Is Truebill really going to help you save money on your bills, or are you just putting your personal information at risk? This Truebill review will tell you everything you need to know.
Truebill, which claims to help you “take control of your money,” could be the service that every money-conscious millennial requires. Truebill can help you manage your subscriptions, spend more wisely, and save money on your bills.
Before taking the plunge, I combed through hundreds of Truebill reviews to provide you with all of the relevant Truebill app information and assist you in making an informed decision.
This guide will teach you everything you need to know about this online savings account.
What is Truebill?
Truebill’s mission is straightforward: to help you save money on your bills. Connect the platform to your bank accounts or grant Truebill access to your billing statements, and it will help you save money on your bills by negotiating the amount you pay and managing your subscriptions automatically.
The platform’s convenience and time-saving capabilities are lauded in the Truebill reviews we’ve read.
At first glance, the offer appears irresistible: you’ll not only save money, but you’ll also avoid the hassle of manually searching through your credit or bank statements for each subscription.
Given that 84 percent of Americans underestimate how much they pay for subscription services each month, this seems like a great guarantee.
But how much will it cost?
For starters, you’ll have to hand over your financial records, which is a major red flag that should not be overlooked.
Second, while Truebill will save you money by lowering your subscriptions, the platform will deduct a whopping 40% commission from your total annual savings.
Is this a reasonable price to pay, or are Truebill’s cost-cutting services something you could do yourself?
How Truebill Works
Truebill is a financial management platform that allows you to save money on your monthly bills. While the platform is free to use, it does take a cut of the annual savings it offers.
The platform takes 40% as a service fee for every dollar it saves on your accounts. This fee will be charged as soon as your savings are secured, and you will 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 is unable to locate potential savings in your accounts, it will not charge you.
I divided the platform’s services into four categories: bill reduction, subscription management, outage monitoring and refund requests, and premium services.
This Truebill review will explain how they all work.
Truebill lowers your bills
Truebill helps you save money on your bills. Truebill helps you save money on your bills.
Truebill can assist you in negotiating with providers to get lower rates on your bills. According to the platform, there’s an 85% chance it can reduce your bill, and if it can’t, you won’t have to pay anything.
The platform primarily works with telecom providers such as Verizon, Sprint, Cox, and AT&T, but you can also save money with over 20 other providers.
You’ll need to upload a recent copy of your bill or connect your online account directly to claim the service.
The platform then asks for information about the service you’re currently receiving.
Truebill begins negotiating a lower rate once you’ve been linked. It does so in a variety of ways, including reducing bogus fees, assisting you in enrolling in a promotional plan, or simply lowering the rate.
Truebill claims that its negotiation techniques have saved its customers around 20% on their existing telecom plans.
Truebill monitors your subscriptions.
Truebill’s goal with this service is to assist two types of people: those who unknowingly pay for subscriptions they don’t use and those who are subscribed to services with frills or extra features they don’t need.
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, allowing it to determine whether or not it can reduce the bill.
Plaid, a financial encryption service, is used on the platform, allowing users to enter their account information directly into the app.
The platform also organizes your bills into a calendar, allowing you to see when your automatic bills will be charged to your account. You can also look at each bill to see if the fee has changed over time.
Truebill can help you identify all of your connected account’s monthly recurring charges and then assist you in removing all unnecessary fees. Truebill partnersOnce you’ve figured out how much you spend each month on all of your subscriptions, you have two options.
You can cancel these subscriptions without using the app, or you can sign up for Truebill’s premium service and have the platform’s concierge team handle it for you.
Truebill monitors outages and seeks refunds
Truebill can assist you in requesting overdraft and late fee refunds for the accounts you’ve linked to the platform. This service is immediately available after you’ve created your account.
While Truebill makes every effort to obtain refunds on your behalf, it’s important to note that not every request is granted, as some banks refuse to accept requests made through the platform. You’ll have to do most of the legwork yourself in these situations.
Within two weeks of the refund request, approved refunds will appear in your account. Truebill recommends calling the bank, mentioning the request letter you sent, and requesting a refund again if the request isn’t approved within those two weeks.
Monitoring for service outages and looking for potential refunds for these failed services is one of Truebill’s best features. The platform can track down cable, phone, and internet service outages and request a refund on your behalf.
Please keep in mind that any savings found this way will be subject to a 40% service fee. This benefit can save money for users who aren’t always at home to monitor outages.
Truebill provides a number of financial management tools
Truebill also offers a number of other tools to assist you in making better financial decisions, in addition to managing your subscriptions and lowering bills. The majority of these features are included in the premium subscription options, which range 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 simply select the amount to transfer and the frequency with which it should be transferred.
Intuitive reports also provide a comprehensive overview of your expenses, allowing you to quickly identify what you spend the most money on.
Premium features such as premium chat, balance syncing, cancellations concierge, unlimited budgets, custom categories, smart savings, and others are available to subscribers.
Premium subscriptions are automatically renewed, but they can be cancelled at any time.
While it’s great to have tools that help you make better financial decisions, you should make sure you’re not signing up for a service that your credit card or bank already provides.
If you want to save money, the last thing you want to do is pay Truebill for a service you can get elsewhere for free.
How to Create a Truebill Account
Truebill registration is simple. To create an account, simply enter your full name, email address, and password. You can also use your Facebook account to log in quickly.
Find your bill provider
You’ll be asked to look up your bill provider after you’ve created your account.
A comprehensive list of well-known companies is available, including Charter, AT&T, Comcast, and others. When it comes to negotiating your bills, the app claims to have an 85 percent success rate.
Upload or connect your billing statements
The platform will then have access to your monthly billing statements. You can do so in one of two ways: either directly through the Truebill platform, or by uploading a photo or PDF of your bill manually.
Provide your phone number.
After that, you’ll need to manually opt into Truebill’s TrueProtect program, which automatically re-negotiates your bill whenever it increases or new deals become available.
While TrueProtect provides convenience, some Truebill reviews claim that the platform alters various aspects of their cell phone and cable subscriptions in order to save money.
According to one Truebill review I read, the platform downgraded her mobile subscription and considered it “savings.” Despite the fact that there aren’t many complaints like these, they’re worth thinking about.
Changes like these can be inconvenient, especially if the platform eliminates features or channels you want 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 feature will then be available after you’ve set up your bills.
Truebill keeps track of them by looking at your bank or credit card statements.
Is it Safe to Use Truebill?
Is Truebill a genuine company? When a service requests your personal financial records, it’s natural to feel uneasy or skeptical.
Scams and dishonest businesses abound in the financial services industry, and many people have fallen victim to them. Consumers are advised to remain vigilant.
Truebill recognizes that customers are likely to feel this way. Security is a tab on their website dedicated to assuaging users’ concerns about the security risks posed by the service.
Truebill claims to use the industry’s “best encryption.” to protect your information. Here’s some more information on the security features they offer:
Plaid is used by Truebill.
Truebill uses Plaid to connect over 15,000 financial institutions in the United States. Plaid is a data transfer network that is used by a number of fintech and digital finance products.
When you use Plaid, your online banking credentials never touch Truebill’s servers and are never stored in any way.
Truebill is unable to make any changes or withdraw funds from your account as a result of this. You can also unlink your bank account at any time to revoke the platform’s read-only access token.
Truebill’s servers are hosted by Amazon Web Services.
The NASA, Defense, and the Financial Authority all use Amazon Web Services for hosting and secure data storage (FINRA).
Thanks to this secure web host, your data on Truebill’s servers will never be used or accessed by a third party.
Truebill promises not to sell your information.
The platform claims that it will only use your data to provide you with services and that it will never sell or offer your data to others.
Pros of Truebill
Provides ease of use
The platform’s convenience is praised in the majority of Truebill reviews. If you’ve been a long-time subscriber to a number of services, you’ve probably noticed that some subscriptions are notoriously difficult to cancel (e.g. cable companies, gym memberships).
Unsubscribing is a task that many people put off because it takes so much time. No matter how difficult it is, Truebill can assist you in canceling your unwanted subscriptions.
If you ever get stuck, the platform provides excellent customer service via simple contact forms. However, there is no Truebill phone number listed on the website, so there may be some delays in receiving responses.
Simple to use
Truebill’s platform is designed to be extremely user-friendly. Its simple dashboard provides a pleasant user experience, allowing you to quickly access your bills, subscriptions, and savings accounts.
Both mobile and desktop versions are available.
The platform is simple to use whether you’re on a computer or a mobile phone. It’s worth noting that you’ll need to get started with Truebill’s mobile app before you can check your account on a computer.
It has a hefty price tag.
Truebill’s goal is to help you save money, but it comes with a hefty price tag: a 40% service fee deducted from your monthly savings. This is in addition to the cost of premium service.
Truebill may become another unwanted automatic subscription that depletes your monthly income if you aren’t careful.
Ads that are too intrusive for free users
Users who do not subscribe to Truebill’s premium version will be subjected to annoying in-app advertisements. Though this has no significant impact on the app’s usability, you may find the advertisements to be time-consuming.
final thoughts Truebill Review
As customers switch to subscriptions, such as Truebill, more money is spent on financial services. Truebill provides useful insights to help you manage your spending because you aren’t always getting the best deal.
Truebill’s premium services, while useful and comprehensive, are also available for free on other platforms such as Trim. For a limited time, I recommend that you subscribe to the premium service.
Continue your subscription if you believe the features are beneficial to you and prompt behavioral changes.
If not, you’re better off paying for Truebill’s subscription cancellation and negotiation features.