Dave App Review: Say Goodbye To Overdraft Fees (2019)

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This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Article Approved By Banking Expert

This article has been reviewed and deemed factual by our content auditor with 8 years of banking experience.

Say goodbye to overdraft fees forever thanks to the new app, Dave.

We’ll get to how Dave works in a minute. But first, some important background on the billion dollar problem Dave is solving:

  • Your average overdraft fee is $35. And the big banks made over $33B+ in overdraft fees in 2016 alone.
  • Their profits from overdraft fees are projected to be $40 billion by 2020.

But the stats get even more unnerving:

  • 1 in 4 Americans pay overdraft fees
  • More than 25% of Americans had an overdraft fee in the past 12 months.
  • And 10% have had more than 8 overdraft fees in that same time.

It’s staggering. But wait, it gets worse.

  • Credit cards  fall between 17–19% APR (and you think that’s a lot, right?)
  • But  interest rates for overdraft fees are 17,000% APR.

Mark Cuban, board member and investor in Dave, summed it up best: “I invested in Dave because I got crushed by overdraft fees in my 20s.” He goes on to say that a part of financial success is cutting back on “useless expenses.

And that’s exactly what overdraft fees: absolutely useless! I downloaded Dave and was pleasantly surprised. You’ll be, too.

What’s Dave?

So, how does the Dave app work? 

The Dave app helps you budget for upcoming expenses, and texts you if you’re in danger of an overdraft fee. To get started, you just have to link your bank account or checking account and debit or credit card.

But it gets better: if you’re in a pinch, they’ll get you an interest-free cash advance, all without a credit check, within a few hours. No credit, no problem. You’ll still get the cash fast.

It’s like a payday loan, except it’s 100% interest-free. If you’re familiar with typical paycheck advances or payday loans, you’ll know they’re just as bad as bank overdraft fees. Predatory doesn’t even describe the half of it.

Dave, on the other hand, is an altruistic app. Dave saves you money by helping you budget, sending text messages or push notifications whenever you have a low balance.

There’s no interest or credit check on the cash advance. Best of all, it uses predictive analysis of your spending habits to determine precisely when you’ll be potentially hit with an overdraft fee.

You just pay them back come payday. It’s like a payday loan, except it’s interest free! So, it’s a great way to save money between now and your next paycheck while staying ahead of the banks.

Dave App Walkthrough

Getting started with the Dave app was a breeze. First, I did a quick Google search and discovered on their home page download links for the Apple App Store and Android’s Google Play store.

Right away you know what you’re getting: Dave saves the average user $512 in bank fees. That alone is worth the $1 monthly cost (more on their fee structure in a minute).

Next, you have to link your bank account or checking account and verify your debit card. You won’t get charged any fees for this. They link your debit card for $0 fee cash advances.

I was offered the option to take a no-fee cash advance. It’s are a really neat feature, despite the low amounts. (I wasn’t able to access the $75 dollar advance because I hadn’t linked checks).

They even point you to cool side hustles! Although we recommend you learn to earn money online (anyone can), run with a few passive income ideas or download the latest-and-greatest money making apps.

Another cool feature is the credits towards months of free purchases. Even though it’s only a dollar, by shopping at some of their partner stores, you can get those fees waived. So it’s essentially 100% free.

How Much Does Dave Cost?

There’s a $1 membership fee. And this fee isn’t even a profit for Dave.

The fee is simply to offset costs of connecting to accounts and sending predictive texts. These predictive texts are a great way to simply your personal finance situation, and make it an exceptional budgeting tool.

And for just $1, it’s a no-brainer.

Another cool feature about Dave is that they survive on tips alone. Plus, they’re totally optional. But, as per their website: “tips keep our lights on. So, if Dave helped you out with an advance, show him some love!” Talk about refreshing.

Another cool feature is, with every tip you give, they plant a tree via Trees For The Future. This is an organization that, through the planting of trees, benefits communities in Sub-Saharan Africa.

Other Apps To Try

If you love Dave–which you will once you use it–then we strongly encourage you check out these other apps.

Together, then can help you save money and make more money, all at once!

Survey Junkie is a great place to check out if you want to make easy money taking surveys.

  • Get a $5 bonus by signing up with us.
  • Join 3,000,000+ members globally.
  • Make $2 to $69 by taking fun survey

They’ll pay straight to your PayPal account, via bank transfer, gift cards and more. Check it out and get $5 for signing up.

Paribus is another must-have application. You can learn more about them in our Paribus review, but here’s the long story short:

  • Ever buy something at full price for it to go on sale the next day? Paribus will recoup the difference.
  • Ever have Amazon deliver your package late? Paribus will get shipping charges refunded.

All without you lifting a finger. So check out Dave, Survey Junkie and Paribus today to maximize your money.

Brian Roberts

Brian Roberts

Editor at CarefulCents
Featured in The Washington Post and published in Entrepreneur, Forbes, Business Insider, Time, Inc., CNBC and others.