The Occupy Money Cooperative


Why a coop? 

A coop belongs to its members by definition. The Occupy Money Cooperative will put people back in control of the services they rely on. The use of a coop structure to provide access to lower cost financial services is revolutionary. We will lead the field in terms of openness and fairness in order to inspire trust and confidence. 

As the OMC grows, we can support financial innovation and ideas that the membership is interested in.


What is the OMC’s relationship to Occupy ? 

The Occupy movement is a leaderless resistance movement with people of many colors, occupations, genders and political persuasions.  People who are fed up with the status quo.   The OMC does not “speak” for Occupy—no one does.  We encourage all Occupy related groups to pursue answers to the many challenges we are facing as a society.  There are many solutions out there that can be successful if we cooperate.  The Occupy Money Cooperative can be a great benefit for many, can engage many, and can be an engine for the development and design of further beneficially disruptive solutions.


What is the difference between a Credit Union and The Occupy Money Cooperative?

Credit Unions are excellent institutions, and we strongly encourage people to use them when and if they are available to them. In fact the Occupy Money Cooperative has its own account at the Lower East Side People's Federal Credit Union.

Credit Unions are financial institutions that take deposits, offer loans and other banking services. Both entities are democratic in nature.  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.


Why is The OMC launching a card? 

This is something that we can do NOW to start to fix the inequities in the present financial services system. Other services will be developed in the future. This is a product that will help end the difficulties of the unbanked and underbanked - who number over 30 million households. 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.  This is only the beginning.  The bigger the OMC can grow - the MORE we can do.


When can I get my Occupy Card!?!

We're working as hard as we possibly can right now to build momentum for the launch of our fundraising campaign to establish the Coop. Please be sure to check this FAQ page often for updates on when and how the card will be available. 

Isn’t this just another pre-paid card? 

It’s different from other offerings that are currently available in some important ways. It’s more than just a prepaid card since it features additional services. It’s our aim to make the card and its associated charges less expensive than other cards on the market.

Most importantly, every active user of the Card will be a full member of the cooperative.  This is unique.


How is the Cooperative able to offer this card at such an affordable cost?

First- Technology.  Advances in providing financial services enable non-conventional entities to become involved.  Second - When people use a debit card, pre-paid debit card or a credit card, a revenue stream is generated each time the card is used in a transaction. A significant part of that revenue will now go to the Occupy Money Cooperative instead of a conventional financial institution that has additional costs like dividends to shareholders. Our revenue stream will help us keep our costs as low as possible.

Will this card be accepted at places I shop?

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.

What is the OMC’s relationship with Visa?

The use of the Visa platform will provide our members with a universally accepted product, but the OMC will not have an agreement with Visa. Visa will be receiving only their standard share of any transaction revenue. A larger percentage of the revenue will flow to the OMC, rather than Visa or any conventional financial institution. A big change.

Is the Cooperative a bank? 

No. The Occupy Money Cooperative, Inc. is a cooperative that will offer access to low cost financial services. We will not take deposits or offer loans, or other such services offered by banks. The Occupy Card will be offered through a bank, and so will be FDIC insured.


Where will the donation money go? 

Getting cards into people’s hands costs money. We need your help to get as many Occupy Cards to those that need them as possible. We are primarily looking for “operating capital”. (See a full break-down of these costs.) These are the funds needed to actually produce the cards, deliver them, and cover all the costs before the revenues start coming back in. The more initial operating capital we have, the more Occupy Cards we can send out, the more people we can help and the stronger the Occupy Money Cooperative will be.
Responsible Action: The Coop will account for every dollar donated. We will publish full and transparent accounts frequently and regularly. The more capital we have at the start, the faster we can expand the service. But if we haven’t got sufficient capital to start, we simply cannot responsibly proceed. We are relying on your donation to get started.
The Straightforward Goal: The goal for this fundraising effort is $900,000, funds that will give us staying power. We will have a small, full time, professional staff, and we will pay them appropriately - please see “costs” linked above. Should we not attain our goal, then we will not proceed, and will return all funds to the people who have donated minus some costs that have already been incurred.

Are donations tax-deductible?
The Occupy Money Cooperative is a non-profit entity. However, donations are not tax deductible for income tax purposes.

Will the Coop's employees be paid?

Although the Coop is currently in the process of being established by unpaid volunteers, the OMC is committed to honoring the labor of it's future professional staff with competitive salaries, wages and health benefits.

If I am a member of the Cooperative, will I have any responsibilities?

Unlike many cooperatives that require member work hours, or a membership fee, The Occupy Money Cooperative will have no such requirements. Membership is free. All one needs is an active Occupy Card. That’s it. Members can choose to be active or not.










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The Occupy Money Cooperative
We are a cooperative company that offers low-cost, transparent, high quality financial services to the 99%. Use our services and become a member.