You Must Join This Class Action If You Use Venmo
There is no shortage of apps on the market to help you move and manage money, but simply using certain apps in particular does not earn you any funds. Usually.
However, if you used any of the large number of fintech applications (essentially banking and financial services) between January 1, 2013 and November 19, 2021, you may be owed money. While unexpected paychecks are exciting, it’s not for nothing: if you’re eligible for these funds, it’s because you’ve been the victim of improper data collection.
While we assume that all tech companies steal our personal data with no apparent consequences, this is not always the case, according to Fast Company . Plaid, the company that connects your bank account to financial services and apps, has been accused of taking “more financial data than needed” from its users, which number in the tens of millions in North America alone.
The allegations reflect some fraudulent behavior: Plaid allegedly created login sites to trick users into thinking they are logging into their own bank accounts. In fact, these users entered and submitted their credentials to Plaid. Yes.
Although the company denies wrongdoing, Plaid settled out of court for a total of $58 million. If you have used any Plaid powered apps and services, you may be entitled to a portion of this compensation.
We are also not talking about multiple applications. Plaid’s customer list has 5,500 apps, including American Express, Coinbase, and even Netflix. You can use the search box here to see if you are using any of them.
How much of that $58 million will you get? Most likely not much. The more victims the claim gets, the smaller each payout will be. And given that there were so many applications in the Plaid circle, we could see many people hunting for their piece of the pie.
How to File a Compensation Claim Against Plaid
If you wish to file a claim, you can do so on the settlement website . The deadline is April 28, so you have some time, but don’t forget. If you received a Notification ID and Verification Code by email, you can enter it here. Otherwise, click the “Click here” button to continue.
You will need to complete the relevant information, which includes both your address and the financial institutions and applications you have used that are subject to the settlement agreement (up to eight examples). Finally, select your preferred payment method if your application is approved. Options include PayPal, direct deposit, and, ironically, Venmo.
[ 9to5Mac ]