The Federal Trade Commission is accusing Los Angeles-based cash app Dave Inc. of misleading customers about fees, the amount of money it gives out and when they can get it.
The Federal Trade Commission is accusing Los Angeles-based cash app Dave Inc. of misleading its financially vulnerable customers about fees it charges and the amount of money it gives out. In a complaint filed Tuesday, the agency alleges that while Dave advertises it offers $500 advances 'instantly,' only a 'miniscule' number of customers receive close to that amount.
The lawsuit was approved by a bipartisan 4-to-1 vote of the FTC, with Republican Commissioner Andrew Ferguson joining Chair Lina Khan and the two other Democrats on the board voting in its favor. Khan's term is expired and she is widely expected to be replaced under the new Trump administration. The lawsuit was the first time the agency has targeted the practice of 'tipping,' which other cash advance apps such as MoneyLion also employ.
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