The Occupy Money Cooperative, an offshoot from the Occupy Wall Street movement, revealed Wednesday its plans to create a new debit card to provide "fairly-priced, member-managed, and non-predatory financial products to the 99%."
Carne Ross, a former British diplomat and board member, told ABC News that he came up with the idea when he occupied New York's Zuccotti Park two years ago.
He and fellow occupiers "debated buying a bank, which we came close to doing. It remains an option for us. We eventually came to this [the debit card], as the easiest way to get a financial product out there."
"The group became a committed organization of experienced financial professionals as well as ordinary people, all fed up with business as usual and committed to creating positive change," the groups says on its website. "Our purpose is to revolutionize the current financial system by offering alternative products and services based on the principles of democracy, inclusion, and fairness."
The group seeks to raise $1 million to produce the card, which would be available to anyone. There is no cost to sign up, but users would have to pay fees, like for ATM withdrawals, ABC News reported. The Cooperative has also forged a relationship with VISA, according to the website.
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