In a word? No.
Bartering is a system of exchange where no money changes hands, but the goods and services are assigned a value; a monetary equivalent. So if a haircut is worth $5 in the economy, and getting your dog walked is also worth $5, you can barter with someone to exchange those services. Generally, barter is a direct reciprocity kind of exchange, too; you exchange one-on-one with the person receiving your service, or in some cases, a third person's services can be brought into the equation, but it is difficult to broaden the transaction beyond 3 people.
In a time bank, it is the time that is the currency; every person has exactly the same 24 hours in a day and there is no correlation between the monetary value of the service and the time. You simply are compensated for the time it takes you to perform a particular service. And one of the major benefits of a time bank is that direct reciprocity is not a requirement; Time Trader Sharon can earn TD$ for giving guitar lessons to Time Trader Joe. She can then spend her TD$ on yardwork, pet sitting, or massage from any other Time Trader.
Barter transactions are taxable because there is monetary equivalency; timebank transactions have been ruled tax-exempt by the U.S. Internal Revenue Service.
Time Trader is a time bank. It is free and open to anyone who lives in Rochester, Minnesota or the surrounding area. For more information click on the links at right, visit our Facebook page, or our website at www.familyservicerochester.org/timetrader.html.
