Use Fintech Apps Like Venmo, Acorns or Robinhood? You May Qualify for a Monetary Settlement

Company Logos, Edmonton, Canada - 17 Jan 2022
Artur Widak / NurPhoto /

If you’ve used some of the largest cash and fintech apps from Jan 1, 2013 through November 19, 2021, you could be entitled to settlement money

See: Do You Qualify for the $25 Zoom Settlement from Latest Class-Action Lawsuit?
Income Reporting: How To Avoid Undue Taxes While Using Cash App

Plaid, a company that supports the platform which connects your bank account to apps like Venmo and other cash apps and mobile-friendly investing apps, is being sued for collecting more financial information than was necessary from its customers. Although the company has denied any wrongdoing, they have come to an agreement to pay $58 million to all of its customers with a linked bank account to any of its whopping 5,000 client apps. 

Another major claim in the lawsuit said that Plaid was able to obtain user’s bank login information through its “Plaid Link” interface, which “had the look and feel of the user’s own bank account login screen, when users were actually providing their login credentials directly to Plaid,” a website for the lawsuit stated. Plaid again denied these allegations and maintained that adequate disclosures were made. 

A Better Way to Bank

Despite this, Plaid has agreed to minimize the data it stores moving forward, delete certain data it retrieved in the past and improve upon enhancements to the Plaid Link platform. Members of the general public, including persons in the class action, are able to view and manage the connections they have made between their personal financial accounts and applications through Plaid. They will then be able to delete data stored on the platform by creating a Plaid Portal account through

If you are concerned that you were involved in the data collection, you can confirm whether specific apps or services that connected to your bank accounts were used by Plaid by clicking here. You will then run a search on the page under where it says “Search for App/Service.” Remember, there were thousands of apps and services that Plaid is accused of over-collecting data for, so even if you do not use some of the bigger ones like Venmo, Acorns or Robinhood specifically, it could be a good idea to run a quick search and see if your information is included.

A Better Way to Bank

Learn: Avoid Tax Ramifications by Ensuring Your PayPal Transactions Aren’t Accidentally Taxed
Save: 8 Coupon Apps That Really Work

The deadline to add yourself for compensation to the class action lawsuit is April 28, 2022. You can do so by clicking here.

More From GOBankingRates

Share this article:

facebook sharing button
twitter sharing button
linkedin sharing button
email sharing button
A Better Way to Bank

About the Author

Georgina Tzanetos is a former financial advisor who studied post-industrial capitalist structures at New York University. She has eight years of experience with concentrations in asset management, portfolio management, private client banking, and investment research. Georgina has written for Investopedia and WallStreetMojo. 
Learn More


See Today's Best
Banking Offers