Sunday December 04, 2022

Plaid, the service that Robinhood, Acorns and Venmo use, could owe you some money

You may be eligible for cash if you have connected your bank account with financial apps such as Robinhood, Acorns and Venmo. The company was accused of collecting more financial information than necessary. Plaid also claimed that Plaid obtained user’s bank login information through its user interface, ‘Plaid Link’. This interface looked and felt exactly like the user’s bank account login screen. Plaid was actually the one requesting the information. Plaid refutes these claims and says it was transparent to its customers.
Plaid will pay $58 Million to affected users. Unfortunately for us, the payouts may be slim. The company claims that millions of people have used its service, which means more money for Plaid to split. If you are a US resident and have connected a bank account or app to your bank account between January 1, 2013 and November 19, 2021, you may be eligible for a claim. You can search the settlement’s website for specific financial apps if you are unsure if an app you use or have used is affected. Other than the apps mentioned, Plaid powers also include NerdWallet, Mint, Betterment and Chime.
You may have already received an email alerting about the class action lawsuit. If so, you must submit your claim by April 28th 2022. If you haven’t received an email, but believe you’ve been affected by the class action lawsuit, you can still file a claim on the same page by clicking the “Click here” button. You will need to fill out the form with your name, address, and a list of apps to which your bank account is linked. Additional information about the settlement can be found on its FAQ page.

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