Purple Advance

The following account types are NOT eligible for Purple Advance: OnTrak Checking Accounts, Business Checking Accounts, Accounts where one or more owner(s) is a minor, Accounts with non-personal ownership types, such as trust, conservatorship/guardianship, custodial and representative payee accounts, Accounts subject to legal process, such as garnishment or levy, or in a current bankruptcy proceeding, Accounts that are currently overdrawn 15 consecutive days or more.

Purple Advance is considered an expensive form of credit. The fees are typically less than traditional overdraft, courtesy or check cashing store fees. We may be able to offer other options that are less expensive and more appropriate for some members. Revocation of credit limits are periodically re-evaluated based on product requirements to see if a member is eligible for reinstatement of service.

Credit Limit Advances: Minimum Credit Limit = $100, Maximum Credit Limit = $500. Must be in whole dollar increments. Pricing/Fees: $10 for every $100 advanced. Credit Limit Calculations: Credit Limit amounts are calculated automatically. The amount the member qualifies for is 25% of the average total direct deposits over the course of the previous 45-days from a single direct deposit source, not to exceed $500. Repayment Method: Automatic payments from Qualified Direct Deposits: An automatic payment will be deducted from the Purple Checking Account upon deposit of member’s next qualified direct deposit. Automatic Repayment: If member’s Qualified Direct Deposit(s) and manual payments do not satisfy the Advance Balance within 45 calendar days from the date of the Advance, we will automatically attempt payment from the Associated Account if funds are available to cover the outstanding Advance Balance. During this 45-day period, the member must manually make their Purple Advance loan payment through online and/or mobile banking via share-to-share transfer, or in branch and over the phone. An automatic payment will be deducted from the Purple Checking Account upon deposit of member’s next qualified direct deposit. Purple Advance will not be available again until the full advance amount has been paid. Termination of Use: The ability to take advances from a Purple Advance line of credit can be terminated if: The Associated Account is closed, the Associated Account has been in continuous overdraft status for more than 15 consecutive days, the 45-day automatic payment does not fully satisfy the Advance amount due, the account owner(s) violated the terms of this agreement, If there is a failure to repay the balances due, If Direct Deposit to the account stops at any time or If there is not a minimum of two Direct Deposits in a 45-day period.

Membership eligibility requirements apply, including a savings account opened with an initial $25.00 deposit plus payment of a $5.00 one-time membership fee. New accounts subject to ChexSystems.