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The FTC comes after neobank Dave for misleading marketing, hidden fees
The Federal Trade Commission (FTC) announced on Tuesday it will be taking action against the online cash app and neobank Dave, which it says used
The Federal Trade Commission (FTC) announced on Tuesday it will be taking action against the online cash app and neobank Dave, which it says used “misleading marketing to deceive consumers.” At issue is how Dave marketed $500 cash advances to consumers that it rarely offered, and the “Express Fee” it charged if customers wanted their money immediately. This latter issue is another example of the “dark patterns” — or manipulative design practices — companies use to guide users to take actions benefitting their own goals, not the consumers. Another issue was that Dave charges a $1 monthly membership fee debited directly from customers’ bank accounts.
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