Many apps, from payment services like Venmo to investment apps like Coinbase to credit checks with Credit Karma, use the Plaid service. That means millions will be entitled to compensation, if not hundreds of millions. Venmo alone reported 80 million users on the platform, which is a subsidiary of payment processor PayPal.
Is there a settlement with Plaid?
A $58 Million Settlement has been proposed in class action litigation against Plaid Inc. (“Plaid”). Approximately 5,000 mobile and web-based applications (“apps”) use Plaid to enable users to connect the app to the users' bank account (s).
Are You entitled to settlement money from a financial app?
That could mean you’re entitled to settlement money. 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. The California-Based just settled a $58 million dollar class action lawsuit.
Is Plaid collecting too much of your data?
— A company accused of collecting too much of your financial data is being forced to pay big. That could mean you’re entitled to settlement money. 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.
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.
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 accounts use Plaid?
Plaid supports most major bank institutions like Chase, Wells Fargo, Bank of America, as well as smaller banks and credit unions.
What financial institutions use Plaid?
Plaid delivers reliable and easy integration to thousands of bank APIs so that you can seamlessly power your Fintech innovationAlly Bank.Discover.Fifth Third Bank.Huntington Bank.KeyBank.M1 Finance.Mos.Navy Federal Credit Union.More items...
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.
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).
Who is Plaid affiliated with?
On January 13, 2020, Plaid announced that it had signed a definitive agreement to be acquired by Visa for $5.3 billion.
How many banks are on Plaid?
Plaid's network includes more than 10,000 financial institutions that are eligible to use its service, but not all accounts are eligible for connection through Plaid.
What bank is Credit Karma on Plaid?
MVB Bank, Inc.Credit Karma is not a bank. We partner with MVB Bank, Inc. to provide banking services supporting Credit Karma Money™ Spend and Credit Karma Money™ Save accounts.
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.
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.
Is Green Dot Bank on Plaid?
The news: Green Dot announced that it's partnering with Plaid to offer open banking data sharing to customers of its in-house neobank, GO2bank. The deal involves integration with Plaid Exchange, an open banking solution that facilitates bank account data sharing with over 6,000 financial apps.
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.
What's This Settlement About?
A $58 Million Settlement has been proposed in class action litigation against Plaid Inc. (“Plaid”). Approximately 5,000 mobile and web-based applications (“apps”) use Plaid to enable users to connect the app to the users' bank account (s).
How Do I Qualify?
You may be a Class Member if you are a United States resident and you connected a financial account to an app between January 1, 2013 and November 19, 2021.
What Can I Get?
This Settlement establishes a $58 million Settlement Fund, to be used for cash payments to Class Members who submit valid claims for compensation, after deducting the costs of the settlement administration, court-approved attorneys' fees and expenses, and Service Awards for eleven Class Representatives.
How Do I File a Claim?
Class Members wishing to make a claim must submit a claim form online HERE . The deadline for submitting a claim is April 28, 2022. Only one claim form may be submitted per household.
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