4. Who can use Purple?
The Deposit Account 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 our partner bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
8. Are my deposits insured by the FDIC?
Yes! Your deposits are FDIC insured up to $250,000 through our partner 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 whether over the phone or within the app.
Still have questions?