- The Federal Trade Commission (FTC) has filed a lawsuit against the neobank Dave, claiming the company misled consumers about cash advance amounts and charged undisclosed fees.
- According to the FTC, Dave’s marketing inaccurately promised “up to $500” in instant cash advances, and additional fees were allegedly charged without clear consent.
- Dave’s CEO defended the company’s practices, asserting transparency and compliance while committing to a strong defense.
- The case underscores heightened regulatory scrutiny over fintech practices and consumer protections.
