One of the benefits that time banking enjoys is tax exemption. This is because the exchanges carried out in a time bank are in form of services and not monetary trades.

Most time banks work to help the underprivileged members of the society and promote a systems change of the society. They therefore give ex-convicts, addicts and juvenile offenders second chances to prove themselves to society.

Time banks aim to promote community development through exchange of skills in an affordable and equitable way. The members of the surrounding community can provide each other with services based on their skills and experience without the need for paying hundreds or thousands of dollars.

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