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Netflix, Amazon Prime, Spotify, Instacart Express, HBO Max, Apple Music, iCloud, cable, etc. – the list of subscriptions people have can go on and on. It is often easy to forget the many subscriptions you have subscribed to and, over time, the ones you may have slowly stopped using. Unfortunately, just because they are not used does not mean that you still do not pay for the service.
Analyzing your bank accounts to find these unused subscriptions and canceling them can be very time consuming and draining. However, TrueBill is trying to remove some of this hassle. It is an app and an online platform that syncs to your accounts to find subscriptions you have paid for. In addition, the app also offers a billing negotiation service so you can reduce the cost of things you have to pay for each month.
Below, Select breaks down what you need to know about the TrueBill app, including each of its features, how to get started, and some other important details that you should know if you are interested in trying the service.
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On Truebill’s secure site
Free, with the option to upgrade to Truebill Premium Service for a fee of $ 3 to $ 12 per month; bill negotiation costs between 30% to 60% of the 12-month savings achieved as a result of the negotiation
Easily quit unwanted subscriptions, track your spending and creditworthiness, automate savings and get help lowering your bills
Categorizes your expenses
Yes, Truebill immediately identifies your best expense categories
Links to accounts
Yes, bank and credit cards
Available both in the App Store (for iOS) and on Google Play (for Android), as well as online
Truebill accesses users’ transaction data via an encrypted token, uses the Plaid API to never store user data, provides 256-bit banking-level encryption, and hosts secure Amazon Web Services (AWS) servers used by the Department of Defense, NASA, and the Financial Industry Regulatory Authority (FINRA)
Features and how they work
One of the main features that TrueBill offers is the ability to find and cancel subscriptions you no longer use. To do this, TrueBill links to your bank accounts and analyzes your subscription transactions. When it finds subscriptions, you can choose which ones you want to keep and which ones you want to cancel.
Another service TrueBill provides is bill negotiation. To use this feature, you must take a photo of your invoice – such as your phone bill or cable bill – and upload it to the app or website. TrueBill’s team will then look for ways you can get additional discounts on your invoice.
And in cases where you stop receiving an overdraft charge for accidental overdrafts or a maintenance charge for falling below your bank’s mandatory minimum balance, TrueBill will request a refund for you. Keep in mind that it is not guaranteed that the refund will be granted but it is always worth a try – especially when you do not have to go through the hassle of doing it yourself.
The app can also help you track your expenses and save money on autopilot. To use these services, you must ensure that your bank accounts are connected to the app. It will categorize your transactions, which can make it easier for you to see where your expenses are highest (and lowest). From there, you can decide how much money you want to budget for each of your spending categories, and the app will alert you if you approach your spending limit in any of the categories.
When it comes to the savings function, you have to create a savings goal in the app and from there TrueBill will use your spending habits to decide how much money you should save and when you should save them. This way you still avoid unintentional overdrafts. And if you start using the save feature but decide you want a more convenient way to save your money, you can always pause this feature. You can also edit your goal or withdraw your money at any time and your savings are FDIC-insured. But you may want to consider moving your money to a high-yield savings account, such as Marcus by Goldman Sachs High Yield Online Savings, where you get interest on your money.
How to get started
There are many features you can use through TrueBill but the first step before you can explore any of them is to create an account. You can do this by download the TrueBill app and enter your name, email address and a password of your choice.
The TrueBill app is free to download, but you must pay for a premium membership to use some of its features. The app actually lets users decide for themselves how much they want to pay for the premium subscription – the amount can be anywhere from $ 3- $ 12 a month with the option to be billed annually if you choose to pay $ 3 a month or $ 4 a month.
With the premium version, you have access to the ability to sync your bank accounts to the app, unsubscribe, auto-save, customizable savings categories and unlimited budgets, to name a few.
The bill negotiation feature is free to use if the TrueBill team fails to negotiate lower rates for you. However, if they can give you some savings on your invoice, they will charge a percentage of what you can expect to save from your first year. However, you can choose what percentage they charge (ranging from 30% to 60%) while submitting your negotiation request.
There are others subscription trackers out there that offer similar services, but different fees, compared to TrueBill, like AskTrim.com and PocketGuard. Their offers and fee structure can potentially better suit your needs.
If you think you have a number of subscriptions or bills that suck up your money every month, TrueBill can offer an affordable way to reduce some of these costs. It is not directly surprising that such an app charges for premium features but what stands out with TrueBill is the user’s ability to choose how much they pay for premium membership and how much of a cut the app gets to successfully negotiate bills. This can make it feel more affordable for more users.
However, if you feel comfortable calling your banks and other service providers for your bills and negotiating lower payments on your own, it may not make sense for you to possibly pay for TrueBill to do it for you.
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Editorial note: Opinions, analyzes, reviews or recommendations expressed in this article are only those of the Select editorial staff and have not been reviewed, approved or otherwise approved by any third party.