Help & FAQ

1. What is Purple?

Purple is a mobile bank for people with special needs.

2. What is Purple's mission?

Our mission is to ensure financial independence and inclusion for those with disabilities.

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?

U.S. Citizens 18 years and older are welcome to apply! Accounts are available to anyone with a valid SSN living in the United States.

5. Does Purple charge fees?

No. Purple has no minimum balance requirements, no transaction fees, and no fees to sign up.

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?

Our banking and debit card services are provided by The Bancorp Bank, Member FDIC, pursuant to license by Mastercard International Incorporated. Program Management services provided by Galileo Financial Technologies, LLC.

8. Are my deposits insured by the FDIC?

Yes! Your Purple bank account is insured up to the standard maximum deposit insurance amount of $250,000 through our partner, The Bancorp Bank, Member FDIC.

9. Why do you need my personal information to verify my identity?

Federal law requires that we collect this information so that we can verify your identity and help fight fraud. All financial institutions are required to obtain, verify and record information that identifies each person who opens an account in accordance with the USA PATRIOT Act.

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 wither over the phone or in the app.

Still have questions?

Purple Bank Logo

© 2020 Purple Financial, LLC. All rights reserved.

Deposits are FDIC insured up to $250,000 through The Bancorp Bank, Member FDIC.

Banking and Debit Card services provided by The Bancorp Bank, Member FDIC, pursuant to license by Mastercard International Incorporated. Program Management services provided by Galileo Financial Technologies, LLC.

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