Open Bank & Financial Arbitrations: Join Today

Attorneys working with ClassAction.org are pursuing various mass arbitrations that involve banks and other financial institutions.

This is a relatively new type of legal action that, unlike class action lawsuits, requires affected consumers to sign up to take action. Below, you’ll find a summary of each investigation, including which banks and financial services companies are involved, who may be affected, and which laws may be getting violated. Each summary will also include a link to a secure form where affected consumers can sign up to join others taking action. It doesn’t cost anything to sign up.

Dave ExtraCash Investigation: False Advertising, Hidden Fees?

Named after David of David and Goliath, the Mark Cuban-backed banking app Dave has taken the financial world by storm—but allegations have surfaced that users are getting swept away by false promises and undisclosed fees.

Specifically, attorneys working with ClassAction.org are looking into Dave’s ExtraCash product after the Federal Trade Commission and Department of Justice accused the company of falsely advertising its short-term cash advances. According to the lawsuit, Dave misrepresented that users could “instantly” get “up to $500” through ExtraCash without disclosing that they had to pay an “Express Fee” ranging from $3 to $25 to get instant access to the money—and that the vast majority of users received much less than $500.

The lawsuit also accused Dave of charging a “surprise fee” of 15% of their cash advance described as a “tip.” Per the suit, many users were unaware that the so-called tip is optional or that they were being charged the fee at all.

The attorneys believe Dave may also be charging a recurring subscription fee that’s not clearly disclosed, and they suspect that the company’s fees could be causing users to pay effective interest rates of over 300%. They’re now looking to pursue mass arbitration for potential violations of federal and state financial and consumer protection laws.

If you requested a cash advance through Dave’s ExtraCash product, join others taking action by filling out the form at the link below.

Dave Users Sign Up Here

DailyPay Investigation: Illegal High-Interest Loans?

Attorneys working with ClassAction.org are looking into potential violations of financial and consumer protection laws by DailyPay, a tech company that partners with employers to offer workers on-demand access to their earned but unpaid wages.

The attorneys believe DailyPay could be misleading workers by representing its payday cash advances as low-risk, zero-interest payments when they are really high-cost credit products. In fact, a recent lawsuit filed by the New York attorney general alleges that DailyPay’s transactions, which typically consist of providing a worker less than $100 in advance of their paycheck for a fee of $2.99, are essentially illegal short-term loans with annual interest rates of as high as 750 percent.

The attorneys believe DailyPay may have violated various states’ usury and payday lending laws by charging such high transaction fees on small loans without obtaining proper licenses, meeting certain fee caps and providing required disclosures to customers.

It’s also possible that the company may have run afoul of the federal Truth in Lending Act and Electronic Fund Transfer Act by, respectively, failing to clearly disclose its finance charge and annual percentage rate and conditioning the extension of credit (i.e., a payday advance) on customers’ agreement to repay via preauthorized transfers.

If you received a cash advance from DailyPay within the past two years, you may have a legal claim worth $500 or more. Join others signing up for mass arbitration by filling out the form at the link below.

DailyPay Users Sign Up Here

Is This a Lawsuit? What Am I Signing Up For, Exactly?

You are not signing up for a lawsuit, but rather a process known as mass arbitration. This is a relatively new legal technique that, like a class action lawsuit, allows a large group of people to take action and seek compensation from a company over an alleged wrongdoing. Here is a quick explanation of mass arbitration from our blog:

[M]ass arbitration occurs when hundreds or thousands of consumers file individual arbitration claims against the same company over the same issue at the same time. The aim of a mass arbitration proceeding is to grant relief on a large scale (similar to a class action lawsuit) for those who sign up.”

Some companies’ terms and conditions may contain a class action waiver and/or an arbitration clause requiring consumers to resolve disputes via arbitration, a form of alternative dispute resolution that takes place outside of court before a neutral arbitrator, as opposed to a judge or jury. It’s for this reason that attorneys working with ClassAction.org have decided to handle these matters as mass arbitrations rather than class action lawsuits.

How Much Does This Cost?

It costs nothing to sign up, and you’ll only need to pay if the attorneys win money on your behalf. Their payment will come as a percentage of your award.

If they don’t win your claim, you don’t pay.

Previous Investigations

The following investigations are complete, and attorneys are no longer signing up affected consumers. 

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