Even if you’ve never heard of a company called Plaid, it may owe you part of a multimillion-dollar settlement, Fast Company reported. Plaid, which connects consumer bank accounts to services like Venmo, Robinhood, Coinbase and other apps, has been accused of collecting excessive financial data from consumers. While denying any wrongdoing, it agreed to pay out $58 million to all consumers with a bank account linked to one of its roughly 5,000 client apps.
The lawsuit accused Plaid of collecting “more financial data than necessary from users.” He also claimed that the company obtained users’ bank login details through its own “Plaid Link” interface, “which had the look and feel of the user’s bank account login screen”, according to the settlement website. In addition to the $58 million payout, the company was forced to change some of its business practices.
Millions of people use Plaid-related apps, so any payout can be pretty slim. However, if you are a US resident who had a bank account connected to the app between January 1, 2013 and November 19, 2021, you may be eligible to receive a claim. For more information, see the FAQ on the settlement site.
You may have already received an email about the lawsuit, or you can check the search section of the settlement to see if you used an eligible app. In any case, you have until April 28, 2022 to submit your claim.