Occupy Card Fee Structure

The Occupy Money Cooperative

Proposed Fees, Limitations, and Fee Avoidance Strategies

 

Occupy Money Cooperative Prepaid Debit Card

 

 

 

Summary of Fees

 

 

Fee Category

Fee Type

Amount

Typical Use

How To Avoid

Total cost of set up:

Card purchase

Free

1/lifetime

 

 

Monthly fee

$0.99

1/month

This is a very low fee- to make it even lower become a No Monthly Charge Member and even this fee is totally eliminated.

 

If  No Monthly Charge Member 1

Free

1/month

 

 

Optional second card

   

 

 

purchase (2nd card)

$1.99

1/lifetime

Cannot avoid- it costs money to print and issue a card.

 

 

 

 

 

Add money:

Direct deposit

Free

2/month

 

 

Cash using MoneyPak®or Swipe Reload at 7-Eleven and CVS

$4.95 (charged by store, not  by OMC )

1/month

If you can, use Direct Deposit, or deposit checks and wait -these methods are FREE.  When using MoneyPaks remember 3  $100 deposits will cost $14.85. A single deposit of $300 will cost $4.95.

 

Swipe Reload at Walmart

$3.74(charged by store, not  by OMC)

1/month

 

 

Pre-Printed Payroll or Government Check with Walmart Rapid Reload

$3.74 + check cashing fee (charged by store, not by OMC)

6/year

 

 

Mobile Phone Check Deposit

 

 

 

 

Deposit and wait up to 7 days

Free

 

 

 

Instant Deposit

1% pre-printed checks

4% all other check

 

Deposit and wait for check to clear- this is FREE

 

From another Occupy Money Card

Free

2/year (IOU’s)

 

 

From a debit or credit card

$2.80

1/year (for emergencies)

Cannot avoid. Use other deposit methods if you can.

Get cash:

From ATM

$1.952

2/month

This fee is from the network and other third party fees. Instead, use cash back from stores- Very Easy- Very Convenient- and FREE

 

Store Cash Back (up to $60 per day-24 hours- 15 limit per month )

Free3

2/month

 

Spend Money:

Signature

Free

6/month

 

 

PIN

Free

8/month

 

 

Online Check Service

   

 

 

up to $800 only

$2.00

1/month

Cannot avoid. Many places where people use checks- utility bills for example – will accept Visa. So use your card, this payment method  is FREE

 

If No Monthly Charge Member 1

1st monthly check free

1/month

 

 

under $500 (No Monthly Charge Member  Only)

$1.00

1/month

 

 

$500.01 to $1000 (No Monthly Charge Member Only)

$2.00

1/month

 

 

$1000.01 to $1500.00 (No)Monthly Charge Member Only)

$3.00

1/month

 

 

When traveling abroad

2% on top of exchange rate

1/year

Cannot avoid.

Information:

Call Customer Service

   

 

 

automated IVR access

$0.99

3/year

 

 

speaking to live agent

$2.00

1/year

Use email if you can- it’s FREE

 

If No Monthly Charge Member 1

Free

3/year

 

 

Email / Online / Mobile App

Free

8/month

 

 

ATM Balance Inquiry

$0.992

3/year

Your balance is always available for FREE from the online account --web, mobile web and mobile app.  You can also ask at stores when you use the card—some may not, but many have the capability to tell you the balance on your card –FREE and Easy.

Incidentals:

Decline at POS

Free

1/month

 

 

Negative balance

Free

2/year

 

 

Decline at ATM

$2.00

3/year

 

 

Inactivity

Free

1/year

 

 

Card replacement

$9.95

if lost

Cannot Avoid – Don’t lose your card.

 

if expedited

$30.00 (additional)

If lost

This is a third party expediting fee- if you can wait, don’t pay to expedite.

 

PIN Change- First request

Free

1/lifetime

 

 

Pin Change – Subsequent requests

$0.99

 

 

 

Closing account

Free

1/lifetime

 

 

Check issuance at account closure

$12.00

1/lifetime

Simply spend the remaining balance- Easier, and avoids this fee entirely.

1Earn 15,000 OMC points to become a No Monthly Charge Member

Earn OMC points by:

  • Direct Deposit = 2000 OMC points per load (over $200) + 1 OMC point per $1
  • Example: A Direct Deposit of $500 is 2,500 OMC points.
    MoneyPak loads = 1 OMC point per $1
  • Credit/Debit Card loads = 1 OMC point  per $1
  • Or

5 Direct Deposits =  No Monthly Charge Member

2Fees charged by ATM network may apply.  Withdraw up to $400/transaction; $500/day.

 

3Upto $60/transaction; 15 transactions/month.

 

The OMC is developing an app that will allow someone to simply see how they can qualify for No Monthly Fee Membership.

 

* This is a working document. We will continue to update this information as we progress.

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Showing 25 reactions


signed up 2014-04-09 15:49:26 -0400
commented 2014-01-15 22:18:10 -0500 · Flag
27 likes. really taking off, eh?
commented 2014-01-14 07:44:33 -0500 · Flag
How can any attempt to wrestle power from the two or three multinationals that dominate the credit card industry be a joke… I understand how this can be seen as an offense, but really that comes by way of not having an idea of how these few corporations have created a monopoly with all debit/credit cards…..

First you actually need an Alternative Card that people can use then gain power in numbers, then kick those companies aside. Do some homework before calling it a joke.
commented 2014-01-13 13:08:38 -0500 · Flag
What a joke. Certainly not revolutionary. How is it even reformist?
commented 2013-12-03 19:26:07 -0500 · Flag
we protest against walmart vowing to not step inside there. We just held a massive black friday protest against walmart for full time hours, end to illegal retaliation, respect, better pay, and you want us to go inside there to deposit our earnings? Doesn’t sound right.
commented 2013-12-03 16:14:35 -0500 · Flag
Can’t win a war if your not willing to step foot on the same field as your opponent. Today we just get the card going, tomorrow we beat Walmart with it.
commented 2013-12-03 15:53:37 -0500 · Flag
Can not support this, walmart would be making money off the card, fees seem to be all over the place.
commented 2013-10-08 16:28:15 -0400 · Flag
I cannot believe that any Occupier would even consider a caerd that can be charged at Wal Mart making Wal Mart more money.
commented 2013-10-04 06:07:39 -0400 · Flag
Why not just become a complete bank to begin with? An online bank even, without the need of physical locations. ?
commented 2013-10-03 15:29:11 -0400 · Flag
Great Idea, how can you improve upon BlueBird from AMEX ? The problem with all these corporate cards is that once they get people addicted they can raise the fees etc…
commented 2013-10-02 12:16:46 -0400 · Flag
Bbt… that sounds better… But In all having an alternative banking option rather than one that profits a whole industry that has bought our government, pilfered our wealth and stole our very homes. I am all for this idea-even if we have to accept a temporary arrangement with Visa.
commented 2013-10-02 11:39:45 -0400 · Flag
This would be very interesting if the card could use a Ripple account as the backing for the debit card (see ripple.com). This would give all of the advantages of widespread Visa acceptance along with all of the advantages of being linked into the Ripple network.

I don’t know whether it would be better to use Ripple’s federation protocol or if each card should just be associated with a Ripple account under the Cooperatives’s control that the card holder refills as needed.

The beauty of Ripple integration is that a card holder could send another currency, say Bitcoin, from their main account to be deposited as US dollars in their Coop account, and the distributed exchange within Ripple would automatically perform the conversion.

If you want to help people break free from the traditional banking system but still be able to spend with the widespread acceptance of a Visa card, this would be a good pairing.
commented 2013-10-02 11:36:15 -0400 · Flag
Should probably Kickstart this, if you haven’t already. I know they take their share but the campaign might reach more people overall.
commented 2013-10-02 08:40:56 -0400 · Flag
You all need to look into ripple.com – under development, global, nearly instant payments, nearly free. Not widely accepted yet like visa, but possibly a better long term solution for a financial revolution.
commented 2013-09-27 09:44:55 -0400 · Flag
I completely understand what you have to work with. The most important thing is that we get this up and running. Then we can compete with big banks costs…. Sure, people like Dawn will shop at Walmart too with that logic.

There is a bigger picture here and I can’t wait to be a part of it!
commented 2013-09-26 21:45:12 -0400 · Flag
Even if it was the exact same cost as JPMorgan’s Chase Liquid, it would STILL be excellent as revenue would go to the Coop. It is also a way to show dissatisfaction with the mainstream with every single use. ….btw…Chase Liquid has no savings facility- I gather from the info here that this will. Mobile phone deposit here is free. Go to the Chase Liquid site— “Chase Liquid gives you a world of features with one flat monthly fee of $4.95.” The Occupy card is 99cents a month. Seems a LOT better than what JPMorgan does.
commented 2013-09-26 09:23:35 -0400 · Flag
Elaine, rather than ad hominem, can you speak directly to the comparison of one card (i.e., VISA) versus OMC offering?
commented 2013-09-26 07:50:36 -0400 · Flag
Dawn, maybe you need to learn more about what JP Morgan does…………
commented 2013-09-26 06:59:18 -0400 · Flag
not a good deal at all when you read the fee structure for services. how is this any better than what JP Morgan does?
commented 2013-09-18 08:07:46 -0400 · Flag
This is a great initiative. I look forward to the OMC card becoming available outside the USA.
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