Thoughts on Rocket Money

[Other James]

Hey all,

 

We recently had Rocket Money (formerly TrueBill) reach out to us about possibly collaborating.

 

I just wanted to see if anyone had used their services before and if you had any thoughts on if it was useful.

 

Originally TrueBill was used to help cancel and track monthly subscriptions, but it sounds like with the rebrand there's also a focus on helping individuals budget their spending as well.

 

As always, any useful input is appreciated.

[Shimejii]

Its a pretty dumb service, if you are that unable to keep track of your services, thats a huge issue that paying for ANOTHER service wont actually help. Just seems like a predatory system, it is owned by rocket afterall.

[Lurick]

Honestly it's pretty meh. It's unable to link with a LOT of services, sadly it can't even link with Rocket Mortgage which you would think it's something it should be able to link to.

[Lurick]

7 minutes ago, Shimejii said:

Its a pretty dumb service, if you are that unable to keep track of your services, thats a huge issue that paying for ANOTHER service wont actually help. Just seems like a predatory system, it is owned by rocket afterall.

You did look at it right? Rocket Money is free. It's only paid if you use them to cancel services or negotiate bills

[Erioch]

I've never used them (or any service like that) but reading about their "negotiating" service brings up lots of horror stories.  A lot of people lose money in the process.  

 

People also claim that Rocket Money is very difficult to cancel.  Ironic, no?

[mmatt]

I actually do use Rocket Money and I've been enjoying it this far. It's nice to be able to keep my checking account + credit card account + subscriptions in one place.

[Silent Node]

I've actually been interested in trying them out, but they don't work in Canada.

[seraccc]

No experience with Rocket Money specifically but if it works anything like most of these other services it will use Plaid to connect to your different financial institutions. Plaid has some absolutely horrible data privacy and security practices and the agreement you "sign" when you use their service to connect your bank to an app like Rocket Money or Intuit Mint means they basically get all your transaction data, not anonymized, and can do with it as they please. They had a class action lawsuit over this and as far as I'm aware some of those issues were resolved but most of their polices and practices remain unchanged. 

 

If Rocket Money uses Plaid, I wouldn't work with them. 

[Lurick]

2 hours ago, seraccc said:

No experience with Rocket Money specifically but if it works anything like most of these other services it will use Plaid to connect to your different financial institutions. Plaid has some absolutely horrible data privacy and security practices and the agreement you "sign" when you use their service to connect your bank to an app like Rocket Money or Intuit Mint means they basically get all your transaction data, not anonymized, and can do with it as they please. They had a class action lawsuit over this and as far as I'm aware some of those issues were resolved but most of their polices and practices remain unchanged. 

 

If Rocket Money uses Plaid, I wouldn't work with them. 

Good point, they do (sadly) use Plaid as well, I almost forgot about that.

[Other James]

Thanks for the feedback everyone. While we do have a couple of tester spots coming out with them, I do want to follow up with my contact regarding the issues with Plaid and see if this is something they intend on addressing more in the future. Depending on the response, we'll see what a longer term partnership would look like.

Locking the thread for now.