Business ProfileforFloatMe

The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved.  We are providing a summary of the government's allegations, which have not yet been proven.

On December 29,2023, FloatMe Corp, Joshua Sanchez, individually and as an officer of FloatMe Corp., and Ryan Cleary, entered into a Stipulated Order for Permanent Injunction, Monetary Judgment, and other Relief with the Federal Trade Commission (FTC) with the United States District Court Western District of Texas.  The Stipulated Order settles allegations FloatMe violated Section 5 of the FTC Act by failing to disclose terms about their negative option feature before obtaining consumers' billing information, charging consumers without consent, failing to provide a simple method for consumers to cancel their monthly subscription, and discriminating against applicants who receive public assistance benefits on their mobile application over the internet.

FloatMe is ordered to pay $3,000,000 as monetary relief to FTC to be used to provide refund to consumer and prohibits FloatMe from deceiving consumers about their products or services.

For more details go to FTC Acts to Stop FloatMe’s Deceptive ‘Free Money’ Promises, Discriminatory Cash Advance Practices, and Baseless Claims around Algorithmic Underwriting | Federal Trade Commission