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Occupy Money launches pre-paid Visa debit card

The founders of the Occupy Money Cooperative, an off shoot of the  Occupy Wall Occupy-MOney-CooperativeStreet group say they intend to launch a prepaid Visa card that will carry a small monthly fee.

The group has set up a website and says that it is raising funds for the new organization which will be democratically run but will not be a credit union because, it says, a credit union would have a limited field of membership.

“Credit unions are excellent institutions, and we encourage people to use them,” the group wrote on the website. “Credit union members are usually required to share a common bond, such as locality, geography, profession or any defined affinity. The Occupy Money Cooperative will be national in scope – anyone can become a member.”

The organization has not yet responded to questions about whether it explored adopting an association field of membership or affiliating with an existing credit union in a way that might allow a broad field of membership.

The group has its sight on a prepaid debit card, for a fee, through a relationship with a bank.  The site did not reveal which one.

The group will offer a card, according to the website, because a card is a step which can be taken quickly to “fix the inequities in the present financial services system.”

The card will “help end the difficulties of the unbanked and underbanked – who number over 30 million households,” the group wrote, adding: “This is only the beginning. The Coop will expand the variety of products and the range of services that we provide access to once the Occupy Card is successfully launched.”

The organizers said the new card would carry a $0.99  monthly fee and that its interchange stream would help keep organization’s other costs low.

The group  suggest the prepaid card will carry a Visa logo or would at least be processed on the Visa platform.

“The Occupy Card will be on an innovative platform that is integrated with the Visa platform. Your Occupy Card will be accepted everywhere Visa is,” the group says.

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