A rundown of the prepaid debit card inspired by Occupy Wall Street.
At first blush, it may seem like the most incongruous marketing opportunity since celebrity chef Paula Deen endorsed diabetes drugs. A group of former members of Occupy Wall Street are raising funds for a debit card branded to the movement. Though it’s a sort of anti-bank card, run as a not-for-profit enterprise, some experts say the fees associated with using the “Occupy Card” could end up more burdensome than an account with a too-big-to-fail bank.
The Occupy Card, which will be released if the group can raise around $900,000, comes with a litany of fees typical of a prepaid debit card. “A regular bank checking account would be considerably better and less expensive assuming you’re not writing bad checks,” says John Ulzheimer, a credit expert at CreditSesame.com. “It’s not just bad for the 99% — this prepaid debit card is a bad option for every percent.” The card’s fees include a monthly fee of 99 cents, 99 cents for an ATM balance inquiry (although it’s free to view online), $1.99 fee to purchase a second card and $9.95 to replace a lost card. There’s no purchase fee, but other charges include $4.95 to add money to the card, imposed by third-party services at retailers like Wal-Mart, 7-Eleven or CVS, and $2.80 to add money from a credit or debit card.