App of the Week: Truebill

The App That Will Save You Hundreds Of Dollars

By Brian Rashid of Forbes

Sadly, some companies do not have your financial best interest in mind.
Companies that operate with the popular subscription-based model may be charging you money without you knowing. This could be in the form of hidden fees, by making it difficult for you to cancel a subscription, or even by signing you up for recurring payments when you make a one-time purchase.

Yahya Mokhtarzada realized the prominence of this problem when he was charged sneaky fees for in-flight wifi he had signed up for months ago. Annoyed, he did his homework and found that this situation is very common.

 

He teamed up with his brother, Idris, and founded Truebill, an app that detects and monitors recurring subscriptions.

Not only does Truebill identify these payments, but it allows users to cancel unwanted ones with a single click. The app goes a step further to ensure that the subscription is canceled by monitoring the user’s bank account the following month. In the event that the company did not follow through on the cancellation, Truebill will contact them and give the user a refund. Best of all, this service is completely free – an incredible price considering the average Truebill user saves $512 a year.

Let’s look at a real life example of their service. Imagine a user signed up for a gym membership in a city she no longer lives in. She realizes that she still being charged and wants to cancel. She calls the gym and finds out that the gym requires her to cancel in person. If not, she will have to mail a Certified Letter. With Truebill, she can easily cancel with one click on the app. Then, Truebill ensures her subscription is canceled by monitoring her bank account for charges the following month. If the gym charges her again, Truebill will automatically contact the gym to get her a refund.

In addition to saving users money, peace of mind is of the utmost importance to the Truebill team. They understand the reluctance of giving a stranger access to your financial data and use only the strongest security protocol. They do not share user data with other companies and use read-only algorithms when scanning user information.

Truebill is not anti-subscription. In fact, they educate the user on popular subscriptions with reviews on their website and recommend new ones that will increase the user experience. Truebill is, however, anti-subscription mismanagement. They believe that as payments become more automated with subscriptions, the user’s way of managing them should also become more automated.

Further, Truebill continues to increase the user experience by creating more features. They recently launched a tool that monitors subscriptions and warns the user if a price goes up. As the list of features continues to grow, the real value of TrueBill will remain, the awareness of where your money is going and what to do if you are not happy with that figure.

With our world moving toward automating, it is likely that the subscription-based model will continue to be popular. Brothers, Yahya and Idris, envision that everyone has complete control of their finances in this digital world. At just over a year old with over 150,000 users signed up, they are off to a great start.

What’s your favorite money management app? Tell us about it in the comments below!

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