The U.S. Justice Department's complaint against Dave Inc. and CEO Jason Wilk alleges that the company misled consumers by advertising cash advances they often did not receive. The complaint seeks consumer redress and civil penalties, emphasizing deceptive practices regarding fees and cancellation mechanisms.
According to the Justice Department and the Federal Trade Commission, Dave has been accused of luring users with enticing offers of cash advances up to $500, yet many users report never receiving these funds.
The civil enforcement action filed by the Justice Department seeks not only financial retribution for consumers affected but also aims to prevent Dave from continuing its alleged unlawful practices. This action underscores the growing scrutiny of fintech firms regarding consumer protection.
Dave responded to the allegations, asserting that many claims made by the Justice Department are incorrect, and the company intends to defend itself vigorously. This reflects the tensions between regulatory bodies and fintech companies.
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