FreedomCoop provides an alternative banking ecosystem for members of the cooperative. The two main features are: an online FairCoin wallet and a virtual bank account, thanks to our cooperative alternative banking partner.
1 – FairCoin online wallet
FreedomCoop offers all the members a FairCoin online address that can be used to receive and make payments (for example, buying at FairMarket and UseFaircoin) or to store FairCoin securely without needing a computer or a smartphone. This FairCoin online wallet can be charged at 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 distributing their incomes between them. The FairCoin wallet is integrated with the OCP. More info about FairCoin here: FairCoin.
2 – Virtual bank account
a) What is a virtual bank account (VBA) and how does it work?
A VBA 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 members of FreedomCoop share the same IBAN. You access your VBA using your unique user and password, and can make payments such as SEPA transfers, or send money to other users of the same service instantly. The legal ownership belongs to the banking cooperative who have a partnership with FreedomCoop .
b) How to apply
First, you need to be a member of FreedomCoop. You can apply here for the FreedomCoop membership. After that, you can apply for a VBA, at no additional cost, using the OCP management panel.
3 – Requirements. You must meet at least one of these requirements:
c) Examples of how the VBA can be used: This alternative banking tool can be used to:
d) What you can and can’t do with your VBA