Do you always struggle to cater for small expenses such as groceries and gas? Worry no more as you can now open a Dave account and be able to get advances on your paycheck. Launched in 2017, Dave has been a lifesaver to many consumers who always had issues anytime they needed a bank overdraft as they no longer have to pay any fees for such advances. With the proliferation of mobile apps in place, you can now download the Dave app and be able to enjoy all these benefits on the go. From getting cash advances of up to $100 free of charge to allowing to get your money earlier than usual, there are many benefits of downloading the Dave app on your mobile phone. Since most people would like to know how long Dave app takes to deposit money, we shall take a closer look at it, alongside other related ideas.
How To Deposit Money on Dave App
When making a deposit money to your Dave spending account via the app, here are the various ways that can help you get started. First, you can transfer funds from an external account to your Dave Spending account. Here, you will have to create a one-time bank transfer (ACH) from any of the linked external bank accounts to your Dave spending account. If you choose this method to fund your Dave Spending account, be sure that you will get the funds after 1-3 days.
You can also cash your check using the Dave app and be able to replenish your Dave spending account. To achieve this objective, you should take a picture of the front and back of the check and then key in the amount you want to cash. As you cash the check, you are at liberty to select the ‘No fee deposit’ option and be ready to wait for your funds for 10 days or thereabout. Better still, you can choose to have your monies in a few minutes and be ready to part with a small fee ranging between $1.99 and $5.99.
How Long Does Take To Deposit Money on Dave App account ?
If you choose the standard option, be ready to get your deposit money after 3 days or thereabout on your Dave app account. However, you will not be charged any fee. On the other hand, if you choose the express option, you will be able to get the deposit money on the same day on your Dave app account. With this convenience at hand, brace yourself to part with a certain transaction fee ranging from $1.99 to $5.99.
Dave Money Deposit Limit & Fees
If you want to fund your Dave Spending account, there are certain limitations that you should know. However, you will not be charged any fees in order to make any deposit to your Dave account. Depending on the nature of your account, we shall outline the various limitations that apply so that you can know them better.
| Deposit Method | Limitation for New Accounts | Limitations for your Dave Spending Accounts(Already existing account) |
| Direct Deposit | The maximum frequency is not set. The maximum amount to deposit per day is $25000 and that of a month is $25000 | The maximum frequency is not set. Maximum amount you can deposit is $25000 daily and $25000 on a monthly basis. |
| ACH Transfer to your Dave Spending account from a linked bank account via the Dave mobile app | The maximum frequency is 5 times per month, where the maximum amount you can deposit is $200 per month. | Maximum frequency is 5 times per month. On the other hand, the maximum amount you can deposit per month is $1000. |
| Intrabank transfers from Dave Goals Account via the Dave Mobile app | Maximum frequency is 5 times per month. The maximum amount you can deposit in a new account is $200 per month | You are only allowed to deposit up to 5 times per month where the maximum amount is $5000 per month. |
| Wallet transfers using Google Pay or Apple Pay | The maximum frequency is not set. However, the maximum amount is $1000 per month. | The maximum frequency is not set. As far as the maximum amount is concerned, you are only allowed to deposit $1000 per month. |
| Green Dot Cash Loads at the register | You are at liberty to deposit as many times as possible. However, the maximum amount you can deposit it $1000 on a daily basis. | The maximum number of times one can deposit is not set. However, the maximum amount you are allowed to deposit is $1000 within 24 hours and $5000 per month. |
| Non-wallet debit card transfers | The maximum frequency is not set. Despite this, you are only allowed to deposit up to $200 on a monthly basis. | You are free to deposit as many time as possible. However, the maximum amount you can deposit on a monthly basis is $1000. |
Other Vital Details You Need To Know About The Dave App
Earlier on, we have stated that Dave app is ideal for those who want to reduce the bank overdraft fees. Since this app allows you to get alerts whenever your checking account balance is getting exhausted, and allows you to request for cash advances when necessary, this app has become a necessity for many people.
Moreso, Dave app can be a lifesaver for those who live from paycheck to another. As far as the payment is concerned, you can choose to pay it manually before the due date or allow it to automatically withdraw the amount you owe it from the linked bank account. Here are the other vital features that make this app great:
- No interest is charged to utilize the app. In most cases, Dave app may prompt you to pay a tip or two, but it is not a ritual for you to pay tips in order to use the app.
- When it comes to membership fee, brace yourself to part with $1 on a monthly basis. Typically, this amount is usually deducted from the bank account you have linked with this platform.
- The maximum payday advance one can be able to get is $100.This amount will be deducted from your account once you get paid. It is imperative to note that you will not be able to get any more cash advance until you repay the current balance in full. In most cases, payments are always due on the following Friday or on your next payday. However, this is dependent on how much you have opted to borrow.
- This mobile banking app is available for both Android and iOS users. As we speak, it has a rating of 4.8 stars and 4.6 stars in App Store and Google Play Store respectively.
- Since this app partners with MoneyPass, you will have the luxury to access its network in any of its 32000 ATMs. Since you will not be charged to utilize the in-network ATM, be sure that you will save more bucks. However, if you visit any of out-of-network ATM, be ready to part with a certain fee that is non-refundable by Dave.
- This app comes with a couple of budgeting tools that will help you know where your money is going. Technically, you will be able to track your spending and even know the various ways to save more money.
- Dave app has partnered with LevelCredit and thus you will be able to build your credit by repaying the cash advances in a timely manner. Remember that this service reports both rent and utility payments to various credit bureaus.
- When it comes to tips, this platform will ask you if you want to add any tip or not. Here, you are at liberty to tip up to 20% of the amount awarded as cash advance. It is important to note that this platform get most of its revenue from these tips. However, since these tips are largely optional you can choose to skip them altogether. Your status as a Dave member will not be affected. In addition, adding a tip will is not a guarantee for any perk.
Is Dave Safe To Use?
Yes. This can be attributed to the fact this platform uses 2048-bit encryption to protect the transmission of data. Besides this, the credentials you feed on this platform are never stored within the mobile app.
Final Words
From enabling you to cater for emergencies to ensuring that all your funds remain safe in the account, there are a myriad of benefits you can reap as a Dash member. All you need to do is to sign up with your details, link your account with the bank account that receives your paycheck and you will be good to go. Choose Dash today and your banking experience will never be the same again.