![]() ![]() Pay special attention to the disclaimer on this screen, which explains why Rocket Money wants access to your bank account. It gives you the option to add your preferred account via this dashboard screen: Rocket Money wants to be able to monitor these through either a bank or credit card statement. Managing Subscriptions and Recurring BillsĪfter you’ve set up some bills for Rocket Money to analyze, the next service it pitches you is managing your monthly subscriptions. But it appears likely that you could get billed for Rocket Money’s share of a year’s worth of savings upfront - even though you’ll get those savings only a month at a time. The company charges you only if it is successful in lowering your bill. ![]() Step 4: Give Rocket Money Authority To Charge Your Credit Cardīefore it does anything for you, Rocket Money is going to make sure it has a way to claim its 40%. And you’ll still get hit with the 40% fee because the company will have (technically) delivered on its promise to lower the bill. Rocket Money changing your plan could be troublesome if it eliminates channels or features you felt were worth the extra money. Some users have complained about Rocket Money changing particulars on things like cell phone plans or cable packages for the sake of saving money. If you choose this option, you’re allowing Rocket Money to negotiate a better price on this bill. Providing a contact number is simple enough, but the real thing to pay attention to on this screen is the “TrueProtect” program. Step 3: Provide Contact Information and Enable ‘TrueProtect’ There are two options: Either log in to your online billing account to connect it to Rocket Money, or upload a PDF or image of the bill. This step may be where some of you start to get a little bit queasy when it comes to online security. Step 2: Give Rocket Money Access to Your Monthly Billing Statements The company touts an 85% success rate in negotiating bills. As you can see from the screengrab above, mainstream companies such as AT&T, Charter, Comcast and DirecTV are eligible for price checks by Rocket Money. The list is actually pretty comprehensive. When you sign up for an account, Rocket Money will prompt you to enter information about some of your monthly bills into its database through a four-step process. If Rocket Money is unable to find savings for you, it costs you nothing. So if Rocket Money saves you $500 annually on your bill, you’ll be charged $200. It’s true that there is no upfront fee for letting Rocket Money attempt to lower your bills, but you certainly aren’t getting those savings without compensating the business.įor every dollar saved by the use of Rocket Money, the company takes 40% as a “savings fee.” That fee is charged once the savings are secured, and it applies to one year’s worth of savings. You’ll probably notice that Rocket Money advertises itself as a free service. Team Clark soon will revisit the app and its features after Rocket Money has a chance to implement any new features or policies. Truebill became Rocket Money effective August 17, 2022. Note: This research was done when the service was known as Truebill. To understand how Rocket Money works, it’s easiest to break the service into four parts: Lowering Your Bills, Managing Subscriptions, Seeking Refunds and Premium Services. How could it possibly do all of those things? I signed up for an account to take a look around and find out. According to its website, Rocket Money works to “optimize your spending, manage subscriptions, lower your bills, and stay on top of your financial life.” Let’s start by developing a clear understanding of what Rocket Money does. ![]()
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