Truebill is a program that allows you to save money on your monthly payments. In exchange, the company receives a portion of the money it recovers to put back into your pocket.
On the surface, that appears to be a fair trade-off. However, like with many things in life, this method is not as straightforward as it appears. Before you put Truebill to work on your finances, you should be aware of some trust issues and potential hazards.
Managing money can be difficult. Don’t try to accomplish it alone. Truebill enables you to save more, spend less, see everything, and reclaim control over your finances.
What is Truebill?
Truebill is a popular personal finance software that analyzes members’ spending habits, identifies inefficiencies, and provides fast solutions to help them better their financial situation.
It allows consumers to optimize their spending, manage subscriptions, cut their costs, and save money aside automatically to meet their savings objectives.
Truebill is located in Silver Spring, Maryland, with offices in San Francisco, and has saved subscribers more than $100 million since 2016.
What Is Truebill App
Use Truebill to keep track of your credit score and report, and begin thinking about your long-term financial goals.
Truebill keeps track of all your bank, credit, and investment accounts so you don’t have to; simply link them once and let the app do the rest.
It’s never been easier to keep track of your subscriptions.
Truebill Review: Its Features Explained
Truebill is a personal finance tool featuring a variety of free and premium services.
To use all of its functions, you must first download the Truebill app, which is available for both iOS and Google Play. Truebill can be accessed via a desktop browser, which I found useful for syncing accounts, but the majority of the key features are only available in the app.
To get started, you’ll need to create an account and link your bank, credit card, and investment accounts.
With a free Trubuell account, you can do the following:
- Financial tracking. View your bank account balances, recent transactions, monthly spending breakdown, impending invoices, subscriptions, and more. The balances are refreshed once a day.
- Create and monitor up to two budget categories.
- Your credit score. Experian will provide you with your credit score.
- Balance warnings. Receive notifications when your bank account balances reach a specific level.
When you upgrade to a premium account, you will gain access to the following additional features:
- Cancellation Concierge Service. A service that manages paid subscription and recurring bill cancellations.
- Your credit score and report. Get access to your credit score and credit report, which are updated every 30 days. Truebill additionally monitors and alerts you to recent action on your report.
- Pay advance. You may receive a $120 advance on your next paycheck.
- Smart Savings. An FDIC-insured bank account that attempts to automatically help you save for financial goals.
- Real-time synchronization. Accounts are updated in real-time, as opposed to once per day in the free version.
- Shared accounts. Allows another person to access the account, such as a spouse.
- Premium chat. During business hours, you can get immediate assistance.
- Export data. This can be useful in some cases, such as when you have a side hustle or a small business and don’t have a separate bank account. In this situation, your expenses may be tax-deductible, and being able to export the complete list of those expenses at the end of the year may save you time when doing your taxes.
How to get started
TrueBill has several features that you can utilize, but the first step is to register an account before you can use any of them. To do so, download the TrueBill app and enter your name, email address, and a password of your choice.
Understanding How Truebill Works
Let’s begin by getting a firm grasp on what Truebill accomplishes.
Truebill strives to “optimize your spending, manage subscriptions, minimize your costs, and remain on top of your financial life,” according to its website.
How could it possible accomplish all of that?
I created an account to look around and learn more.
To understand how Truebill works, divide it into four sections: Lowering Your Bills, Managing Subscriptions, Seeking Refunds, and Premium Services.
Lowering Your Bills
Truebill, as you may have noticed, advertises itself as a free service.
That depends on how you look at it.
True, there is no upfront price for allowing Truebill to try to cut your rates, but you won’t enjoy any savings unless you compensate the company.
Truebill gets 40% of every dollar saved by using the service as a “savings fee.”
This fee is applied once the savings are secured and is based on a year’s worth of savings.
So, if Truebill saves you $500 on your bill each year, you’ll be charged $200.
Truebill is free if it is unable to find savings for you.
Truebill will urge you to submit information about some of your monthly expenses into its database in four steps when you sign up for an account.
- Search for the Bill Provider
The list is actually quite extensive. Truebill price checks are available for mainstream firms such as AT&T, Charter, Comcast, and DirecTV, as shown in the screenshot above. The organization boasts an 85 percent success rate in bill negotiation.
- Give Truebill Access to Your Monthly Billing Statements
When it comes to online security, this step may make some of you feel a little nauseous. There are two choices: Log in to your online billing account or upload a PDF or image of the bill to connect it to Truebill.
- Provide Contact Information and Enable ‘TrueProtect’
Providing a phone number is straightforward enough, but the actual focus on this screen should be on the “TrueProtect” application.
By selecting this option, you are allowing Truebill to negotiate a lower price for this bill.
Some users have reported that Truebill has changed details on things like cell phone plans or television packages in order to save money.
Truebill altering your package could be difficult if it removes channels or features that you thought were worth the extra money. And you’ll still be charged the 40% fee because the corporation (supposedly) fulfilled its promise to cut the price.
- Give Truebill Authority To Charge Your Credit Card
Truebill will ensure that it has a mechanism to claim its 40% discount before doing anything for you. The company will only charge you if it is successful in lowering your bill.
However, it is likely that you will be charged for Truebill’s portion of a year’s worth of savings up front, even though you will only receive those savings one month at a time.
Managing Subscriptions and Recurring Bills
After you’ve provided Truebill with some bills to evaluate, the next service it recommends is managing your monthly subscriptions.
Truebill would like to be able to track these through a bank or credit card statement. It allows you to add your favorite account from this dashboard screen:
Take note of the disclaimer on this screen, which explains why Truebill requires access to your bank account.
According to the website, Truebill will not bill your account.
But keep in mind that the corporation already has your payment card information on file.
Truebill, according to the theory, will be able to identify all of the recurring monthly payments on your account and then assist you in eliminating unnecessary expenses.
You can cancel these subscriptions on your own, or you can sign up for Truebill’s premium service, which will cancel them for you.
Seeking Refunds for Fees and Outages
Truebill provides the service of writing to banks to request reimbursements for overdrafts or late penalties on connected accounts.
After you create your account, you will be prompted to begin this process via the dashboard.
It’s important to note that not all banks will allow Truebill to accomplish this on your behalf, so you may have to do some of the footwork yourself.
Truebill will also monitor disruptions in your cable, internet, and phone service and seek potential refunds on your behalf. The 40 percent savings charge will apply to these reimbursements, but this appears to be a rather pleasant advantage, as outages can occur when you are unaware.
Truebill includes certain tools that may be useful in making sensible financial decisions with your monthly budget, in addition to cutting expenses and managing subscriptions. However, many of those products require a paid subscription, which ranges from $3 to $12 each month.
According to Truebill, premium subscription offers include:
- Balance Syncing
- Premium Chat
- Cancellations Concierge
- Custom Categories
- Unlimited Budgets
- Smart Savings Plans
A subscription automatically renews but can be canceled at any time.
While all of these are excellent features that can help you make better decisions, you may find that your bank or credit card company offers services that track your spending habits and budget.
In other words, don’t pay Truebill for something you could obtain for free elsewhere.
Truebill vs. Trim: How Competing Services Differ
Truebill and competing financial app Trim are easily confused by most users.
Both aim to address many of the same issues, such as cutting monthly expenditures, managing subscriptions, and identifying possible savings.
Both companies work with over 15,000 financial institutions.
Their names begin with the same two letters, adding to the similarities.
However, for the purposes of comparison shopping, we can make certain distinctions.
The most noticeable distinction is the percentage each provider charges for locating savings.
Truebill charges 40 percent, while Trim charges 33 percent.
Some minor distinctions:
- Trim will terminate memberships for free; Truebill offers this as a premium (read: expensive) service.
- Trim has a program that will negotiate reduced interest rates on your debts and help you set up a payoff plan for $10 per month.
- Truebill and Trim both have free iOS and Android apps, whereas Truebill does not.
Is Truebill Worth It?
Despite the unfavorable feedback, Truebill has the ability to assist some customers. Let’s take a brief look at some Truebill pros and disadvantages to see if it’s a good fit for you.
- Detects service disruptions
- Monitors subscription renewals
- There is no subscription price for basic service
- Eats up 40% of savings
- Necessitates access to sensitive personal information
- Negative feedback on the better business bureau’s website
How to cancel Truebill Premium with Truebill
Do you want to terminate your Truebill Premium account right away?
Our program handles the difficult task of canceling your unwanted subscriptions, ensuring that you are no longer charged by firms you do not need.
Here’s how to cancel Truebill Premium through Truebill:
- Register. Truebill registration takes less than a minute.
- Link your accounts. We scan your transactions to discover all of your subscriptions, bringing to light any that you may have overlooked!
- Begin your cancellation procedure. Choose your Truebill Premium subscription, then follow the on-screen instructions. Finally, check your email for a confirmation.
It’s really that simple.
How to cancel Truebill Premium manually
To terminate your Truebill Premium subscription, follow these steps:
- Begin by selecting the Settings icon in the upper left corner of your Dashboard.
- Choose Premium.
- Scroll all the way to the bottom of the page and click Modify.
- To cancel your subscription, go through the confirmation steps.
- On the Premium page, select Chat with an Expert to get help from Truebill.
It is important to note that canceling your Premium subscription does not result in the deletion of your Truebill account, nor does it result in the cancellation of your bill negotiation requests or the closure of your Smart Savings account.
To cancel your Truebill account:
- Click the “Settings” icon in the upper left corner of your dashboard to delete your account.
- Then click “My Profile.”
- Choose “Delete my account.”
Please keep in mind that canceling your account will delete all of your data on Truebill.
To cancel your bill negotiation:
- Send an email to firstname.lastname@example.org to cancel your bill negotiation.
- Ask that your bill negotiation be canceled.
To close your Smart Savings account, follow these steps:
- Scroll to your account balances on the Dashboard and tap Smart Savings.
- Next, choose the savings account you want to terminate.
- Click the Edit button in the upper right corner.
- Finally, click Close Account and confirm that you want to close the account.
Is Truebill Free?
Yes and no, respectively.
Truebill is a free program that will assist you in saving money on monthly payments.
The service does, however, come with certain costs.
For example, if you want Truebill to negotiate a reduced cable bill rate for you, they will charge you 40% of the amount they save you.
Is it therefore free? Nonetheless, you saved 60% on your charge.
If Truebill does not find you a savings, there is no fee.
Truebill also provides premium subscription services ranging in price from $3 to $12 per month.
Truebill is an excellent service that can assist you in saving money on your monthly payments.
The service does, however, come with certain costs.
Truebill is an excellent alternative if you’re looking for a way to save money on your monthly expenses.
Is Truebill Safe?
In general, the answer is yes.
Truebill is a legitimate business with a positive reputation.
However, there is always a little danger connected with any service that needs you to link your financial accounts.
I’ve been using Truebill for over a year and have never had a problem with the service.
It has always been dependable and simple to use in my experience.
However, I just came across several Truebill complaints online, and I was astonished to see that some customers are dissatisfied with the service.
When I first filed this rating in November 2019, Truebill’s Better Business Bureau profile was riddled with red flags.
The Better Business Bureau gave it a “F” grade and it was not accredited.
Truebill, on the other hand, was accredited by the Better Business Bureau with a “A” rating as of December 2021.
That is a huge improvement! The most common issue I heard was that Truebill levies a monthly fee, which some people find unfair.
I understand why some people feel this way, but I don’t mind paying the monthly charge.
Truebill’s peace of mind makes it worthwhile in my opinion.
The bottom line is that if you understand what Truebill charges for and why it is not free, I believe you will have no problems with the firm.
Complaints appear to be from those who were unaware of this.
Overall, I believe Truebill’s criticisms are modest.
I’ve never had any serious issues with the service, and I think it’s a terrific method to keep track of your money.
Truebill is a dependable and simple to use financial tracking program that I would suggest.
Truebill vs Mint
Truebill and Mint vary in that Truebill is more focused on assisting users in saving money and meeting their long-term savings objectives.
Truebill recognizes monthly bills and other spending after you attach it to your bank account.
Is Truebill Legit
Truebill employs bank-level security measures such as 256-bit SSL encryption and read-only access.
Truebill connects with financial institutions via the Plaid service, so you are not providing your banking credentials to Truebill directly.
Does Truebill have a fee?
Truebill is a free app that includes paid additions.
To gain access to the premium features, you must pay a monthly subscription of between $3 and $12. (you choose how much to pay within this range).
This fee enables features such as their Cancellation Concierge.
Does Truebill cancel your subscriptions?
Truebill monitors users’ subscriptions by evaluating their bank account and credit card information and assisting them in canceling those they no longer require or are unaware they have.
The company was founded in 2015, during the emergence of subscriptions as a business model.
How do you use Truebill?
To use this function, take a picture of your statement — such as your phone bill or cable bill — and upload it to the app or website.
The TrueBill team will then seek for other methods to reduce your bill.
What’s the catch with Truebill?
Truebill seeks 40% of every dollar saved by using the service as a “savings fee.”
This fee is applied once the savings are secured and applies to one year’s worth of savings at a time. So, if Truebill saves you $500 every year on your bill, they will charge you $200.
How much should you pay Truebill?
Truebill allows consumers to set their own fee for the Premium service, ranging from $3 to $12 per month.
If you pay $3 or $4, you will be billed annually. Some of Truebill’s other services will also require a Premium membership.
How much is Truebill monthly?
Truebill is a free program to download, but it will not be free indefinitely. To upgrade to Premium, you must pay $3 to $12 per month or $36 to $48 per year.
Who is the founder of Truebill?
Truebill Founder and Chief Revenue Officer Yahya Mokhtarzada | LinkedIn
Is Truebill easy to cancel?
Cancelling Truebill with PayPal
Access your PayPal account. In the Settings tab, navigate to the Payments menu. Navigate to Manage Automatic Payments. Tap Cancel after selecting Truebill Budget & Bill Tracker.
Where is Truebill’s headquarters?
Truebill is based in Silver Spring, Maryland, USA.
Who invested in Truebill?
Cota Capital and Eldridge are among Truebill’s 29 investors.
Is Truebill app trustworthy?
Truebill employs bank-level security measures such as 256-bit SSL encryption and read-only access. Truebill connects with financial institutions via the Plaid service, so you are not providing your banking credentials to Truebill directly.
Is Truebill Android available?
Truebill is now available on Android.
How does truebill make money?
Truebill generates revenue in three ways: premium subscriptions, bill negotiating fees, and tips via Truebill’s Pay Advance service.
Does Truebill Cost Money
Truebill is a free program to download, but it will not be free indefinitely.
To upgrade to Premium, you must pay $3 to $12 per month or $36 to $48 per year. If you choose to pay monthly, you can immediately cancel a few services and then downgrade to the free service.
How Does Truebill Cancel Subscriptions?
To terminate your Truebill Premium subscription, follow these steps:
To begin, tap the Settings icon in the upper left corner of your Dashboard. Choose Premium. Scroll all the way to the bottom of the page and click Modify. To cancel your subscription, go through the confirmation processes.
Truebill Phone Number?
Does Truebill offer cash advance?
Truebill Advance Payment. Pay Advances have no fees or other charges.
TrueBill may offer an economical method to reduce some of the expenditures of subscriptions or payments that you believe are sucking up your money each month.
It’s not surprising that an app like TrueBill charges for premium services, but what sets it apart is the user’s freedom to pick how much they pay for premium membership and how much of a cut the app receives for successfully negotiating down expenses.
This may give more users the impression that it is more economical.
However, if you are comfortable phoning your banks and other service providers for your bills and negotiating reduced payments on your own, it may not be worth paying TrueBill to do it for you.