Retiring our Direct℠ banking product

Why is Direct being discontinued?

We have made the decision to retire our Direct℠ banking product to allow us to focus on innovating our core Savings product and to bring budgeting functionality (such as the ability to set up recurring goals) into a more streamlined Savings experience. Retiring our Direct banking product means we’ll be able to make our signature Savings product even better. We hope you’ll stay with us and continue saving for the things that matter most to you.
 

How do I continue saving?

We would love to help you continue to save! You can convert to an account specifically for our core Savings product (now called “Set & Save”*), where you will be able to create any number of goals you have and have us help you save for them automatically.
 
This process will close your Spending, Bills and current Savings accounts and will open a new Set & Save* account. A couple of things to note:
  • Your savings goals will be re-created in your new Set & Save* account
  • The funds currently in your savings goals will be transferred back to your linked bank account and you can manually transfer these back at any time
  • We'll continue saving towards these goals, helping you make progress effortlessly
Here’s how to switch to a Set & Save* account from the Oportun app:
1) Head to Profile & settings (the person icon in the top-left)
2) Tap into Subscription
3) Choose Switch over to using savings-only and follow the prompts within the app
 
Once your account is converted, your Spending and Bills account will be closed and you’ll need to take the following actions to avoid any issues:
  • Your Spending and Bills debit cards will be canceled and will no longer be available for purchases or payments
  • If you had direct deposit enabled, you’ll want to provide your employer with a new account for these deposits as soon as possible
  • For any bills that were paid using your Direct account, you’ll want to update your bill provider with another card or account number as soon as possible
For help switching to a Set & Save* account, please reach out to our team at direct@oportun.com. Our customer support team is here to help make this change as simple as possible.
 
*Set & Save is managed solely by Oportun.
 

How does a Set & Save* account work?

With Set & Save*, you can create savings goals for anything you want to put away money towards. Once you link your existing bank account, Oportun will get to work analyzing your spending habits, pay schedule, and recurring expenses. Money will be saved automatically from your linked bank account and into your Set & Save* account. The money we set aside is then distributed to the savings goals you set up. This is different from banking, where money for your savings goals is taken from your Spending balance.
 
Another main difference between Set & Save* and banking is that with banking, the core of your account is the Spending balance, which you can fund through direct deposit or from a linked bank account and where you can make purchases using your Oportun® Visa® Debit Card. With banking, you also have a Bills account, which has its own virtual debit card number and account number. The Set & Save* product does not come with a Spending or Bills account. With Set & Save*, Oportun reads your linked bank account to intelligently save money to your goals automatically. Oportun looks at a few things when it determines when and how much to save for you, and you can learn more about how these savings work in our Help Center.
 
*Set & Save is managed solely by Oportun.
 

How do I close my Direct account?

To close your Direct account entirely from the Oportun app:
1) Head to Profile & settings (the person icon in the top-left)
2) Tap into Subscription
3) Choose Close my Direct account and follow the next steps to fully close your account
 
Once your Direct account is closed, this means that:
- Your Spending and Bills debit cards will be canceled and cannot be used for purchases or payments
- Your Spending and Bills account numbers* will also no longer be valid for payments and purchases
- If you had money in your Spending, Bills, and Savings balances, those funds will head back to your linked checking account and should post within 1-5 business days.
- If you had pending transactions into Spending from a linked checking account, those will also be returned but later than your posted balances (this can take 3-5 business days).
 
*Transactions can still occur in your account for up to 30 days.
If you have any deposits post within your Spending or Bills accounts during this time, we’ll transfer your money back to your personal bank account or mail you a check at the end of 30 days. If your personal bank account has been closed, a check will be mailed. After that, your Direct account will be fully closed.
 
If you prefer, you can also reach out to us for help closing your account. Please reach out to our team at direct@oportun.com and we will help make this change as simple as possible.
 

What actions do I need to take and by when?

You can continue spending with funds in Direct until February 14th, 2024. Any remaining funds in your Direct account after this date will be transferred back to your connected checking account (if you have one connected) or sent by check to the address on file within 45 days. Your digital wallet cards (Apple Pay and Google Pay) will continue to work up to and including February 14th, 2024. Please note that we will not be issuing any new or replacement debit cards.
 
Action items
ASAP: Change any automatic deposits you may have set up with your Direct account as soon as possible, including direct deposits. Automatic deposits and manual deposits will not be processed after February 7th, 2024.
 
ASAP: Change any automatic payments that are set to pay from your Direct account as soon as possible, including bill payments. These will not be processed after February 14th, 2024.
 
ASAP: If the address we have on file for your account is not your most current address, please call 866-630-2506 in order to update your address. Any funds still in your account after February 14th, 2024 will be transferred back to your connected checking account (if you have one connected) or sent via check to this address within 45 days.
 
Before February 2024: If you’d like to convert to a Set & Save* account earlier than February, you can do that easily through the Oportun app:
1) Head to Profile & settings (the person icon in the top-left)
2) Tap into Subscription
3) Choose Switch over to using savings-only and follow the prompts within the app
If you’d like help with this process, you can also reach out to us at direct@oportun.com. Our customer support team is here to assist.
 
*Set & Save is managed solely by Oportun.
 
If you prefer to close your Direct account entirely before February, here’s how to close from the Oportun app:
1) Head to Profile & settings (the person icon in the top-left)
2) Tap into Subscription
3) Choose Close my Direct account and follow the next steps to fully close your account
 

What will happen to my Oportun® Visa® Debit Card?

  • You can load your card up to and including February 7th, 2024. After that date, you will no longer be able to load funds to your card - including cash, direct deposit, money transfers, or other load methods. You should change any automatic deposits you may have set up with this card before February 7th, 2024, as they will not be processed after that date.
  • You can use your card up to and including February 14th, 2024. After that date, you will no longer be able to use the funds on your card - including purchases, ATM withdrawals, or other spending methods. You should change any automatic payments that you may have set up with this card before February 14th, 2024, as they will not be processed after that date.
  • Any remaining funds in the Direct account after February 14th, 2024 will be transferred back to your connected checking account (if you have one connected) or sent by check to the address associated with your account within 45 days. If you do not cash or deposit your check within 180 days from issuance, you may need to contact us for a replacement check, or we may be required to escheat your funds in accordance with your state’s unclaimed property laws.
    • To prepare for any remaining funds to be sent by check, if the address we have on file for your account is not your most current address, please call 866-630-2506 to update your address.
  • Please note that we will not be issuing any new or replacement debit cards. Your digital wallet cards (Apple Pay and Google Pay) will continue to work up to and including February 14th, 2024.
  • Please see your Cardholder Agreement to reference any additional applicable restrictions or terms.

 

What will happen to my Oportun® Visa® Virtual Bills Debit Card?

You can use your Oportun® Visa® Virtual Bills Debit Card and account up to and including February 14th, 2024. You should change any automatic payments and recurring bill payments that you may have set up with your Oportun® Visa® Virtual Bills Debit Card number or account number as soon as possible.
 
Automatic payments (including bill payments) that are set to pay from this account will not be processed after February 14th, 2024.
 

What about my direct deposit?

If you have direct deposit set up to go into your Direct account, contact your employer, HR department, or payroll service and provide the account and routing numbers of the new bank account where you'd like your direct deposit sent.
 
Please work with your payroll provider directly on this as soon as possible to ensure your paychecks are no longer set up to be deposited into your Spending or Bills accounts moving forward. Deposits will not be processed after February 7th, 2024. We encourage you to work with your payroll provider directly as soon as possible as they may have different timing requirements.
 

What about my bills and auto-payments?

You can use your Oportun® Visa® Virtual Bills Debit Card and account (as well as your Oportun® Visa® Spending Debit Card and account for bill payments) up to and including February 14th, 2024. You should change any automatic payments and recurring bill payments that you may have set up with your debit card or account number. Automatic payments (including bill payments) that are set to pay from this account will not be processed after February 14th, 2024. For any bills that are set up to be paid using your Bills account or Spending account, please update your bill provider with another card or account number as soon as possible:
 
1) Head to your biller’s website and your account settings or similar option on your biller’s website
2) Find your billing settings - this will often say something like “Manage payment info”, “Payment preferences”, “Billing info”, etc.
3) Remove your debit card number or account number and add the new payment that you’d like to use moving forward. Ensure that all debit card and account details are removed and replaced with a new payment method, and that you’ve updated all fields required by your biller for payment.
 

What about my Smart Deposits?

Smart Deposits will be disabled by early February 2024. If you’d like to turn off Smart Deposits beforehand:
 
1) Head to Profile & settings (the person icon in the top-left)
2) Under Funding & payment, choose Connected accounts
3) Tap into your connected checking account
4) Under Smart deposits, flip the switch to either enable or disable weekly deposits
 

What will happen to my remaining funds?

Any remaining funds in the account after February 14th, 2024 will be transferred back to your connected checking account (if you have one connected) or sent by check to the address associated with your account within 45 days. We do encourage you to take action before February 14th, 2024, so you can avoid having to wait for a paper check in the mail to receive any remaining funds.
 
You will not be charged any refund check fees due to the funds being returned to you. If you do not cash or deposit your check within 180 days from issuance, you may need to contact us for a replacement check, or we may be required to escheat your funds in accordance with your state’s unclaimed property laws.
 
If the address we have on file for your account is not your most current address, please call 866-630-2506 in order to update your address.
 

What if I still have questions?

If you have any questions or concerns during this time or your question wasn’t answered here, please reach out to our team. Our customer support team is here for you and is eager to make this change as simple as possible. Please contact our team at direct@oportun.com and we’ll be happy to help in any way we can.