Occupy Money Cooperative, an offshoot of the anti-banking movement called Occupy Wall Street, is raising money to launch its own prepaid debit card.
The decision has puzzled many given the fact that protesters with the movement fought against what they called "greedy" banks and even asked consumers to rip up their credit cards.
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However, the group members now say they want to "start to fix the inequities in the present financial services system" by offering a low-cost cashless option for people who want to stay outside of the traditional banking system.
The card will work like any other prepaid debit card and has a fee structure that includes a $1 monthly fee, a $1.95 fee for ATM withdrawals, and $1 for balance inquiries.
The card, which has been integrated with Visa, would be issued through a bank and would be insured by the FDIC.
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By GlobalData
