Kin Cooperative, we can connect you with a host that is better suited.