Mark Cuban Outsmarts Overdraft Fees With Dave.com
Mark Cuban backed app Dave helps millennials avoid overdraft fees
Apr 25, 2017, 08:00 ET
LOS ANGELES, April 25, 2017 /PRNewswire/ -- Mark Cuban is taking on big banks today with the launch of Dave, the very first app that helps millennials prevent overdrafting by predicting their future expenses and unlocking their upcoming paycheck. Instead of charging interest or predatory fees, Dave lets users decide what is fair to pay in an effort to disrupt the $38bn in overdraft fees banks collected in 2016 alone.
Jason Wilk along with co-founders Dr. John Wolanin, Paras Chitrakar and Zack Martinsek have raised $3mm by high profile investors including Mark Cuban, SV Angel, The Chernin Group, Jonathan Kraft, Skip Paul, Diplo and others. Together, they created Dave to help outsmart overdrafts.
Upon connecting any checking account, Dave instantly analyzes trends from an individual's bank history and displays their '7 Day Low', a number which represents the lowest Dave forecasts your account balance will get in the next week. It's like a weather report for your checking account. If your '7 Day Low' dips below $0, Dave notifies you to take action.
"We invented this new type of account balance because a current balance just doesn't mean anything if your Netflix bill is due tomorrow and your rent check is going to be cashed tonight." says Dave CEO Jason Wilk, who is working with Mark Cuban on their 3rd company together.
When asked why he invested, Mark Cuban says "I got crushed by overdraft fees in my 20s. For anyone who wants to be successful, I always advise to cut down on useless expenses and save money. Overdraft fees are the definition of useless."
If a user's '7 Day Low' is negative, Dave offers a unique borrowing capability that its founders hope will turn the bank industry on its head. Users can advance up to $250 of their upcoming paycheck to get their balance back into a position that will keep them safe until they are paid next. Instead of charging interest, Dave lets its users decide what is fair to pay with an optional donation to the company. Dave even plants a tree through their partnership with trees.org for each % of the donation a user decides to give.
"The way people can outsmart bank fees by tapping into money their employers owe to them is a great concept. I also love the charitable component" - Angela, a Dave beta tester.
Dave is available to download now on iPhone and Android with further info available at Dave.com.
Media Contact: North 6th Agency, Inc. (For Dave Inc.)
212.334.9753 ext. 111, [email protected]
SOURCE Dave Inc.