How To Cancel Dave Account

Many such who are living on paycheque to paycheque, rely highly on many such apps like Dave. A common name is known where users can avail of the services offered like interest-free advances. However, many are also concerned that there have been some unexplained charges on their bank statement from Dave and upon connecting with the support team, surprised the users as late fee charges or penalty. 

Dave offers a credit limit of up to $500 on users’ paycheques after you have registered with them. There are no credit checks demanded, and you can easily repay the advance with your next direct deposit. But there have been some instances where users have reported that they were not notified about any late charge or penalty levied and sometime later when they enquired about the same it was quite disappointing. This in my understanding causes users to part ways with this amazing service, Dave.

This guide has been formed to clear all the doubts and smoothly cancel the Dave subscription. I have mentioned some important pointers for you to know and understand before you start canceling the subscription. After you have come out of the commitment with Dave, you might still need some advances, for that sake, I have mentioned some alternatives to Dave towards the end of this post. 

Know Before Canceling Dave Account

I have mentioned the below list of pointers for you to understand before you start the subscription cancellation with Dave. 

Unsettled Balances

• Check if there are any of your unsettled balances with Dave, they must be settled first. Remember that Dave uses the Balance Computation Method for the daily balance to calculate the interest on your account. This method applies a periodic rate daily to the principal in the account every day. Dave uses an interest accrual basis of 365 for each day in the year. You can also form an idea from this information about your balance and must also check with the support team for the confirmed amount.

Balance transfer

• Make sure that you transfer any remaining balances in your Dave Spending or Goals accounts to your other external or bank accounts. If there is a remaining balance in any of the Dave accounts at the time of closure, the remaining funds after the final settlement will be sent to the mailing address on your account via cheque.

Tax Documents and Statements

• Your tax documents or monthly statements will also be in these Dave accounts, be sure to download them in the Monthly statements section of your app settings before you close your account. You will also receive a final monthly bank statement at the beginning of the following month, but the periodic ones or the month after month have to be downloaded by you.

Access

• Check every detail, information or document you need from the Dave account, once you have closed your account, you will no longer have access to your Dave accounts

Cards disconnection

• All of your external bank account and debit card(s) with the Dave account will be disconnected. Make sure you inform your merchant for any of the EMIs following and update your account records accordingly. In addition to this, your Dave Debit Cards will be canceled, and it’s recommended to shred and properly dispose of your physical debit card.

Also, read How To Cancel Crunchyroll Membership?

How Does Dave Show Up On Your Statement?

Following are some of the real-time examples, which users have reported of how the charges from Dave might appear on your bank statements.

• Dave DES:Dave ID:Dave INDN:DAVE INC CO ID:XXXXX65600 CCD
• BUSINESS TO BUSINESS ACH Dave Dave Dave DAVE INC
• Dave DES:Dave ID:Dave Monthly Fe INDN:DAVE INC CO ID:XXXXX65600 CCD
• DAVE.COM
• DAVE.COM 3239225209, CA, US
• DAVE.COM 8443343283, CA, US
• DAVE.COM CA
• DAVE INC
• DAVECOM
• DAVE DAVE DAVE DAVE INC
• DAVE
• DAVE INC CA
• Dave, Inc

What Is Dave And How Does It Work?

Dave, a highly popular digital banking service, is renowned for its Extra Cash feature. This is highly relied upon by those who earn low,as it offers financial assistance by providing short-term loans to its members, and that too without any interest. If you subscribed to Dave and your account is active then in case of any urgency where you need funds, you can easily obtain a short-term loan of up to $500. Dave as an important term does not impose a minimum balance requirement or any fees for the procession of amounts. Members can access free ATM withdrawals at their selected locations. To enjoy these features, you shall first subscribe to a membership costing $1 per month and then avail the loans of up to $500 against your paycheque and the borrowed amount will be deducted from your linked bank account on your next payday.

Also, read How To Cancel FormSwift Subscription?

Can You Cancel Your Dave Account?

Yes, you can cancel your Dave account. Make sure you have understood the pointers mentioned above. Below I have explained the process to cancel on two different methods, let’s begin.

How Can I Cancel My Dave Account?

There are two methods to cancel the account with Dave, I have discussed both below.

Cancel Dave Account from App

1. Go to the Dave Application on your device. 
2. Navigate to the Account tab in your profile. 
3. Select your Dave Membership. 
4. Tap on the Manage Membership option and then select View Membership Status. 
5. Go to the Pause Membership option and then tap on Cancel My Account. 

Cancel Dave Account through email

This is another quick and simple method to get things done, Let us understand below how to execute this effectively;

To cancel your Dave account through Email, you need to follow these steps. 

1. Draft the email from your registered email ID.
2. Mention in the subject line “Cancel subscription”. This ensures that the request is next forwarded to the concerned department for quick procession.
3. Mention your concern about canceling and also support it with a simple and valid reason. Include important details like your name, billing address, subscription details, etc. 
4. You may also mention a receipt confirmation email and then send it to support@dave.com.

How To Unlink A Bank Account From Dave?

To unlink a bank account from  Dave is an easy process mentioned below in simple steps;

1. Open the Dave app. 
2. Go to the Settings tab and then look for Banking and Payments. 
3. Click on the Edit option and then go to the Bank Accounts option. 
4. Select the account you wish to unlink and then click on Delete. Hit the Confirm button when you are done. 

Also, read How To Cancel Babbel Subscription?

Why Won’t Dave Let Me Cancel My Membership?

The simple methods explained can cancel your Dave account, as Dave offers a simple and comprehensive policy for cancellations. If there are some issues while canceling  the probable reason could be;

1. There are sometimes high chances of some server error in the application. 

2. A loan request or EMI mandate is in process already and needs to be completed first. 

3. If you have any outstanding dues with Dave, you won’t be allowed to cancel your Dave account. 

How To Stop Or Cancel Payment From Dave Account?

If you have authorized a merchant to put a mandate for payments from your Dave Spending Account or charge your Dave Card on a regular basis through a Preauthorized Transfer, the payments will be auto-debited on the dates earlier mentioned. But you can always stop any of these payments by contacting the Dave support team by various means mentioned below;

• Using the chat feature through the Mobile App.
• Send them an email at support@dave.com at least three (3) business days before the next payment is scheduled to be made. Understand the process below;

To cancel your Clear Membership through Email, you need to follow these steps. 

1. Draft the email from your registered email ID.
2. Mention in the subject line “STOP PAYMENT”. This ensures that the request is next forwarded to the concerned department for quick procession.
3. Mention your concern about stopping a payment to the merchant. Include important details like your name,  your Dave Spending Account number, the payee details, the date and amount of the scheduled payment you wish to stop, subscription details, etc. 
4. You may also mention a receipt confirmation email and then send it to support@dave.com.

Make sure to provide the correct payee or the correct amount of the payment you wish to stop, any single wrong detail might be a hindrance in stopping the payment.

Alternatives To Dave

Cash Advance Apps:

• Earnin: Similar to Dave, Earnin also offers interest-free cash advances on your paycheck (up to $1000 with their Plus feature) and early access to your direct deposit. Earnin also focuses on a tip-based model instead of a monthly fee.
• MoneyLion: This amazing app offers a wider range of financial services, including cash advances (up to $500), credit-building tools, and other investment options. There’s also a free basic plan and a premium membership with many additional features.
• Brigit: This app focuses on budgeting tools and offers small cash advances (up to $250) to help avoid overdrafts. It offers a free plan and a premium plan with some additional features like bill pay.
• Varo: This app offers a free and simple mobile banking account with amazing features like early paycheck access, a debit card, and fee-free ATM withdrawals within their network.
• Chime: Another free mobile banking app that also offers access to direct deposits, a debit card, and fee-free ATM withdrawals within their network. Chime SpotMe along with other financial assistance also allows limited overdrafts without fees (subject to eligibility).

Choosing the Right Alternative:

Hand-to-mouth is sometimes the way of life and sometimes could be for many reasons. Deciding on your budget and financial needs could help you to lead a hassle-free life from financial complexities. Consider these factors when picking an alternative to Dave or some other financial assistance service:

• Features: Understand if you primarily need cash advances, budgeting tools, or a full-fledged mobile banking experience.
• Fees: You must compare the charges or monthly membership fees or any potential transaction fees attached.
• Advance Amounts: Analyze, calculate, and determine how much of an advance do you typically need, and what companies or apps offer that amount on comparatively lower charges or interest.
• Eligibility: Review and understand the requirements or limitations associated with features like cash advances and if you fit in that criteria.
• Banking Network: Consider ATM access, which is a must for easy access and convenience, and also understand what are the potential fees for using out-of-network ATMs.

Also, read How To Cancel Epoch Payment? Simple and Easy Methods

Conclusion

Financial assistance is always looked upon and relied upon by Dads really, but in this ever-growing world masses are moving at a greater pace, every individual aims to be independent and instead, provide some assistance or help to the aging parents, it hardly matters if they have a pension, the happiness is priceless, while you transfer money to them. Dave and other such apps fulfill many needs and help us to take some load off our pre-decided budgets, using wisely could really prove to be worth it.

Frequently Asked Questions