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Help & FAQ
1. What is Purple?
Purple is a financial technology company that builds products for people with disabilities and their families.
2. What is Purple's mission?
To empower people with disabilities to achieve financial independence.
3. How does Purple make money?
Purple makes money from "interchange". Every time you use your Purple debit card, Mastercard® processes the transaction and charges an interchange fee for the service. We get a percentage of that interchange fee every time you spend with your Purple debit card.
4. Who can use Purple?
Purple is available to citizens and permanent residents of the fifty (50) United States (“U.S.”) and the District of Columbia who are at least 18 years of age with a valid Social Security number.
5. Does Purple charge fees?
Purple has no fees to sign up, but there may be transaction fees for certain withdrawals. Please refer to the Deposit Account Agreement within our mobile banking app for more details.
6. Do you check my credit score?
No. Purple is a debit card - not a credit card. A valid SSN will be required during account opening, but there will be no impact to your credit score.
7. Is Purple a bank?
No, our banking and debit card services are provided by OMB Bank, Member FDIC, pursuant to a license from Mastercard.
8. Are my deposits insured by the FDIC?
Yes! Your deposits are FDIC insured up to $250,000 through OMB Bank, Member FDIC.
9. Why do you need my personal information to verify my identity?
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an Account. What this means for you: When you open an Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a copy of your driver’s license or other identifying documents.
10. My identity couldn't be verified. Now what?
There may be circumstances where we're unable to verify your identity. If this happens, we'll work with you to ensure that you provide the proper documentation within the app.
Still have questions?
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