FAQs

FAQs

What is Purpose?

Purpose offers socially responsible banking that helps amplify the positive impact of everyday financial decisions. We aim to offer radical transparency on the impact of every dollar earned, saved, and spent, and empower our customers to lead more ethical and impactful financial lives. Our intuitive mobile banking app is linked to a first-of-its-kind debit card that rewards you for choosing products that are better for people, animals, and the planet. As we grow we will offer additional products and services that couple positive impact with financial well-being.

When you join Purpose, you are joining a community of changemakers making their money work towards a kinder and more sustainable future. Together we are choosing to redirect our money towards a future we believe in, and encourage other financial institutions to divest from industries and practices that exploit people, animals, and our planet.

Why is Purpose better than a regular bank?

When you put money in the bank, it doesn’t just sit there. Banks use your deposits to make loans to industries, companies and projects that may not align with your values. Purpose gives consumers an alternative to banking with financial institutions that fund exploitative industries and projects. Your deposits never fund fossil fuels, factory farming, or private prisons. We distribute a portion of earnings to advocacy and charitable organizations at no cost to you. And all of the products we promote and reward are sustainable and 100% vegan approved.

How does Purpose make money?

We make money like any other bank. Every time you swipe your Purpose debit card, the merchant pays us a small transaction fee called interchange. In the future we also expect to make money off interest margin—the difference between the amount of interest made on loans and the amount of interest paid to customers for balances.

Is Purpose secure?

We take security very seriously and are committed to meeting and exceeding industry standards to safeguard your data. Bank-grade security ensures your personal and account information are always safe. All individual deposits are FDIC insured up to $250,000 through our partner bank and all card transactions are protected by Mastercard zero-liability guarantee1. You’ll never be responsible for any unauthorized activity on your account. If your card gets stolen or lost, you can immediately freeze your card in the app.

Who is the team behind Purpose?

The Purpose founders are a diverse team with a long history of advocacy in the areas of animal welfare and financial inclusion. Before Purpose, they worked at mission driven companies tackling big problems such as energy-efficiency and democratizing access to education. They bring to the task decades of combined experience building products and leading engineering, design and product at top tier companies.

How do I contact Purpose?

If you have any questions or suggestions for us, we’d love to hear from you. Just shoot us an email at human@purposebanking.com and we promise to get back to you within 24 hours.

More than a bank

Join us on our mission to harness the economic power of millions of conscious consumers towards a kinder and more sustainable future.

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The Purpose Mastercard® Debit Card is issued pursuant to license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Program Management services provided by Galileo Financial Technologies, LLC. Spend anywhere Mastercard is accepted.

Spend everywhere Mastercard® debit cards are accepted.

1Conditions and exceptions apply – see Deposit Account Agreement.