Oswestry and District

LETS

How it works

Your ODLETS account is similar in many ways to your sterling bank account. You write cheques, which are instructions to transfer Oswalds from your account to someone else's. You also receive cheques from others, which you "pay in" to your account by sending them to the Accounts Administrator. At regular intervals (currently 3 times per year) you are sent a statement of account, which shows all the transactions into and out of your account. The charges for membership of the system are debited direct to your ODLETS account. The charges are currently 1 Oswald per month, so you will be charged 4 Oswalds on each of the three statements. Remember, this statement is just to remind you of the trades you have made, and of the current state of your account - it is not a bill. Some people's statements will be in credit, and some will be in debit. All the statements of all the members, added together, will add up to zero. Do check your statement against your cheque book stubs, and against any records you keep of cheques received - the accounts administrator is only human, and does make mistakes occasionally!

Perhaps the most important difference between your ODLETS account and your bank account is that no interest is paid or charged. There is absolutely no problem with going "overdrawn". In LETSystems, this is called going "into commitment". All it means is that you have promised to provide goods or services to other unspecified members of the scheme at some time in the future. In fact, you are positively encouraged to go into commitment. The whole point of the system is to encourage trading. If no-one goes into commitment, no trading can take place. Someone who goes into commitment is increasing the amount of trading. Someone who maintains a large credit balance on their account is preventing trading - all those Oswalds should be circulating among the other members, not languishing unused in their account. LETSystems are all about trading - the actual transfer of goods and services between people. Contrast this with the sterling economy, where a large proportion of the currency available is tied up in intangibles such as interest payments, share dividends, futures markets, etc.

Another important difference is that you can spend Oswalds only with other members of the scheme, all of whom live locally. This keeps trading local, stimulating the local "economy". Contrast this with sterling, where much of the money you spend in chain stores, supermarkets, etc. goes out of the local economy.

If you are having difficulty getting started, do come to some of the regular trading meetings. Ideally, bring something to sell, or examples or photographs of your work. Even if the services you offer can't be photographed (e.g. baby-sitting), it helps a lot to meet the other members, so they can get to know you, and your skills. Core group members are also on hand, to offer advice or help if you need it. Last, but not least, everyone seems to have a good time at the meetings!

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Copyright (c) 1996-99 Nikki Locke, ODLETS
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