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Dave Spending Account Pros and Cons
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Dave Spending Account Overview
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You'll want to be mindful of potential fees and limitations to the account. Most notably, there's a $1 subscription fee to use the Dave app and limited ways to deposit cash.
Dave App Features
Dave comes with a variety of features, including tools for building credit and establishing financial habits.
Here's an overview of the app's features:
- Dave Cash Advance: You may request a cash advance of up to $500 with no interest and no credit check required. Dave will look at your bank account history to determine the amount you're eligible for. You'll likely get a higher amount on the cash advance if you receive a total deposit of $1,000 or more each month.
- Dave Side Hustle: The app has a feature that lets you find remote work opportunities. You may set up a profile through the app and search for fully remote or local side hustles available.
- Dave Goals: You may set up and keep up track of personal finance goals through private goals or public goals. Public goals may be shared with anyone who has the Dave app, while private goals can't be shared.
- Dave Budgeting: Dave lets you organize your expenses to keep track of how much you spend in a category. It may also notify you of upcoming expenses and whether you might have a low account balance.
- Dave Rewards: You'll be able to earn cash back if you frequently use the Dave debit card. Offers from retailers will be listed on the app.
About Dave
Dave is a mobile fintech platform, not a bank. The Dave Spending Account is FDIC-insured through Evolve Bank & Trust. Up to $250,000 is safe in an individual bank account.
Customers have access to 37,000 surcharge-free ATMs through the MoneyPass ATM network.
Customer service is available through live chat in the app 24/7.
Dave is rated 4.2 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Is Dave Trustworthy?
The Better Business Bureau assesses businesses by looking at how they resolve customer issues.
Dave has a B rating because the BBB received a high volume of complaints against the business. Its partner bank Evolve Bank & Trust has a B rating because of government action against the bank and a high volume of customer complaints.
In 2022, the Justice Department required Evolve Bank & Trust to pay $1.3 million in a settlement that claimed discriminatory lending took place between 2014 and 2019.
A good BBB rating won't guarantee your relationship with a company will be perfect. Talk to current customers or read online customer reviews to see if Dave is a solid match for you.
Dave hasn't been involved in any recent public controversies.
Dave FAQs
Is Dave legit?
Dave is a legitimate mobile app. The Dave Spending Account is a federally insured bank account, so you may safely keep up to $250,000 in the account.
How much does the Dave Spending account cost?
To use the mobile app's features, you'll need to pay a $1 monthly subscription fee.
How do I withdraw money from a Dave Spending Account?
You can make a withdrawal at an ATM or transfer money to a linked bank account. Five ATM withdrawals from your Dave Card are permitted per day, and five ACH transfers are permitted to linked bank accounts per month.
How do I get a $500 cash advance from Dave?
To qualify for a $500 cash advance at Dave, you'll have to show that you are managing your spending. Dave will look at the deposit and transaction history of your linked bank account or Dave Spending account to determine the amount of a cash advance.
How long does Dave take to let you borrow money?
Cash advances will be available in a few minutes through the Dave Spending account. If you'd prefer to send funds to an external bank account, it may take up to three business days.
How Dave Compares
Dave vs. Dora
Dora Financial is an online banking platform with a free Bank On certified checking account.
Both Dave and Dora have checking accounts that are great choices if you've struggled to open a bank account in the past. Your decision between these two platforms could come down to your preference in features.
You may favor Dora's
Dave might be your top choice if you'd like to get a cash advance without a credit check or interest. Through Dave ExtraCash, you may qualify for an advance of up to $500.
Dave vs. Chime
Chime is a fintech company with a checking and savings account. These accounts do not require not require a credit check. The company also offers a secured credit card, which helps you build credit without requiring a credit check to qualify.
Chime will be a better option than Dave if you'd like to get separate checking and savings accounts. You also may prefer Chime if you'd like to avoid paying a monthly fee.
Dave may be more appealing if you're searching for a high interest rate. The Dave Spending Account pays
Why You Should Trust Us: How We Reviewed the Dave Spending Account
For our Dave review, we used a scale of 0 to 5 stars to rate the Dave Spending Account. We used our checking account methodology to determine the rating of the account, taking into consideration the minimum opening deposit, monthly service fees, overdraft protection options, ATM network/fees, customer support availability, mobile app ratings, and the ethics of a company.