Barter Association National Currency
The Mission of The Barter Association National Currency (The BANC) shall be to serve the members of the National Association of Trade Exchanges (NATE) and the barter industry, by providing a credible medium of exchange and an efficient accounting system that will enhance intercity bartering activity between reciprocal trading partners. The BANC shall strive to create a stable barter currency that will promote trading and goodwill among its members.
The Fiscal Philosophy
The BANC shall operate as a zero (0) balance accounting system. The sum total of all positive and negative accounts shall equal zero (0) at all times.
The BANC, itself, shall work from the NATE general operating account within the system. However, neither NATE nor The BANC shall have a credit line and must operate from a positive trade balance status at all times.
The NATE Board of Directors manage the BANC.
The NATE board of directors may contract with individuals or businesses to administrate and broker trade among BANC members. The duties of these positions will be approved by the NATE board of directors.
The administrator or broker may or may not be a participant in The BANC. If they do become a participant, they shall not have a credit line and their accounts shall be regularly monitored by the NATE board.
Membership in The BANC
BANC membership is open only to businesses and individuals, which are members of the National Association of Trade Exchanges (NATE).
Independent trade exchanges, corporate barter companies, media brokers and other businesses, which are members of NATE, are eligible to join The BANC. However, corporate barter companies, media brokers and other business entities who are fee-paying clients of an existing BANC member may not join The BANC. In addition, all other businesses which are not members of NATE are excluded from BANC membership.
To be accepted for membership in The BANC, applicants must sign and agree to the terms of The BANC membership agreement. In addition they must provide all requested credit information.
All BANC members shall supply The BANC with a valid credit card.
Upon approval, The BANC administrator will input the new member's information into The BANC computer system.
The Fee Structure
The BANC offers the following fee option for independent trade exchanges:
* $50 cash and $25 trade monthly, one-quarter of one percent (¼%) in cash on purchases, one-quarter of one percent (¼%) in trade on sales.
Corporate barter companies, media brokers and all other members of The BANC shall pay $50 cash and $25 trade monthly, one percent (1%) in cash on purchases and one percent (1%) in trade on sales.
All members who borrow from The BANC (use their credit lines) will be charged interest at a rate of one-half of one percent (½%), in trade per month, on the outstanding negative balance in the account.
The NATE board of directors, may change the interest rate from time to time in order to maintain the fiscal integrity of The BANC.
Payment of BANC fees:
All members shall be billed electronically and/or US MAIL at the beginning of the month. Members may submit payment by check until the 15th of the month. On the 16th of the month (or the next business day thereafter) The BANC administrator shall charge the member's credit card for all fees due.
All members whose fees are not paid in the month due shall be charged a late payment fee of $10 cash. These penalties shall reoccur each month that the fees are not paid on time.
The BANC Credit Policy
Credit, when and if extended by The BANC to the member, is at the discretion of The NATE board of directors.
The NATE board of directors may withdraw any member's credit line at any time, with or without cause.
The BANC shall maintain a "bad debt" reserve account
All BANC members with, or requesting a credit line, agree to allow NATE to run a personal credit report on them. This information shall be relayed to the board in the following manner. Members may receive additional credit by placing approved collateral with the association. The board of directors shall determine acceptable collateral and the value of such collateral.
Credit line shall be set by the NATE Board. Credit Lines may be adjusted periodically by the NATE Board at anytime.
In the event the bad debt reserve is sufficiently funded as determined by the NATE Board the proceeds from interest charges shall go into the NATE general operating fund.
Revised June 2011