Perhaps you’ve already heard about Dave, a smart budgeting and cash advance app that closely monitors your spending and alerts you when you’re about to go overdrawn. It sounds awesome on the surface of it, but is Dave safe to use? Find out in this article below.
Dave app review
The app works by accessing your checking account, where its technology begins to learn the patterns of your spending so that it can recognize regular payments, for example, Netflix subscriptions, or your monthly phone bill.
Dave can predict how low your bank balance is likely to drop over a 7-day period, alerting you if you’re about to run out of cash.
The real beauty of the Dave app is that it can spot you an advance of up to $75 from your next paycheck (interest-free) if it looks like you’re about to overdraft. This way, you can hopefully avoid overdraft fees!
Dave has a subscription fee of just $1 per month, so when you consider that an overdraft fee could cost around $35, even if the app only helps you out every once in a while, investing in Dave could be well worth it.
Dave does ask for tips for every cash advance you request. Tipping is optional but encouraged. The app prompts you to leave an 8%, 10% or 12% tip, but you can enter a custom amount, and you can set a default tip so that you don’t have to update the tipping section each time.
So, is Dave safe?
After all, the app works by accessing your checking account, so it’s a pretty good question. You might be wondering whether Dave will take more of an advance from you than stated, or how Dave keeps your personal information, including your social security number, safe and secure. Read on for the answers to these important considerations! Continue reading