(WHNT) — The Silicon Valley tech company known as “Plaid” recently settled a $58 million class-action suit accusing it of collecting excessive data from users.
Why is that notable? Because companies like Robinhood and Venmo use Plaid as a third party to connect your bank account. American Express, Coinbase and Betterment were also named as affected apps.
The lawsuit claimed the company was collecting “more financial data than was needed from users,” and set up login pages that looked exactly like a user’s actual bank account, but instead fed those credentials to itself.
The suit says if you had a financial account connected through the apps between January 1, 2013, and November 19, 2021, you could receive a cash payout. It also says you qualify if you own one or more financial accounts Plaid accessed by using your login information between those same dates.
Plaid agreed to the settlement deal back in August of 2021, which also forced the company to change many of its business practices. Visa, who bought the company in January of 2020, estimated a large number of Americans have used the underlying technologies of Plaid when transferring money through financial apps.
To search which apps or services were affected and to see if you qualify for a claim, you can run a search here. If you want to cash in, there are deadlines you need to file before.
Claims should be filed before April 28, 2022. You can file a claim by submitting a form online here, or printing out a copy of the claim form and mailing it to the address below:
For more information, you can also call (855) 645-1115.
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