Is Truebill everything it’s cracked up to be? Will it truly help you save money, or will you just be giving up sensitive information for nothing? That’s what you’ll find out in this no-frills Truebill review.
Truebill has bold claims, saying that it can help you take control of your finances.
It makes you wonder: is Truebill safe to use?
Right off the bat, I can tell you that it is.
Learn more about it below, and it might be the one tool you didn’t know you needed.
What’s Truebill Anyway? Truebill Review
Truebill might have missed your radar. If so, let me give you the lowdown on this app.
Truebill’s mission is straightforward: to help you save money on your expenses.
You have to connect your bank accounts to the platform or grant Truebill access to your billing statements.
Then it will help you save money on your bills by automatically negotiating the amount you pay and managing your subscriptions.
The platform’s ease and time-saving features are lauded in the Truebill evaluations I’ve explored.
Yes, at first glance, the offer appears irresistible.
You get to avoid the trouble of manually searching through your credit or bank statements for each subscription.
Plus, you’ll save some money.
Given that roughly 84% of US citizens underestimate how much they pay for monthly subscription services, this seems like an assurance.
In exchange for what, though?
For starters, you’ll have to hand over your bank data, which we should not overlook.
Second, Truebill will save you money by lowering your subscriptions.
However, the platform will deduct a whopping 40% fee from your overall annual savings.
Now the question is: Is this a reasonable price to pay, or are Truebill’s cost-cutting services something you could do yourself?
Related Reading: 17 Strategies To Help You Save Money And Live Better – Learn To Save Money Here.
What Truebill Can Do For You?
Truebill is a financial management application that allows you to save money on your monthly payments.
While the platform is free to use, it does take a percentage of the annual savings it offers.
The platform takes 40% as a service fee for every dollar it saves on your accounts.
This cost will be levied as soon as your funds are secured.
Then you’ll be required to pay one year’s worth of savings all at once.
If Truebill saves you $500 on your bill, for example, you will be charged $200.
If Truebill cannot locate possible savings in your accounts, then you won’t be charged.
I divided the platform’s services into four categories: bill reduction, subscription management, outage monitoring, refund requests, and premium services.
I’ll explain how they all work in this section.
1. Bill Reduction
Truebill can assist you in negotiating with providers to receive cheaper rates on your bills.
According to the platform, there’s an 85% chance it can reduce your bill. And if it fails, you won’t have to pay anything.
Plus, you can also save money with over 20 other carriers.
You’ll need to provide a recent copy of your bill or connect your online account directly to claim the service.
The platform then asks for information regarding the service you’re currently receiving.
Truebill begins negotiating a cheaper rate once you’ve been linked.
It accomplishes so in various ways, including reducing spurious costs and assisting you in enrolling in a promotional plan.
Truebill claims that its negotiation capabilities have saved its users roughly 20% on their existing phone plans.
2. Subscription Management
Truebill’s goal with this service is to assist two types of people.
First, it helps those who mistakenly pay for subscriptions they don’t use.
Second, those who subscribe to services with frills or extra features don’t need all benefit from this service.
Truebill can review all of your transaction information by connecting your credit or checking accounts.
It does this to identify bill changes and recurring bills.
This allows it to determine whether or not it can reduce the bill.
Plaid, a financial encryption provider, is used on the platform, allowing users to enter their account information directly.
The software also puts your bills into a calendar. This is where you’ll see when your automatic bills will be debited to your account. You can also look at each statement to determine if the fee has changed over time.
Truebill can help you identify all of your associated account’s monthly recurring expenses. Then it will aid you in removing all unnecessary fees.
After you’ve figured out how much you pay each month on all of your subscriptions, you have two options.
You can cancel these subscriptions without using the app.
You can also opt for Truebill’s premium service and have the platform’s concierge team handle it for you.
3. Outage Monitoring and Refund Requests
Truebill can assist you with overdraft and late charge refund requests for the accounts you’ve linked to the site.
This feature is immediately available when you’ve created your account.
While Truebill makes every effort to obtain refunds on your behalf, please note that not all requests are granted.
Some banks refuse to accept requests made through the site. You’ll have to handle most of the legwork yourself in these cases.
Approved refunds will appear in your account within two weeks of the refund request.
If your request isn’t processed within those two weeks, Truebill recommends calling the bank and requesting a refund again.
It will reference the request letter you wrote.
Monitoring for service outages and looking for potential refunds for these failed services is one of Truebill’s top features.
The software can track down Cable, phone, and internet service outages and request a refund on your behalf.
Please keep in mind that any savings found with this method will be subject to a 40% service fee.
This benefit can save money for users who aren’t usually at home to check outages.
4. Finance Management Tools
Truebill includes various valuable features to help you make better financial decisions. Of course, this is in addition to managing your subscriptions and cutting bills.
Most of these features are offered in the premium subscription levels, which vary from $3 to $12 per month.
You have the option of paying the annual fee of $36 or $48.
Smart Savings allows you to set money aside automatically to meet your savings goals.
You then select the amount to transfer and the frequency with which it should be transferred.
Intuitive reports also provide a thorough overview of your costs. This will help you zero in on what you spend the most money on.
Premium services such as premium help chat, balance synchronization, cancellations concierge, and limitless budgets are also available.
Premium subscriptions are automatically renewed, although they can be canceled at any time.
Yes, it’s fantastic to have tools that help you make better financial decisions.
However, please make sure you’re not signing up for a service that your credit card or bank issuer already provides.
The last thing you’d want to do is pay Truebill for a service you can get elsewhere for free.
Signing Up For Truebill
If you think Truebill could be useful for you, here’s how you sign up.
Truebill’s registration process is simple. To establish an account, provide your full name, email address, and password.
You may also use your Facebook account to log in quickly.
Step 1: Choose your bill provider.
You’ll be prompted to look for your bill provider after you’ve created your account.
A complete list of well-known businesses is available, including Charter, AT&T, Comcast, and others. When it comes to negotiating your costs, the app claims to have an 85% success rate.
Step 2: Upload your billing statements.
The platform will, after that, have access to your monthly billing statements. You can do so in one of two ways. You may go directly through the Truebill platform or manually upload a photo or PDF of your bill.
Step 3: Provide a means of contact.
After that, you must manually opt into Truebill’s TrueProtect program. It will automatically renegotiate your bill anytime it increases or new deals become available.
While TrueProtect provides convenience, some Truebill reviews claim that the platform alters various aspects of their subscriptions.
According to one Truebill review I read, the platform downgraded her cell service and called it “savings.” Even though there aren’t many complaints like these, they’re worth thinking about.
Changes like these might be inconvenient, mainly if the platform eliminates features or channels you desire or need.
After you’ve entered your mobile number and chosen TrueProtect, you’ll need to enter your credit card information.
The platform’s subscription management tool will be available when you’ve set up your invoices.
Truebill keeps track of them by looking at your bank or credit card statements.
Related Reading: Why Is Personal Finance Important? – Click Here To Learn More.
So Is Truebill Legit?
When a service demands your financial details, it’s natural to feel anxious or wary.
Scams and dishonest businesses abound in the financial services industry, and many people have fallen victim to them.
Of course, users are encouraged to remain vigilant.
Fortunately, Truebill recognizes that customers are likely to feel this way.
Security is a category on their website dedicated to assuaging users’ concerns about the service’s security dangers.
Truebill claims to utilize “the greatest encryption in the business to keep your data safe.” The following are some of the security features they offer:
Amazon Web Services
The Department of Defense and the Financial Industry Regulatory Authority use Amazon Web Services to host and secure online data. Even NASA uses it.
Thanks to this web host, your data on Truebill’s servers will never be utilized or accessed by a third party.
Truebill uses Plaid to connect over 15,000 financial institutions in the United States.
Plaid is a data transmission network operated by several fintech and digital financial applications.
Your online banking credentials never contact Truebill’s servers and are never kept in any way when you use Plaid.
Truebill is unable to make any adjustments or withdraw funds from your account due to this.
You can also unlink your bank account at any time to invalidate the platform’s read-only access token.
The platform states that it will only use your data to provide services. Truebill promises never to sell or offer your data to others.
Related Reading: 15 Best Financial Goals And How To Achieve Them – Click Here To Learn More.
Truebill Pros and Cons – Truebill Review
Easy to Use
Truebill’s platform is designed to be highly user-friendly.
Its basic interface provides a pleasant user experience, allowing you to quickly access your invoices, subscriptions, and savings accounts.
Practical and Convenient
The platform’s convenience is praised in the majority of Truebill reviews.
If you’ve been a long-time subscriber to various services, you’ve probably observed that certain subscriptions are difficult to cancel.
Unsubscribing is a task many individuals put off since it takes so much time.
No matter how tough it is, Truebill can assist you in canceling your undesired subscriptions.
The platform provides excellent customer assistance via simple contact forms if you ever get stuck.
However, there is no Truebill phone number listed on the website, so there may be delays in receiving responses.
Available on Desktop and Mobile Devices
Whether you’re on a computer or a mobile phone, the platform is simple to use.
However, please note that you’ll need to get started with Truebill’s mobile app before you can check your account on a computer.
Free Users Get Intrusive Ads
Users who haven’t paid for Truebill’s premium edition will be subjected to obnoxious in-app advertising.
Though this has no significant impact on the app’s usability, you may find the advertising time-consuming.
Steep Service Fee
Truebill’s purpose is to help you save money, but it comes with a hefty price tag.
There’s a 40% service fee deducted from your monthly savings. This is in addition to the cost of premium service.
Truebill may become another undesirable automated subscription that depletes your monthly income if you aren’t attentive enough.
Related Reading: 47 Unique Business Ideas That You Can Learn From- Get The Business Ideas Here.
Final Thoughts – Truebill Review
Truebill may not suit you if you keep track of your monthly expenditures and budget.
If you’re too busy to keep track of things like auto-renewing subscriptions or service interruptions, it could be worth using.
After all, a 60% untapped savings potential is always preferable to not saving at all.