Occupy Wall Street Launching ... a Debit Card?
Some in the movement not pleased by low-fee service
By Kevin Spak, Newser User
Posted Oct 1, 2013 9:25 AM CDT
   (Shutterstock)

(Newser) – When you think Occupy Wall Street, do you think "financial products"? Because the Occupy Money Cooperative would like you to do just that. Two weeks ago it began raising money to fund its operations (it'll function like a bank) and announced its first product: a prepaid Occupy debit card, the New York Times reports. The card can represent "a protest with every purchase," the group proclaims, promising that it will "directly tackle the concerns of the unbanked and underbanked." The card will have a transparent fee structure, charging $1.95 per ATM withdrawal and 99 cents per balance inquiry.

"There is no profit here," promises one cooperative member. But many in the movement are skeptical. "Too much blood, sweat, and tears have been going into Occupy to have that turned into a piece of plastic," says one longtime participant. Others are balking at the card's association with Visa, which refused to process donations for WikiLeaks, while some simply object to the implication that the whole movement backs the card. "Occupy has always been a consensus-based movement," one organizer says. "And there's no consensus on this issue."

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Showing 3 of 15 comments
carson
Oct 1, 2013 4:57 PM CDT
what i would give if ows would find lawyers to investigate and prosecute for contingency fees the class action suits needed against the crime being done on wall street every day of the week
DougMasters
Oct 1, 2013 12:44 PM CDT
i wonder how many of these idiots dont vote for their congressperson.
jqpabc123
Oct 1, 2013 10:39 AM CDT
That's nice but there is already a much better and more established way to protest --- local, non-profit credit unions. Deposits aren't insured by the FDIC, they are insured by the NCUA ---same difference. I don't see any real advantage that banks offer --- other than higher fees. Example: My credit union charges me $10 to do an *international* wire transfer. Most banks charge $40-50. Why people continue to deal with "banks" is beyond me.