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Dave really wants to help you save from high priced overdraft costs

Donnerstag, Januar 23rd, 2020

Dave really wants to help you save from high priced overdraft costs

Meet Dave: an AI decked out in a bearsuit that is just launched to truly save you against the evils of costly overdraft fees. Hand Dave usage of your bank checking account plus the app’s device learning algorithms gets busy crunching your spending data therefore the bear can alert you about pending deals — like a month-to-month registration for Netflix or your typical Saturday evening Uber bill — which can push you to the red and incur a high priced bank penalty.

The US-only software predicts a user’s “7 Day Low”, aka the best it believes your bank stability will drop within the next 7 days, so that you can encourage and help better cash administration. The aim that is ultimate to simply help individuals avoid being forced to fall straight right back on the overdraft as “an costly as a type of credit”, states co-founder Jason Wilk, explaining it as sort of “weather forecast” for money management.

Dave also contains a payday loan facility — so users whom face the inevitability of getting to dip into a balance that is negative prefer to borrow as much as $250 in front of their next paycheck to see them through. But unlike pay day loan companies (such as for example Wonga), that also provide a term that is short facility to mobile users but typically charge extremely high interest rates, Dave’s payday advances are 0% interest.

Wilk tells TechCrunch it will simply be users that are asking repay if they can.

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