Dave (DAVE) said Tuesday it denies the Justice Department's allegations of misleading customers with promises of cash advances, calling the latest complaint a case of "government overreach."
The Department of Justice said Monday it filed a complaint against Dave and Chief Executive Jason Wilk alleging the company of luring customers to its personal finance app by advertising cash advances of up to $500 that many would not receive.
"We believe that we have always acted within the law, and we have continued to rely on the fact that other government agencies have previously reviewed the Company's business model without taking action," Dave said.
In relation to the complaint, Dave said it will implement in early 2025 a new fee structure on its platform that eliminates optional tips and express fees for the ExtraCash offering.
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