NEW TO SAGUACHE COUNTY!!
MOUNTAIN MONEY
Mountain
Money (MoMo) is
Saguache County’s forthcoming local currency. I t will be a means of exchange that
will only be accepted at participating businesses within Saguache County. It aims to
strengthen the local economy by keeping trade and “money” local. Mountain Money
will be launched on January 31, 2010 in conjunction with the annual Ranching Celebration
at the Saguache Community Center. A local goods market will be included at this fun event
to introduce our new MoMo.
What is local currency?
Local
currencies are a means of exchange created by a community to facilitate the local flow of
goods and services. They are not meant to replace the US Dollar. Instead, they aim to
compliment the US Dollar by increasing circulation within a region.
Why do we need a local currency?
Local
currencies work to strengthen the local economy by keeping money within the community. By
encouraging the local flow of goods and services, they support local businesses. A local
currency, thus, has the potential to create more local employment opportunities. This not
only strengthens our local economy, but also helps us create economic resiliency, which
protects us from being affected by stressors in the national economy.
What will our currency look like?
The Mountain
Money Currency will be 5.5 inch long by 2.8 inch wide printed bills. They will be printed
by the Saguache Crescent. They have been designed by two local artists, Janet Woodman, and
James Roderick.
Where will I be able to get the currency?
The currency
will be available to purchase at a 5% discount at any of the three Saguache County Credit
Union locations (Center, Crestone, and Moffat). It will be tradable for the US Dollar.
Where can I spend the currency?
Once the
currency is in circulation, you will be able to use it as full or partial payment for
goods and services at participating local businesses.
Who is organizing this project?
The Saguache County
Credit Union and ScSEED.
Where can I get more information?
Check the
ScSEED website (www.scseed.org)
for updates regarding the currency. If you are a business owner with questions or if you
are interested in getting involved, contact Ali Rosenblatt at ali@scseed.org.
ATM
MACHINES
Saguache County Credit Union’s ATM’s
are at all of our branches: Crestone, Moffat, and Center. The
ATM’s offer our Members the convenience of 24 hours/7 days a week/365 days a year
access to your SCCU accounts. Obviously, you
can get cash back, but you will also be able to do transfers and account balance
inquiries, all at no charge to you.
Along with the ATM’s we will
be providing to our valued Members an enhanced Debit Card program. With this program you can receive cash back at
merchant locations, pick your own pin number, and the new program will give our Members
the access to use our new debit cards at over 18 million locations plus ATM accessibility
through the VISA networks available in the United States and over 120 countries.
THE CREDIT UNION DIFFERENCE
While both credit unions and banks may offer similar products and services (checking,
credit cards, loans, etc.), that's about the only similarity. Here are the differences:
Banks |
Credit Unions |
Generate profit for stockholders. Make decisions based on what will
give stockholders more profit. |
Not for profit, not for charity, but for service. Without
"profit motive," make decisions based on what's best for members. |
Commercial businesses. Offer services to make a profit. |
Financial cooperatives. Members pool their savings to provide
low-cost loans and low-fee services to each other. |
People who buy stock in the bank own shares of the business. |
Each member is an equal owner. |
Serve customers from the general public. Anyone can use a bank. |
Exist solely to serve their members. A person must be within the
credit union's field of membership, as defined by their charter, in order to join. |
The Board of Directors are paid a salary. Daily operations are
performed by a paid staff. |
Unpaid volunteers from the membership serve on the Board of
Directors and guide the credit union. Daily operations are performed by a paid staff. |
Only people who own stock can vote for the Board of Directors. The
customers who use the bank don't have a say. |
As owners, members elect fellow members to serve on the Board of
Directors. |
Income is returned to the stockholders in the form of higher
dividends on their shares of stock. |
Income is returned to members in the forms of better savings rates,
lower loan rates, and low or no fees for services. |
Like other for-profit businesses, banks must pay taxes to the
government. |
Like other not-for-profit institutions, credit unions are exempt
from paying federal income tax. |
Deposits are federally insured up to $100,000 by the FDIC, a
government agency. |
Deposits are federally insured up to $250,000 by the National Credit
Union Administration, a government agency. The NCUA's insurance fund is the healthiest of
all federal deposit insurance funds. |
 
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