CFPB Takes Action Against Hello Digit for Lying to Consumers About Its Automated Savings Algorithm
August 11, 2022
August 11, 2022
WASHINGTON, Aug. 11 -- The Consumer Financial Protection Bureau issued the following news release on Aug. 10, 2022:
The Consumer Financial Protection Bureau (CFPB) is taking action against Hello Digit, LLC, a financial technology company that used a faulty algorithm that caused overdrafts and overdraft penalties for customers. Hello Digit was meant to save people money, but instead the company falsely guaranteed no overdrafts with its product, broke its promises to make amends on it . . .
The Consumer Financial Protection Bureau (CFPB) is taking action against Hello Digit, LLC, a financial technology company that used a faulty algorithm that caused overdrafts and overdraft penalties for customers. Hello Digit was meant to save people money, but instead the company falsely guaranteed no overdrafts with its product, broke its promises to make amends on it . . .