The Occupy Movement Wants to Replace Your Bank

What's Hot


How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

8 Creative Ways to Clear ClutterAround The House

Study: People Who Curse Are More HonestFamily

This Free Software Brings Old Laptops Back to LifeMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

The 3 Golden Rules of Lending to Friends and FamilyBorrow

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

Porta-Potties for Presidential Inauguration Cause a StinkFamily

Protecting Trump Will Cost Taxpayers $35 MillionFamily

7 New Year’s Resolutions to Make With Your KidsFamily

5 New Year’s Resolutions That Will Pay Off 10 Years From NowCollege

10 Tasty Alcohol-Free Drinks That Adults Will LoveFamily

10 Simple Money Moves to Make Before the New YearFamily

Could Your Pet Benefit From Marijuana-Laced Treats?Family

The group doesn't have a Manhattan office — or any office, yet — but it will soon be offering financial services to anyone interested.

Occupy Wall Street’s new goal: Compete with Wall Street.

A group of people who were involved in the original protests two years ago have formed the Occupy Money Cooperative. The idea, founder Carne Ross told Forbes, is to create something like a national credit union, but with no membership requirement.

“We will be a cooperative that anybody can join. But at this point, we’re not offering anything like the services of a credit union, where you can have a checking account or savings account,” Ross said. “We’re not offering those services at this point, but we hope to eventually.”

The OMC website says the cooperative “will actively and directly encourage the development of innovative financial services that will foster financial inclusion, and lead the field in terms of openness and fairness” and “provide an uplifted standard of conduct for the financial community.”

What they will offer to start with is a prepaid debit card and a promise to be transparent about fees. That type of card tends to come with a lot of them, and there aren’t many specific details available yet. It’s hard to compare the Occupy Card with existing cards until those details are available.

The card will be offered through a partnership with a bank, OMC says, so it will be FDIC-insured. And Ross argues that as more people use it, the fees will go down, because as a cooperative OMC won’t have to answer to stockholders and can pass savings on to customers. OMC hopes to help people who don’t qualify for, or don’t want to use, traditional banking services for everything. That may be more than a quarter of the population, according to an FDIC report on unbanked and underbanked households.

The founding board of OMC includes a consultant for the Federal Reserve Bank of New York, a former banker and hedge fund director, a former BlackBerry executive, and a couple of finance-focused academics.

What do you think of this project? Share your thoughts on our Facebook page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: Tax Hacks 2017: Don’t Miss These 16 Often-Overlooked Tax Breaks

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,918 more deals!