Freedom Coop provides an alternative banking ecosystem for members of the cooperative.
The two main features are: the online Faircoin wallet and a virtual bank account, thanks to our cooperative alternative banking partner.
This is an important milestone for the financial freedom of the participants in Freedom Coop, because this account toolkit can be used by a collective without any legal form, or by individuals despite any personal legal issues they may have in the country where they live.
1 – Faircoin online wallet.
FreedomCoop offers all the members a Faircoin online adress that you can use to receive and make payments (for example, buying at Fairmarket) or to store Faircoins securely without needing a computer or a smartphone.
This Faircoin online wallet can be charged at www.getfaircoin.net and progressively the FairCoop ecosystem will offer more ways to interact with it.
Collective projects can give a Faircoin wallet to any of their members and use it for distribute their incomes between them.
The Faircoin wallet is integrated with the OCP.
More info about Faircoin here: https://fair.coop/faircoin/
2 – Virtual bank account
a) What is a virtual bank account (VBA) and how does it work?
It is an account based on a shared IBAN number. The payments received are managed by the “subject” title which will be provided when you join. All the members of Freedom Coop share the same IBAN number.
You access your VBA with your unique user and password, and can make payments like SEPA transfer or send money to other users of the same service instantly.
The legal ownership belongs to the banking cooperative who have a partnership with Freedom Coop. So you can use these accounts without risks of your account being frozen due to your personal situation in your country.
b) How to apply
First, you need to be a member of Freedom Coop. You can register here: https://ocp.freedomcoop.eu/membership
Requirements. Only one of these three is required.
– Be an active self-employed member.
– Commit to making a deposit of €300 for 6 months.
– Change at least 10% of the deposits or transfer to Faircoin. Minimum transfer is 200 Faircoin per month.
After that, you can apply for a VBA, without additional cost, in the OCP management panel.
c) Examples of how the VBA can be used:
This alternative banking tool can be used to:
Receive payments from the current system (bank transfers, credit/debit cards, etc.) and convert it directly into your Faircoin address.
Autonomously manage economic projects with your bank account -for example, to pay providers and be paid by clients-, thus creating an international/European/local relationship beyond the control of the financial system.
Organize specific crowdfunding campaigns for any group outside state control.
d) What can you and can’t do with your VBA
– You can convert to Faircoin without fees. This can be done in the Faircoin online walllet or sent to any of the other Faircoin wallets ( fair-coin.org/#wallet ).
– You can do a transfer to another bank account. You can send money to a virtual debit card (via a third party service provider). You can convert to Cash in 10,000 ATMs (only Spain and Poland, at the moment). You can convert to Bitcoin.
– You can instantly pay any other Freedom Coop member.
– You only can use the account to receive bill payments if the bill payer manages to put your username in the concept of the transfer (you should check it at your own risk).
– You can only get cash from an office if the Faircoop local node in your area offers this service.
– You can’t have a credit/debit card linked to the bank account.