How the ExtraCash™ account works l Dave (2024)

FAQs

How does Dave's Extra cash work? ›

Once approved, Dave will transfer the money to either your Dave Spending account or an external checking account. At this point, your ExtraCash account will have a negative balance until you pay back the amount you borrowed. Settle the amount. Your repayment date is your next payday.

We may decline to open an Extra Cash Account for you for any reason, or for no reason; this includes if you have had or currently have any other relationships or accounts with either us or Dave that you did not maintain in a satisfactory manner.

You could get up to $500 after you download Dave, link a bank account, and transfer it to your Dave Spending account. (1) There's no credit check or interest. There's also no late fees if you can't settle on time.

Your settlement can take 1–3 business days to post to your ExtraCash™ account.

What we like. Cash advances of up to $500. Dave offers a generous maximum of $500, while most cash advance apps limit their loan amounts to $250 and under.

Your transaction limits are: Point-of-sale transactions limit: $5,000 per day. ATM withdrawals limits: $500 per withdrawal / 5 times per day. ATM withdrawals limits for members within 30 days of their first debit card purchase: $500 per withdrawal / 5 times per month.

First, make sure that you've paid back your last advance. Once your payment is no longer pending(which can take between 1-3 business days), you'll be able to request another one. Then, if you still qualify for an advance, you'll be good to go!

To get an ExtraCash advance from Dave, you need: At least three recurring bank account deposits. Monthly deposits amounting to at least $1,000. A minimum history of 60 days with your bank account.

Is Dave Extra cash legit? ›

Is Dave legit? Dave is a legitimate option if you're interested in mobile banking. It partners with Evolve Bank & Trust, an FDIC-insured institution. For a fee of $1 per month, you have access to a spending account, a debit Mastercard, free cash advances and credit-building and budgeting tools.

If you don't repay it on time, Dave may automatically charge your bank account — and you'll be on the hook for any overdraft fees that come from your bank if the charge puts you in the red. You also won't be able to get another advance until you fully repay the first one.

Yes, Dave works with Cash App. You can use Cash App to transfer your Dave advance funds to your Cash App account. However, Dave does not support instant deposits to Cash App. Standard bank transfers (ACH) from Dave to Cash App typically take 1-3 business days to complete.

Get paid up to 2 days early when you set up direct deposit into your Dave Spending account! To get started, pick how you'd like to set up your direct deposit: Automatically by signing into your employer's direct deposit portal. It's fast and easy!

Dave says that getting a cash advance won't impact your credit score, and that it charges no fees or penalties. However, it's worth noting that you cannot change your payback date, and if you can't afford to pay back what you owe, you could be banned from the app.

Through our generosity- driven tipping system, Dave members can leave an optional tip when they take an advance or ExtraCash™ advance. A portion of that money then goes to Feeding America's network of community food banks.

There are multiple options to move money out of your Dave Spending account. From the Home screen or Dave Spending screen, tap Withdraw. You'll see the options to transfer your funds to your: External debit card and receive the funds within 30 minutes for a fee (1.5% of transferred amount).