Truebill Reviews& Product Details
Truebill is a financial management application that aims to assist customers in keeping track of and reducing recurring monthly costs. It’s a startup situated in the San Francisco Bay Area launched in the first half of 2016. So if the thought of phoning your subscription services, cable provider, or mobile phone carrier to save money makes you feel overwhelmed, you can use an app like Truebill to handle it for you. Why not use the technologies available to make budgeting a bit easier? Let’s discover from this review how Truebill works, why it could be useful to you, and how you can get started.
- Small Business
- Medium Business
- Large Enterprise
- Non-profit Organization
- Cloud, SaaS, Web-Based
- Mobile - Android
- Mobile - iPhone
- Mobile - iPad
- Desktop - Mac
- Desktop - Windows
- Desktop - Linux
- Desktop - Chromebook
- On-Premise - Windows
- On-Premise - Linux
Pricing Model: Subscription
- Free Trial
- Free Version
Features list not provided by Truebill.
- Truebill: Helps you Save Money
- What is Truebill?
- Truebill Features
- Truebill Alternatives
- Truebill Review Conclusions
Truebill: Helps you Save Money
Most individuals contemplate evaluating their budget and looking for methods to save money at some time. Fortunately, several simple methods are available to reduce your expenditures, including one that requires no effort: utilizing money-saving applications that do the job for you.
Since the launch, the firm has assisted consumers in saving over $14 million by locating and canceling unneeded subscriptions, lowering monthly expenses, and obtaining refunds on their behalf. However, the program is about more than just those instant savings; it also teaches you how to notice and improve your spending habits to manage your money better.
Truebill has a lot of positive feedback from customers. On Trustpilot, more than 200 consumers posted positive ratings, with many praising the app’s customer care and ability to save money. The app has been dubbed “the fairy godmother of all things cheap” by one recent reviewer.
You can have access to the following things with a free Truebill account:
- Keep track of your finances. View your bank account balances, recent transactions, a monthly spending breakdown, impending invoices, subscriptions, and more. Once a day, the balances are updated.
- Budgeting. Make up two budgeting categories and keep track of them.
- Credit rating. Experian will provide you with your credit score.
- Alerts about the balance. When your bank account balances reach a specific level, you’ll be alerted.
- The following features are available when you upgrade to a premium account:
- Concierge for Cancellations. This service handles the cancellation of paid subscriptions and recurring invoices.
- Accounts that are shared. Allows another person to access the account, such as a spouse.
- Credit score and credit report are two different things. First, get access to your credit score and credit report, updated every 30 days. Truebill also monitors and alerts you to recent activity on your account. Then, make a payment in advance. For example, you might get a $120 advance on your next pay.
- Smart savings. An FDIC-insured bank account that seeks to assist you in automatically saving for your financials.
- Synchronization in real-time. Accounts are updated in real-time, in the free version, rather than once a day.
- This is a premium chat. During business hours, you can get immediate assistance.
- Data should be exported. This benefit can be useful when you don’t have a separate checking account, like running a side company or a small business. Your spending may be tax-deductible in this situation, and being able to export a detailed list of those expenses at the end of the year might save you time when filing your taxes.
Is it safe to use Truebill?
Yes. Truebill protects your information with top-of-the-line 256-bit encryption and bank-level security. In addition, your information is solely used for Truebill’s services and is never sold. Truebill also uses Plaid to connect to financial institutions securely and uses Amazon Web Services to host their services. Plaid is the same financial services firm that securely allows you to pay money through Venmo.
Is Truebill insured by the Federal Deposit Insurance Corporation (FDIC)?
Yes. Truebill’s Smart Savings function places your money in an FDIC-insured, non-interest-bearing account. This means your money is safe for up to $250,000.
What is Truebill?
The mission of Truebill is clear: to help you save on your expenses. Providing Truebill with access to your billing statements or connecting your bank accounts is a great way to get started. Managing your subscriptions and negotiating the amount you pay will help you save money on your bills. A key component of Truebill’s evaluations is how easy and convenient the platform is.
The offer is tempting at first glance: you’ll save money and avoid the hassle of manually searching through your credit or bank statement for each subscription. Given that 84 percent of Americans underestimate how much they pay for subscription services each month, this seems like a wonderful assurance.
But how much will it cost?
You’ll have to hand up your bank data, a major red signal that should not be overlooked. Second, while Truebill will save you money by lowering your subscriptions, the site will deduct a 40% fee from your overall yearly savings. Would Truebill’s cost-cutting services save you money, or would you be able to cut your costs?
Truebill distinguishes itself apart in key areas among the many budgeting and money applications available:Truebill distinguishes itself apart in key areas among the many budgeting and money applications available:
- Even if you purchase Premium, Truebill is a reasonably priced program. Trim’s premium plan, for example, costs $99 per year.
- Truebill provides subscription cancellation and bill negotiating options, which are not available through applications like Mint.
- Truebill includes budgeting and savings capabilities and unique features, allowing you to accomplish more with one app rather than downloading multiple.
How does Truebill Works?
A financial management application like Truebill saves you money on your monthly payments. Although the platform is free to use, it takes a percentage of the annual savings it provides.
The site charges 40% as a service fee for every dollar it saves on your accounts. After your funds have been secured, you will have to pay one year’s worth of savings upfront.
Using Truebill will save you $500 on your bill, but you’ll be charged $200. If Truebill cannot find possible savings in your accounts, you will not be charged. You can reduce your bills, manage subscriptions, monitor outages, request refunds, and even access premium services using a platform.
For whom is Truebill most suitable?
Truebill’s free version is ideal for anyone who wants some assistance negotiating reduced bills. If you’re comfortable calling your phone and cable company directly, you’ll save more money because Truebill won’t take a cut. Truebill is a good option if you desire the ease of a financial concierge. Truebill also has a lot of information on their website on how to cancel things like gym memberships, which may be quite useful.
The premium version is perfect for someone who will utilize all of the features and prefers to have them all in one location. Many of the features, such as subscription cancellation and savings automation, are available for free with other providers. However, having everything in one app will most certainly save you time. Furthermore, the monthly charge is very reasonable when considering all Truebill offers.
The list of features that makes Truebill stand out in the market are as follows:
In the first path, you will find “Lower Bills.” Truebill negotiates directly with around two dozen service providers (mostly cable, Internet, and mobile service providers) to reduce your bill. For Truebill to reduce your bill, you’ll need to submit a copy of your most recent statement to one of the service providers or log in directly to your online account. After that, you’ll provide information on the service you’re currently receiving.
Truebill will then negotiate a cheaper rate on your behalf. In addition, they’ll frequently assist you in getting on a promotional plan, reducing spurious costs, or just lowering your charge. Truebill saves its clients 20% on their existing phone plans through its bargaining skills.
Truebill will fee you 40% of the annual savings when it negotiates for you. For example, Truebill will charge you $40 for negotiating on your behalf if you save $100 each year. That payment will be due immediately (and you will lose money the first month). Truebill, for example, negotiated and reduced my SiriusXM bill. The yearly cost was reduced from $117 to $85. This resulted in me a $32 save, for which I paid Truebill $12.80.
Monitoring of Subscriptions
Connecting your checking and credit accounts to Truebill is the more traditional method of connecting to the app. First, users submit their account information into the Truebill app using the financial encryption service Plaid. Then, Truebill swiftly (two minutes or less) evaluates all of your transaction information, detects recurring bills changes to invoices, and assesses whether it can lessen the bill when entering your account information.
Moreover, it also “maps” your bills to a calendar, allowing you to see when your automatic bills are due. In addition, you may check each bill to see whether the amount you’ve paid has fluctuated over time.
You may modify your behavior, cancel subscriptions, and more using the information provided. If you need assistance, Truebill Premium ($4.99 per month or $35.99 for a year of service) can be a good option.
Click on a recurring subscription in Truebill Premium, select “Terminate Service,” and Truebill will cancel the service for you. It will also request reimbursements for overdrafts and late fees automatically. Although refunds are unlikely, those who overspend or pay late regularly may be able to get a fee canceled with a simple request.
Surveillance for Outages
Truebill’s monitoring for outages tool is a truly great feature. This is where they’ll keep an eye on your cable and internet providers in your region, and if there’s an outage, they’ll ask for a credit on your account.
This might be a major saving for certain cable companies (**wink *). For example, Truebill has discovered that, on average, their consumers may save $96 per year. That’s a significant saving for doing nothing.
This function is only accessible in select regions. However, if you live in a deregulated area, Truebill and their partner Arcadia Power will look for the best price per kilowatt-hour of electricity to save you money on your power bill. This adds up for certain users.
Financial Management Tools
Truebill has several useful tools that might assist you in making better financial decisions. This is, of course, in addition to managing your subscriptions and saving money. Unfortunately, most of these services are only available with a premium membership, ranging from $3 to $12 a month. You choose to pay a $36 or $48 yearly charge. Smart Savings allows you to set money away for your savings objectives regularly. The amount to transfer and the frequency with which it should be transferred is chosen.
Intuitive reports also provide you with a complete picture of your expenses. This will assist you in determining where you spend the most money. Premium features include premium assistance chat, balance synchronization, cancellations concierge, and unlimited budgets. Premium memberships renew automatically, but you may cancel them at any time. Yes, having tools to assist you in making better financial decisions is excellent. Please double-check that you aren’t signing up for a service your credit card or bank already offers.
Premium members get priority help and live chat with our knowledgeable customer service representatives.
Budgets with No Limits
Truebill Premium allows you to build an infinite number of budgets, which is especially beneficial if you have a personal, family, and/or corporate budget that you want to keep distinct.
While the Truebill app comes with pre-set budgeting categories, Premium allows you to add to and/or eliminate them, making your budget as basic or as thorough as possible.
Accounts for Smart Savings
Smart Savings is a tool that allows you to move money from your checking account to an FDIC-insured bank account to meet your savings objectives. In addition, you may set up automatic transfers, establish overdraft protection thresholds, and withdraw funds from your savings accounts at any time.
Premium users will have their account balances updated in real-time on the app, eliminating waiting for daily or weekly synching.
Service to Customers
The customer assistance part of Truebill’s website is difficult to discover. The Get Help button on the drop-down menu appears to take you to the home page. To go to the site’s contact section, scroll down to the bottom and click the Contact button. You may fill up and send a contact form from this page. Truebill claims to reply to these service inquiries between 9 a.m. and 5 p.m. ET Monday through Friday.
Truebill’s help center may also be used to access information on frequent themes, such as using Truebill’s features.
You’re not alone if you’re trying to figure out how to handle your money. You’re among those individuals who take the time to learn more about their finances and how to save money daily.
However, if Truebill doesn’t appear to be the ideal personal finance tool for you to meet these objectives, don’t worry; there are many other methods to save money, including some money-saving applications that need minimal work.
The top alternatives that are available in the market to Truebill are listed down below:
- Personal Capital
- Capital One Shopping
Truebill vs. Trim: What’s the Difference Between the Two?
Truebill and competing financial app Trim are easily confused by most users. Both companies started to address many of the same issues: decreasing monthly payments, managing subscriptions, and identifying savings opportunities. Both companies work with over 15,000 different financial institutions. Their names begin with the same two letters, striking similarity.
However, for comparison shopping, we may discern certain distinctions. The most noticeable distinction is the percentage charged by each provider for locating savings. For example, Truebill charges 40%, whereas Trim is a little cheaper, at 33%.
The following are some minor distinctions:
- Trim cancels subscriptions for free; at Truebill, this is a premium (read: expensive) service.
- Trim provides a tool to help you negotiate lower interest rates on your debts and set up a payback plan for $10 each month.
- Truebill and Trim have free iOS and Android applications, although Truebill does not.
Is Truebill a genuine company?
It’s normal to be nervous or suspicious when a service requests your financial information. But unfortunately, scams and dishonest enterprises exist in the financial services area, and many people have fallen prey.
Users are, of course, urged to stay careful. Truebill, fortunately, understands that clients are likely to feel this way. Their website has a section dedicated to assuage consumers’ fears about the service’s security risks. Truebill promises to use “the best encryption in the industry to protect your data.” Some of the security elements they provide are as follows:
- Amazon Web Services (AWS) is a cloud computing service. Amazon Web Services is used by the Department of Defense and the Financial Industry Regulatory Authority to host and safeguard online data. NASA even uses it. Thanks to this web host, your data on Truebill’s servers will never be used or accessed by a third party.
- Plaid Truebill connects over 15,000 financial institutions throughout the United States with Plaid. Plaid is a data transmission network that numerous fintech and digital financial apps use to send and receive data. When you use Plaid, your online banking credentials never access Truebill’s servers and are never stored. Due to this, Truebill cannot make any changes or remove monies from your account. In addition, to invalidate the platform’s read-only access token, you can unlink your bank account at any moment.
- Clauses of Protection. According to the site, your data will only be used to offer services. In addition, Truebill guarantees that your information will never be sold or shared with anyone else.
Truebill Review Conclusions
Because so much money is spent on subscriptions rather than one-time purchases, I believe that most people (even the most frugal spenders) should utilize programs like Truebill or Trim. Truebill provides unique information (particularly regarding changes to your monthly subscription rates) that might help you keep track of your spending rather than thinking you’re receiving the greatest bargain.
It isn’t easy to judge if the premium service will be worth the money. Trim provides free bill cancellation services, although its offerings are more limited than Truebill’s. Even if you go back to the free service after a few months, it may be worth upgrading to the paid premium service for a brief period to take advantage of the cancellation option. Truebill’s bill negotiating service is also more expensive than Trim’s, but Truebill’s approach is more in-depth and may be worth the extra cost.
First, I believe it is useful to download the free Truebill app and observe whether it causes any changes in behavior. If it doesn’t, paying for the negotiations and upgrading to terminate subscriptions is a good idea. Truebill might save you hundreds of dollars every year in a short period.
Is Truebill a good investment?
If you haven’t found a budgeting tool that you enjoy yet, we recommend giving Truebill’s free budgeting app a try. It’s one of the more appealing possibilities. Regarding premium services, ask yourself this: Have you gone through your unused subscriptions last year and phoned numerous service providers to negotiate cheaper bills?
If the answer is no, a service like Truebill will most likely be beneficial. Yes, you can do all of this at no cost. However, if you’ve been putting off these responsibilities, a service like Truebill can quickly help you get them done.