Banks Make Billions Off Disabled Americans. Here’s What They Don’t Want You to Know.
- Purple
- May 30
- 2 min read
If you’re disabled and living on SSI or SSDI, chances are your bank isn’t looking out for you. In fact, they’re probably profiting off your situation - with fees, delays, and policies that make managing money harder, not easier.
Let’s break down how traditional banks are quietly making billions from people with disabilities - and what you can do instead.
The Hidden Costs of Traditional Banking
Big banks made over $30 billion in overdraft and account fees last year alone. And a disproportionate share of those fees come from low-income and disabled customers.
Here’s how it happens:
Overdraft fees: If your balance drops too low, you could be hit with a $35 fee - even if it’s just by a few cents.
Minimum balance requirements: Many banks charge monthly fees unless you keep a certain amount in your account, which is hard when living on fixed income.
Delayed deposits: Waiting days for your benefits or paycheck to clear means late bills, late fees, and added stress.
Lack of accessibility: Banking apps and customer service aren’t always built with disability in mind - making it harder to resolve problems or stay on track.
It’s Not Just Inconvenient - It’s Harmful
These practices don’t just cost you money - they can jeopardize your entire safety net:
A surprise fee can push you over the $2,000 SSI asset limit
Late bills can lead to credit damage and utility shut-offs
Stress around money can affect your health and independence
How Purple Is Different
Purple was built specifically for the disability community - with none of the traps big banks rely on.
With Purple:
There are no surprise fees²
You can receive Social Security disability benefits, which may arrive up to 4 days early¹
Other deposits, like paychecks, may arrive up to 2 days early¹
Your balance is front and center, with spending insights and controls to help you stay below benefit limits
We’re building tools like ABLE account access, automatic savings, and spending protections with SSA rules in mind
Purple is a financial technology company, not a bank. Banking services are provided by OMB Bank, Member FDIC. The Purple Mastercard® Debit Card is issued by OMB Bank, Member FDIC, pursuant to license from Mastercard.
¹ Early access is not guaranteed, depends on payer timing, and standard processing times may apply. We generally make funds available on the day we receive the payment file, which may be up to 4 days early for government benefits like SSI or SSDI, and up to 2 days early for other deposits. Early access is available at no additional cost.
² See our fee schedule for complete details.