Truebill is an app that helps you manage your finances better by saving on monthly subscriptions. The platform enables you to control your subscriptions and get rid of unwanted ones. In this article, we have compiled some of the frequently asked questions about Truebill.
Is Truebill free?
Truebill advertises itself as free. Indeed, it is free to use the app, with optional services that cost money. the charged subscription is the Truebill premium, which costs between $3 to $12 per month. One can also take the annual package that costs $36 to $48 per year.
Truebill aims at helping people reduce expenditure on monthly subscriptions. Although it is free to use the app, Truebill charges a 40% savings fee on every dollar you get back. You get your savings every month, but Truebill charges 40% on the year’s savings upfront. Additionally, the company charges 40% of the total refund you receive for internet, cable, and phone outages.
Is Truebill safe to use?
Truebill asks for your personal financial records, and that is enough to make you feel somehow skeptical. Many people have fallen prey to online scams, and you have to keep your guard up. Truebill understands that users will feel this way and has a tab labeled “Security” on the website, addressing users’ security concerns.
The company states that it uses the best encryption in business to keep the users’ data safe. Additionally, security measures include:
Truebill uses Plaid
Plaid is a data transfer network powering major fintech and digital finance products. Truebill uses Plaid to connect over 15000 financial institutions in the U.S. Using Plaoid ensures that your banking details do not touch Truebill’s servers and do not get stored in any way.
Truebill can only read your banking details but cannot change anything. As such, they cannot move money away from your account. You can also revoke the app’s read-only access to your details whenever you want to by unlinking your account.
Amazon Web Services hosts Truebill’s servers
By using Amazon Web Services, Truebill assures users that third parties cannot access their data. Amazon Web Services is a secure online data storage and hosting service used by NASA, the Department of Defence, Financial Regulatory Authority (FINRA), and many other high-profile entities.
Truebill assures users that it will not sell their data
On the website, they indicate that they use your data to provide you with their service. They also indicate that they will not sell your data to third parties.
Am I not able to negotiate a bill on my own?
You can negotiate bills on your own. The worst thing the provider can do is say “no.” We understand that there is nervousness when calling to negotiate, but the customer representative will not put a red mark on your account or deactivate it.
Additionally, Truebill will not negotiate on all of your bills. Many people do not like doing the difficult job of calling. That is why they trust the services of companies like Truebill. The good thing is that Truebill provides valuable service when it comes to negotiation.
How does Truebill Smart Savings work?
The Smart Savings feature aims at helping you set aside money to reach your financial goals. The good thing is that it enables you to create multiple savings accounts, each with a different goal. All the money you save gets held in a separate FDIC-insured savings account.
On creating a new financial goal, you connect the funding source, i.e., your bank account. You also set up the frequency with which you want deposits made. You can make one-time deposits too. Additionally, you can withdraw from your account at any time.
Does Truebill do credit scores?
Currently, Truebill does not evaluate your credit score. However, the information on the website indicates that they will have a credit score feature soon. That means that they will use your Experian and Vantage 3.0 scoring model to come up with your Truebill credit score. You will be able to see an updated credit score every month.
Does Truebill track my investments?
No. Truebill does not track your investments. It only asks for information on your recurrent subscriptions and helps you to lower the spending on subscriptions. It also helps you to get a refund for outages in internet, cable, and phone connection.
One good thing with outages is that you may not notice when they happen. Truebill pursues the provider to give you a refund. However, you have to pay Truebill 40% of the total savings you make on subscriptions and 40% of the refund you get on outages.
The above information does not constitute any form of advice or recommendation by London Loves Business and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Appropriate independent advice should be obtained before making any such decision.