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Entities

Oportun Financial Corporation

Incidents involved as both Developer and Deployer

Incident 12221 Report
CFPB Reportedly Finds Hello Digit's Automated Savings Algorithm Caused Overdrafts and Orders Redress with $2.7M Penalty

2022-08-10

Hello Digit's automated savings product allegedly transferred funds from users' checking accounts via a proprietary algorithm that reportedly caused overdrafts and bank fees despite a "no overdraft" guarantee. The Consumer Financial Protection Bureau (CFPB) reportedly also found the company denied many reimbursement requests and kept interest earned on customer funds. Hello Digit was ordered to provide redress and pay a $2.7M civil penalty.

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Related Entities
Other entities that are related to the same incident. For example, if the developer of an incident is this entity but the deployer is another entity, they are marked as related entities.
 

Entity

Hello Digit

Incidents involved as both Developer and Deployer
  • Incident 1222
    1 Report

    CFPB Reportedly Finds Hello Digit's Automated Savings Algorithm Caused Overdrafts and Orders Redress with $2.7M Penalty

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Entity

Hello Digit customers

Incidents Harmed By
  • Incident 1222
    1 Report

    CFPB Reportedly Finds Hello Digit's Automated Savings Algorithm Caused Overdrafts and Orders Redress with $2.7M Penalty

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Entity

Bank account holders enrolled in auto-saves

Incidents Harmed By
  • Incident 1222
    1 Report

    CFPB Reportedly Finds Hello Digit's Automated Savings Algorithm Caused Overdrafts and Orders Redress with $2.7M Penalty

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Entity

Consumers charged overdraft fees due to auto-saves

Incidents Harmed By
  • Incident 1222
    1 Report

    CFPB Reportedly Finds Hello Digit's Automated Savings Algorithm Caused Overdrafts and Orders Redress with $2.7M Penalty

More
Entity

Consumers denied overdraft reimbursement

Incidents Harmed By
  • Incident 1222
    1 Report

    CFPB Reportedly Finds Hello Digit's Automated Savings Algorithm Caused Overdrafts and Orders Redress with $2.7M Penalty

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Entity

Consumers whose accrued interest was retained

Incidents Harmed By
  • Incident 1222
    1 Report

    CFPB Reportedly Finds Hello Digit's Automated Savings Algorithm Caused Overdrafts and Orders Redress with $2.7M Penalty

More
Entity

Hello Digit automated savings algorithm

Incidents implicated systems
  • Incident 1222
    1 Report

    CFPB Reportedly Finds Hello Digit's Automated Savings Algorithm Caused Overdrafts and Orders Redress with $2.7M Penalty

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Entity

Hello Digit auto-save transfer scheduling/decision engine

Incidents implicated systems
  • Incident 1222
    1 Report

    CFPB Reportedly Finds Hello Digit's Automated Savings Algorithm Caused Overdrafts and Orders Redress with $2.7M Penalty

More
Entity

Hello Digit proprietary checking-account analysis model

Incidents implicated systems
  • Incident 1222
    1 Report

    CFPB Reportedly Finds Hello Digit's Automated Savings Algorithm Caused Overdrafts and Orders Redress with $2.7M Penalty

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