Dave app review: How ExtraCash works, fees, and safety

You might have heard that the Dave app lets qualifying customers access between 25 and 500 USD by overdrawing an ExtraCash account. But it’s reasonable to want to learn more before signing up.

This comprehensive rundown reviews the Dave app’s available services, fees, conditions, and safety. Then you can decide if the Dave app’s cash advance features and checking services are a good option for you.

The Dave app is a fintech platform that charges a small membership fee—no more than 5 USD per month—that gives you access to a checking and savings account along with financial management services.¹ But the Dave app is best known for its ExtraCash feature, which provides qualifying customers with cash advances.

The Dave app’s ExtraCash feature

The ExtraCash feature in the Dave app allows you to overdraft cash when you need it to cover expenses before your next deposit arrives. ExtraCash carries an overdraft fee equal to the greater of 5 USD or 5%, but no interest.

To set up ExtraCash, all you have to do is download the Dave app, pay the membership fee, open a Dave checking account, and link your own bank account.² If you’re eligible for ExtraCash deposits, the app will show you the amount that you can withdraw in advance of your next paycheck, between 25 and 500 USD.²

Your eligibility for ExtraCash, as well as the amount, is determined on a case-by-case basis using your banking history. The Dave app doesn’t perform a credit check when it determines your eligibility. You can check your available ExtraCash in the app and usually get authorized in five minutes.²

Dave automatically attempts to settle your ExtraCash balance on the settlement date shown in the app. That date is generally based on your next recurring deposit or, if you don’t receive regular deposits, a Friday disclosed when you take ExtraCash.³

Breakdown of Dave app fees

Here’s an overview of the fees you’ll pay for using the Dave app’s services. These fee arrangements are different from high-interest payday loans or cash advance fees charged by credit card companies.

Key features & extra tools

In addition to the Dave app’s ExtraCash feature, users also have access to a variety of tools through the app.

A Dave Checking⁴ account comes with your monthly membership fee and includes a digital debit card. You can also request a physical card for free. The physical card is connected to the MoneyPass ATM network, with more than 40,000 locations that you can use fee-free.

Dave Checking also provides direct deposits up to two business days early, depending on timing and availability. There are no minimums or fees to maintain the account beyond the Dave membership fee.

The Dave app also provides a Goals account, a no-minimum deposit savings account that lets you personalize your savings targets up to 25,000 USD.⁵ The Round Up feature automatically diverts a “round up” amount from your debit purchases to your Goals account to help you make progress on your savings.

The Dave app also provides DaveGPT, an interactive AI customer service tool that answers questions and helps you use the app.⁶

A Side Hustle feature in the Dave app connects you with potential earning opportunities. You can browse listings directly in the app and even message customer service with questions or for support.⁷

Is the Dave app safe and legit?

Dave is a financial technology platform. As with any financial app, review its current terms, fees, and security practices before using it.

While Dave is not a bank, banking services are provided by Coastal Community Bank, Member FDIC, or another partner bank. Eligible deposits may receive pass-through FDIC insurance of up to $250,000 when applicable conditions are met.⁸

Though you will need to complete identity verification and provide your Social Security number, Dave’s security practices include 2048-bit encryption.⁹

Because the Dave app offers you advance cash that you don’t yet have, it’s especially important to take out only amounts that you’ll be able to pay back on demand. The app will take automatic withdrawals according to its terms, which could incur overdraft fees on your connected accounts.

Final verdict: Pros & cons

The Dave app provides fast cash at zero interest for those who need some money right away and qualify. Here’s a breakdown of the pros and cons of the Dave cash advance service and the app as a whole.

Pros

• No credit check
• No interest
• Advances up to 500 USD
• Early deposit options

Cons

• Required monthly membership fee
• Instant transfer to an external debit card requires an express fee
• Few members actually qualify for the 500 USD maximum
• Eligibility is determined day-by-day

While you’re assessing the Dave app for cash advance and digital banking needs, you can keep these factors in mind to make your decision.

If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.

Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached multi-currency card** — plus you’ll get some extra perks which suit anyone living an international lifestyle.

You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.

Wise offers linked multi-currency cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.

That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%*. Easy.

This way to easy
international payments

*Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

**Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://wise.com/ for details.