There’s no shortage of apps on the market to help you move and manage money, but simply using certain apps in particular doesn’t net you any funds. Usually.
If you used any of a large number of fintech apps (essentially, banking and financial services) between Jan. 1, 2013 and Nov. 19, 2021 though, you could be owed some money. While unexpected paydays are exciting, it’s not for nothing: If you’re entitled to these funds, it’s because you are a victim of improper data collection.
While we assume that all tech companies leech our private data with no apparent consequence, that isn’t always the case, as reported by Fast Company. Plaid, a company that connects your bank account to financial services and apps, was accused of accruing “more financial data than was needed” from its users, which number in the tens of millions of people in North America alone.
The charges depict some scummy behavior: Plaid allegedly created log-in sites to trick users into thinking they were signing into their own bank accounts. In reality, those users were entering and sending their credentials to Plaid. Yikes.
While the company denies wrongdoing, Plaid has settled out of court for a total of $58 million. If you used any of the apps and services powered by Plaid, you might be entitled to a slice of that compensation.
We’re not talking about a handful of apps here, either. Plaid’s client list totals 5,500 apps, including American Express, Coinbase, and even Netflix. You can use the search field here to see if you use any of them.
How much of that $58 million will you receive? Likely not a lot. The more victims that obtain a claim, the smaller each payout will be. And, seeing as there were so many apps in Plaid’s circle, we might see many people go after their piece of the pie.
How to file a claim for compensation against Plaid
If you want to file a claim, you can do so from the settlement website. The deadline is April 28, so you have some time, but don’t forget. If you were sent a Notice ID and confirmation code via email, you can enter it here. Otherwise, click the “Click Here” button to continue.
You’ll need to fill out the relevant information, which includes both your address as well as the financial institutions and apps you’ve used that fall under the settlement (up to eight examples). Finally, choose your preferred payment method if your claim is approved. Options include PayPal, direct deposit, and, ironically, Venmo.
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