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11/07/2024
FTC Alleges Dave Inc. Used Misleading Marketing, Charged Undisclosed Fees in Lawsuit
Morning Star
The Federal Trade Commission filed a lawsuit against Dave Inc., alleging the digital-banking service used misleading marketing to deceive consumers and charged users undisclosed fees.
The company's advertising claims users can receive "up to $500 instantly," though this advance is only offered a tiny percentage of the time, the FTC said Tuesday.
The company also requires consumers to pay what it calls an "express fee"--which the agency alleges isn't disclosed until after the sign-up process is complete and the company has access to the user's bank account--in order to get instant access to money. And consumers who take advances from Dave are often charged a surprise fee of 15% of their advance, described by the company as a tip, the agency said.
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