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.

Marie C Fields / Shutterstock.com

The effort is backed by a small group, The Occupy Money Cooperative, which would oversee the card. Its board mainly consists of those with a background in financial services, but the board will eventually be voted for by the membership. Robert Hockett, a board member and professor of law at Cornell University Law School, says he doesn’t recommend anyone rely exclusively on the new card. “Using prepaid debit card as a sole service would be entirely unacceptable,” he says. “The idea is to quickly expand into a full range of banking services on a nonprofit basis.” The board also includes Christian Brammer, a risk management consultant who worked as a managing director at Rabobank, and Ray Gillenwater, an entrepreneur and former BlackBerry executive. “All of us were members of the original group,” Hockett says. “I was a camper at Zuccotti Park during the initial flowering of the movement.”

From a consumer perspective, credit unions may provide a better not-for-profit option, where members also double as owners, experts say. They give free access to ATMs and free online access to account balances, says Greg McBride, senior financial analyst at financial website Bankrate.com. Some 38% of banks and 72% of credit unions offer a stand-alone, free checking account, “which is a more suitable alternative from a cost perspective for most people,” McBride says. Failing that, credit cards help people build up a credit history and come with rewards, Ulzheimer says. “To pay a fee to essentially use your money sounds counterproductive,” he says, “especially for something that’s supposed to promote fiscal responsibility. Go to the mall and buy a $100 gift card that costs $1 instead.”

“The Occupy Card” is likely a much better deal than some of the commercial prepaid debit cards on the market, experts say, many of which come loaded with hefty maintenance and customer service fees. “The only other prepaid debit product in the market with that kind of customer-friendly pricing structure is the American Express Bluebird prepaid card,” says Ben Woolsey, director of marketing and consumer research at credit-card comparison site CreditCards.com. Similarly, Curtis Arnold, founder of BestPrepaidDebitCards.com, which tracks credit-card deals, says the cooperative’s plastic may appeal to those people who don’t want to join a credit union or bank. “It’s not fee-less, but it’s definitely a lot cheaper than some of the alternatives,” he says. “The more competition we have, the better.”