Plaid, the service used by Venmo, Acorns, Robinhood, and more, may owe you some money

Venmo is just one of the many apps that uses Plaid to link your bank account. | Photo Illustration by Rafael Henrique / SOPA Images / LightRocket via Getty Images

If you’ve connected your bank account to financial apps like Robinhood, Acorns, Venmo, American Express, Coinbase, and Credit Karma, you may be entitled to some cash, according to a report by Fast Company.

Plaid, the financial service these apps (and 5,500 others) use to link your bank account, has settled a class-action lawsuit accusing the company of collecting more financial data from users than necessary. The suit also alleges Plaid obtained users’ bank login information “through its user interface, known as ‘Plaid Link,’ which had the look and feel of the user’s own bank account login screen.” In reality, users were inputting their information “directly to Plaid.” Plaid denies these claims and says it was transparent with its…

Continue reading…

Go to Source
Author: Emma Roth