What Is Truebill?
Truebill is an online service that helps users save money on their monthly bills and keep track of their overall financial situations. The founder’s goal was to improve people’s lives, and the app lives up to expectations.
Truebill covers a lot of ground when it comes to finances. It can help users cut back on unnecessary expenses and get rid of old subscriptions. Truebill also allows users to monitor their payments, income, spending, and budgets.
The app can be a great asset for those trying to get more organized and take control over their finances. Plus, Truebill may also negotiate one’s bills and offer deals that can help users save more.
Truebill has a free app for both iOS and Android. There is also a web version of the service. However, most Truebill customers prefer the app, as it can be used on the go and offers more features.
Is Truebill Legit and Safe to Use?
Many new customers feel nervous sharing their personal data and financial accounts with Truebill. However, it’s a good app that won’t leak or sell one’s data. The company uses 256-bit encryption, which is one of the most secure methods used in modern encryption protocols. Therefore, Truebill can create a safe environment for one’s financial records and accounts.
Another reason why Truebill can be called a trustworthy company is Plaid, the service it uses to securely connect to financial institutions. Plaid is also used by many leaders in the financial segment, including Venmo, American Express, Acorns, and more.
Of course, readers’ personal finances are their responsibility. And even though Truebill seems to meet all the modern security standards, users need to make their own decision whether to entrust the app with their data.
Is Truebill Free?
Downloading the Truebill app is free. However, there are some peculiarities. For instance, the company will charge users 40% on all bill savings. So, let’s say Truebill has helped Joe save $20 on his Internet bill. The company will take 40% of that sum ($8) while returning the 60% to Joe ($12).
It’s also worth mentioning that Truebill allows users to choose the amount they want to pay for successful negotiations during the first year of use.
They can choose any amount from 30% to 60% when submitting a negotiation request.
If Truebill doesn’t help users save anything on their bills after trying to negotiate the prices, users don’t need to pay anything.
There’s also an optional Premium subscription that costs from $3 to $12 per month. The $3 and $4 plans are billed annually.
Different Premium plans offer a varying assortment of features. However, it’s safe to say that they include more helpful options than the free version of the app.
How Does Truebill Work?
The way the Truebill money app works is quite simple and easy to understand, even when used for the first time.
The app shows monthly spending (by categories), how much cash users have, their debts, and can even show their investments if connected to all credit cards and corresponding financial accounts.
Users can set specific budgets to avoid overspending, and the app will show whether they have surpassed the limit or not. The budgets are divided into categories (utilities, dining, auto & transport, and everything else). It also shows tax-deductible expenses.
However, one of Truebill’s signature features is negotiating bills. The company reaches service providers and tries to get the best prices for its customers. Often, Truebill finds applicable discounts or receives one-time deals from service providers.
The company also handles refunds in case of outages. Truebill claims that it has an 85% negotiation success rate, making it one of the most effective solutions for bill reduction.
Lowering Your Bills
Lowering bills with Truebill is rather easy. Users need to connect their online billing account to the app or, alternatively, upload a picture (or a PDF) of the bill.
Next, Truebill’s negotiation team will contact the service provider trying to get a lower rate. Truebill also often manages to receive discounts and one-time credits for its users. The company works with various providers, including such big names as Verizon, Netflix, Hulu, AT&T, and more.
The company is usually quite successful with negotiations. However, users need to remember that Truebill takes 40% of the money saved when lowering users’ bills.
How to Use Truebill
To sign up for Truebill and start using it, readers need to take the following steps:
- download the free app
- create an account (which takes seconds)
- find the bill provider
- upload the bills or connect Truebill to the current billing account
- enter contact number (this step is a part of the TrueProtect program that monitors new deals to negotiate better prices)
enter card information (to allow Truebill to claim its 40% after successful bill negotiations)
Managing Recurring Bills
This option is ideal when users forget to cancel free trials or, let’s say, no longer use the service but forget to cancel the subscription.
Truebill monitors and provides a full history of recurrent charges (even if they happened years ago) through users’ credit cards or bank statements.
The service identifies the subscriptions users no longer require and cancels them. This service makes it easy to stay in touch with one’s finances and remember about all of the subscriptions and when they were set up.
Seeking Refunds for Fees
Truebill does an excellent job monitoring outages and requesting refunds on users’ behalf. The service can also send a letter to the user’s bank requesting refunds on late fees or overdrafts. This is a Premium feature that can help users save time and effort when dealing with miscellaneous fees.
Truebill Premium Services
Truebill Premium has multiple helpful features, including:
- automated cancellations of recurring subscriptions
- unlimited budgets and spending categories to have more freedom planning and keeping track of one’s expense (the free version only
- has the basics such as bills & utilities, auto & transport, dining & drinks, and everything else)
- smart savings
- priority access to customer service
- automated data fetching from the user’s personal accounts (balance syncing)
- custom budget categories, and more.
How Much Can You Save with Truebill?
Truebill claims that it can save users up to $720 annually. However, each situation is unique, and the final savings will depend on numerous aspects (including user’s subscriptions, bank, service providers, etc.).
How Much Does a Truebill App Cost?
The Truebill app is free. However, the company charges 40% on every successful bill negotiation. That being said, users can choose any amount (from 30% to 60%) during the first year.
Truebill Premium service starts at $3 per month. There are multiple Premium subscription plans that include different features, and users can pick the best one based on their current needs.
How to Cancel Truebill
To unsubscribe from the Premium Truebill service, users need to do the following:
- go to the Truebill app
- tap the “Settings” icon in the upper left corner
- select “Premium”
- tap “Modify” (at the bottom of the page)
- follow the steps to cancel the Premium Truebill account
Where Do Truebill Smart Savings Go?
Truebill’s Smart Savings service puts users’ money into an FDIC-insured account in a noninterest-bearing, US-based bank. For security reasons, users can withdraw money from the Smart Savings only to the account which it came from.
What Types of Bills Does Truebill Negotiate?
Truebill can negotiate such bills as cable, internet, satellite TV, cellphone, home phone, satellite radio, home security, etc. The company works with about 2 dozen providers and covers a wide range of services to help users save as much as possible on their monthly bills.
Truebill vs. Mint
Mint and Truebill have been around for a while. Both can help users with important yet frustrating tasks, making money management less complicated.
One of the biggest differences between the two is that Mint is completely free. Additionally, it allows users to create as many budget categories as they’d like. As for Truebill, it has a paid Premium version and also takes a 40% fee on every successful bill negotiation.
Additionally, the budgeting options on Truebill are rather limited. Users get only a few categories to choose from, which can sometimes be a bit inconvenient.
It’s also worth saying that Mint has the same website functionality as its app. The Truebill website version, however, has fewer options than the app. This means users can’t get a complete web and mobile experience with Truebill and need to stick to the app.
That being said, Mint does not offer bill negotiation. This app focuses on financial planning and management, allowing users to have more control over their money. Truebill, however, can do all of that (especially the Premium version), plus it helps users save more on their monthly bills.
Who Owns Truebill?
Yahya Mokhtarzada is the Founder and CRO (Chief Revenue Officer) of Truebill. Yahya co-founded the company with his two brothers Idris and Haroon in 2015.
Is Truebill FDIC-insured?
Yes. When users open a Smart Saving account with Truebill, it is held in an FDIC-insured bank account (US-based). This means Truebill puts the money into a safe, non interest-bearing account. Users are free to withdraw these funds at any time.
Truebill Customer Reviews & Ratings
Users can find thousands of Truebill reviews online, which can be a good indication of the company’s reputation.
Truebill has a 4.3-star rating on Google Play (based on more than 20K customer reports), a 4.5-star rating on App Store (based on over 33K reviews), and a 4.2-star rating on TrustPilot (based on 547 reviews).
Therefore, it’s safe to assume that Truebill has enough happy customers. They note that the app works well trying to lower users’ bills and getting discounts when possible, helping users save significantly:
“TrueBill saved me $300 on my internet bill alone! Great service, great attention to detail, and great savings!”
“I’m really working towards paying off debt and anywhere that I can save makes a big impact. I’m glad to have Truebill having my back.” (source)
Many customers also praise Truebill’s customer service, which is an excellent evaluation of any company:
“Exceptional customer service. Helped me with an issue that was resolved very quickly. I will continue to use this service for a long time”
“I’ve had a great experience with TrueBill. The service is extremely helpful, the app is user-friendly, and the customer service team is attentive.”
There aren’t too many complaints among Truebill reviews. Nonetheless, users need to be aware of those to prepare for any potential issues.
Now, some users mention that Truebill may change cell phone plans or cable packages for the sake of saving money. This isn’t the most ideal option if users are set on the services they are currently using and don’t want to change the package.
A few customers also note that Truebill can withdraw money for services that users haven’t authorized. That being said, these issues might occur because of the app’s technical problems. Additionally, Truebill representatives are always swift when dealing with such complaints.
How to Get Started with Truebill
Getting started with Truebill is as easy as it can be. Users simply need to download the app from Google Play or App Store. The registration process takes mere seconds and requires one’s name, email account, and password.
Next, users need to connect their Truebill account with bank accounts they want to have more control over. Truebill uses bank-level encryptions to protect the data, so there’s no need to worry. Connecting all of the credit cards and financial accounts to Truebill can help users obtain a deeper understanding of their financial situation. Nonetheless, users can also link selected bank accounts (for instance, the ones they use regularly).
- Personal Capital
Verdict: Is Truebill Worth It?
Based on thousands of reviews and countless happy customers, Truebill is certainly worth giving a try.
This service gives users a chance to save significantly on their monthly bills, control their expenses, deal with subscriptions easier, and get a better grasp on their overall financial situation.
And despite some rare complaints, most Truebill users are satisfied with the service, proving that it’s worth trying out.
- simple, efficient layout and design, super easy to use
- countless helpful features to track one’s finances, categorize transactions, find discounts, save on bills, plan budgets, and more
- the Premium version is not that expensive
- budgeting and spending features are free
- uses 256-bit encryption to protect personal informationmakes managing subscriptions much easier
- many features require a Premium subscription (the free version of the app can seem rather limited to some users)
- 40% fee on every successful price negotiation
- some users note that Truebill can mess up the payments occasionally and may withdraw money for the unauthorized services (however, such issues are rare, and guys at Truebill always take care of them)