Some of the third-party financial applications connected to Plaid are Venmo, Acorns, American Express, and Betterment. The settlement doesn't mean that Plaid admits any wrongdoing, but the company...
What is the Plaid lawsuit?
Plaid, a service that connects bank accounts to apps, has settled a $58 million class-action suit for allegedly collecting excess user data. Plaid, a service that connects bank accounts to finance apps like Venmo, has settled a $58 million class-action lawsuit after allegedly fraudulently collecting excess user data.
What is Plaid's $58 million settlement?
OAKLAND, Calif. (CN) — A federal court judge on Wednesday approved banking app Plaid's $58 million privacy class action settlement after consumers claimed the company had harvested and sold their financial data without consent.
How much is Plaid paying its clients?
As a result, it will pay $58 million to all those consumers who have linked a bank account to any of Plaid’s 5,500-plus client apps, which include popular services like American Express, Venmo, Robinhood, Coinbase, and Betterment.
What does the Plaid settlement mean for Venmo?
As part of the settlement terms, Plaid will minimize the collection of user data when it connects users’ accounts to apps like Venmo, which already has privacy concerns. The settlement established an app lookup portal to view what apps have been affected by Plaid’s data collection.
How much will you get from Plaid settlement?
$58 Million$58 Million Settlement in Plaid Privacy Class Action Receives Final Approval. On July 20, 2022, Judge Donna M. Ryu of the United States District Court for the Northern District of California granted final approval of a $58 million class action settlement between FinTech firm Plaid Inc.
What bank accounts use Plaid?
Plaid supports most major bank institutions like Chase, Wells Fargo, Bank of America, as well as smaller banks and credit unions.
Is venmo part of Plaid settlement?
Its clients include Venmo, Coinbase, Robinhood, Fidelity Bank and many others. According to the settlement page, Plaid can connect a user's financial account with about 5,000 mobile and web-based apps to help people make payments, transfer money, pay bills, make investments and apply for loans.
What bank is Cash App on Plaid?
This new feature means that your paycheck, paycheck transfer, and other online transactions through Plaid will automatically deposit funds into your account. At the moment, Cash App supports banks through Lincoln Savings Bank as its primary financial institution.
What is current bank name on Plaid?
Choice Financial GroupThe banking services Current offers are provided by Choice Financial Group and Metropolitan Commercial Bank, Members FDIC.
What sites use Plaid?
A company called Plaid powers some of the most common financial apps found on your phone. Venmo, American Express, Capital One, Ally Financial, Wells Fargo and many more use Plaid.
Does PayPal use Plaid?
Plaid, one of our third party connectors, can help you get your expenses automatically imported from your bank accounts, credit cards, and PayPal accounts (Crypto, Investment, Loan and Line of Credit accounts will not be imported).
Is Credit Karma bank on Plaid?
Thousands of popular apps use Plaid to connect to your bank account. Some you might have on your phone include Acorns, Coinbase, Credit Karma, SoFi, and Venmo.
Why isnt my bank on Plaid?
If your bank still isn't listed: Plaid isn't integrated with your financial institution. Plaid can't reliably connect to your financial institution right now. Some financial institutions may not let you connect your accounts to third-party apps.
Does Plaid work with Cash App?
Plaid is a booming platform with more than one million dollars worldwide. Thanks to its level of trust and security in the market, it serves to connect with applications such as Cash App or Peer to Peer (P2P). Plaid is aligned with over 3,000 banks, credit unions, and other financial services.
Does PayPal use Plaid?
Plaid, one of our third party connectors, can help you get your expenses automatically imported from your bank accounts, credit cards, and PayPal accounts (Crypto, Investment, Loan and Line of Credit accounts will not be imported).
What services use Plaid?
A company called Plaid powers some of the most common financial apps found on your phone. Venmo, American Express, Capital One, Ally Financial, Wells Fargo and many more use Plaid.
How to file a claim in Plaid settlement
To claim a cash payment as part of Plaid’s $58 million settlement, you need to fill out a claim form. You can do so online or by mail.
Apps that use Plaid
Approximately 5,000 mobile and web-based apps use Plaid to enable users to connect the app to users' bank accounts.
