What’s The Background of Rocket Money?
Rocket Money is a finance management app that claims to help users budget, save, and cancel unused subscriptions. Initially, the app was known as Truebill but was later acquired and rebranded by Rocket Companies in December 2021. Since then, the focus has shifted to creating a more holistic financial sidekick for users, aiming to help them save more and spend less.
From our research, we gathered that this app has quickly gained popularity, with over 5 million downloads on the Google Play Store and numerous positive customer reviews. Furthermore, it has been featured in reputable publications such as Money, Forbes, and The Wall Street Journal.
Our investigation into Rocket Money’s legitimacy led us to analyze their services more closely. The app offers free and paid versions for users with different financial needs. Some of the notable features of this app include budget tracking, bill negotiation, and expense monitoring.
In terms of savings, Rocket Money allows users to connect their bank accounts to the app and provides AI-backed recommendations for improving spending habits. This can include identifying trends in unnecessary expenses and renegotiating bills on behalf of users to lower costs. This service can be beneficial in today’s world, where losing track of subscriptions or overlooking billing discrepancies is easy.
One aspect we found encouraging was that Rocket Money does not have hidden fees. While creating a budget and connecting bank accounts is free, there is a subscription fee for users who want to access premium features, such as advanced budget analytics and bill negotiation services.
As we explored the app further, we found testimonials on Trustpilot where users, including personal finance experts, expressed satisfaction with the tool’s ability to track expenses and manage budgets effectively. This feedback strongly indicates that Rocket Money delivers valuable services to its users rather than being a scam.
Why Do People Think Rocket Money is a Scam?
We can understand why some people might perceive Rocket Money as a scam, considering the nature of the company’s services and some incidents reported by users. One primary concern is refunds. A few customers have mentioned that they experienced difficulty or delays in receiving their refunds after canceling the service. This can lead to skepticism about the company’s legitimacy and consumers feeling uncomfortable with their accounts.
Another reason individuals might question if Rocket Money is a scam revolves around their budget, bills, and bank account access. Rocket Money requests access to users’ bank accounts to track and negotiate bills and subscriptions. This can be concerning for consumers who worry about the safety and control of their financial data.
The Better Business Bureau (BBB) has also lodged complaints against Rocket Money, with some users claiming the company “stole” money by taking unauthorized fees from their accounts. Such incidents contribute to negative impressions about the company.
Despite these concerns, it is also important to note that other users report positive experiences with Rocket Money. Many customers on Trustpilot have shared their satisfaction with the easy setup and helpful features such as tracking and canceling subscriptions. Moreover, Rocket Money is considered safe and legit by various sources, with the company using bank-grade encryption similar to that used by companies like Venmo, as noted in a review.
While we cannot deny that some users have reported negative experiences, weighing them against positive ones and Rocket Money’s steps to ensure the safety of its users’ data is essential. Our assessment would give Rocket Money a rating of B, as some concerns persist, but it does not appear to be an outright scam.
What Rocket Money Controversies or Lawsuits Exist, if Any?
While researching Rocket Money, we discovered a few controversies and lawsuits related to the company. In December 2022, EPIC (Electronic Privacy Information Center) announced a complaint against Rocket Money for potential violations of the Dodd-Frank Act and FCRA Privacy Law Principles (source). This gives us reason to be cautious about their privacy practices and how they handle users’ personal information.
Regardless of the controversies, Rocket Money remains a popular budgeting app, with many users praising its ability to help them save money and track their expenses. However, some users have encountered issues with late fees and customer service. Some people mentioned late fees being applied despite canceling subscriptions within the app, which may raise concerns about the reliability of Rocket Money’s cancellation feature. Meanwhile, customer service has been a mixed bag, with some users having satisfactory experiences and others facing difficulties getting timely assistance.
Regarding customer reviews, Rocket Money received a rating of 3.75 out of 5 from Business Insider, highlighting the app’s usefulness in reducing spending and managing budgets (source). Some users appreciate the app’s simplicity and features, like budget tracking and expense analysis. However, not all users are satisfied, with some citing issues related to the app’s functionality and the premium subscription cost, which starts at $3 per month.
We can’t definitively label Rocket Money as a scam based on our findings. There are some controversies and potential issues with their privacy practices and customer service. However, many users have positive experiences and appreciate the app’s benefits in managing their finances.
What Did We Find In Our Research of Rocket Money?
In our research, we discovered a variety of perspectives on Rocket Money and its legitimacy. We delved into the services, features, and how effectively they help users save money. Our findings are presented below.
We looked into the features offered by Rocket Money, including its budget tracking and bill negotiation services. The app’s free and premium versions were tested, exploring the tools’ efficacy in helping users manage their expenses. We also investigated the claims made by Rocket Money on smart savings and potential refunds for their customers.
Rocket Money’s subscription fee for premium services led us to consider whether the cost is justified. We weighed the pros and cons based on user experiences and how well the premium features aided in controlling finances and cutting down on unnecessary expenses.
We came across some complaints from users on the Better Business Bureau website, such as those stating that the company falsely claimed to save them money while their bills increased.
However, we also found cheerful customer reviews on Trustpilot, highlighting how Rocket Money has helped individuals gain control over their finances and provided a clear snapshot of their current financial situation.
Lastly, we considered the safety and security of Rocket Money. Their use of bank-grade encryption software, similar to Venmo’s, reassured us of its legitimacy. Although we cannot guarantee that the app is suitable for everyone, it doesn’t seem to be a scam based on the numerous positive reviews on various websites.
While some negative aspects may be associated with Rocket Money, notably the few complaints we encountered, most of our findings point to a legitimate and safe app for managing finances and reducing expenses.
What Is The Scam Grade for Rocket Money?
We think it’s important to consider whether Rocket Money (formerly known as Truebill) is a scam. After conducting thorough research, we determined the scam grade.
Firstly, Rocket Money is a well-reputed budget tracking and bill negotiation app. As seen on highly recognized platforms like Money, Forbes, and The Wall Street Journal, the app boasts over 5 million downloads on the Google Play Store. This solid user base indicates that the app does provide valuable services.
Secondly, Rocket Money’s services include a free budget creation tool. Premium membership offers additional features and benefits for those who desire more. It is worth noting that Rocket Money charges a subscription fee for excellent services, as stated in this Business Insider review. However, this is not unusual for companies offering more advanced features.
Furthermore, the security of Rocket Money is vital to its overall legitimacy. With users confident in their financial data’s safety, we discovered that the app uses the same bank-grade encryption software as companies like Venmo. This information is confirmed by Wall Street Zen, further supporting the app’s secure and legitimate nature.
Lastly, addressing credit score issues arising from using the app is essential. Rocket Money does not negatively affect the user’s credit score as a tool for budget tracking and bill negotiation. However, it is crucial to remember that we should always manage our finances responsibly to maintain a good credit score.
Given these findings, we give Rocket Money a scam grade of A. This determination signifies that it is a legitimate and secure app, providing users with valuable budgeting and financial management tools.