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Home»Stock Market»US files complaint against fintech app Dave and its CEO By Reuters
Stock Market

US files complaint against fintech app Dave and its CEO By Reuters

January 11, 2025No Comments1 Min Read
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By Kanishka Singh

WASHINGTON (Reuters) – The U.S. Justice Department has taken legal action against financial technology company Dave and its CEO Jason Wilk for alleged violations of federal law.

According to the Justice Department and the Federal Trade Commission, Dave enticed users to its personal finance app with promises of cash advances up to $500, which many users never received.

The complaint filed by the Justice Department seeks consumer redress, monetary civil penalties, and a permanent injunction against the defendants to prevent future violations.

The government claims that Dave misled consumers by falsely advertising cash advances, imposing hidden fees, misrepresenting the use of customer tips, and charging monthly fees without an easy cancellation process.

Dave has denied many of the allegations and announced a new fee structure to address concerns raised by regulators. This new structure eliminates tips and “express fees” that customers were allegedly charged for instant cash advances.

© Reuters. FILE PHOTO: A view of signage at the Federal Trade Commission (FTC) headquarters in Washington, D.C., U.S., November 24, 2024. REUTERS/Benoit Tessier/File Photo

As of December 4, new customers are being onboarded onto the revised fee structure, with existing customers also being transitioned.

The complaint filed on Monday replaces an earlier complaint filed by the FTC in November, which did not seek civil penalties.

app CEO complaint Dave Files Fintech Reuters
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