Comments on: Rocket Money Review: Safe or Scam? My Experience

By: Lindsay

Lindsay — Thu, 20 Jul 2023 16:44:06 +0000

They could barely cancel anything (Amazon is already easy to cancel). They couldn’t do Dish or Sirius, so I don’t know why these are on your list. I didn’t find out that they were useless until after I signed up to pay, of course. Why isn’t there an actual service that does this out there? These places are so obnoxiously hard to cancel from.

By: R.J. Weiss

R.J. Weiss — Fri, 14 Jul 2023 20:54:52 +0000

In reply to Edward Williams.

Good insight Edward. This is a practice done by many of the “free” budgeting apps. They’ll repackage your data and sell it to third-parties. Unfortunately, this is a practice of many credit card companies too, so it’s hard to escape!

While the data is anonymized, there’s good reason not having more of your data out there.

By: Edward Williams

Edward Williams — Sun, 09 Jul 2023 20:26:07 +0000

I enjoyed your review but I didn’t see anything regarding what Rocket Money can do with that wealth (no pun intended) of financial and banking information that they have access to. Can they sell it or share it in any way? Most app TOS agreements grant the app full access and sharing rights to all information, including not only what they collect directly but whatever else is stored on the phone. See, for example, the TOS for the Flashlight app! I just can’t see giving an app full access to my bank account.

By: R.J. Weiss

R.J. Weiss — Wed, 05 Apr 2023 20:12:47 +0000

In reply to Mike Farrace. Good question. It's really meant for setting small amounts of money aside, not managing payments.

By: Mike Farrace

Mike Farrace — Wed, 05 Apr 2023 15:43:53 +0000

Thanks for the thorough review. You answered just about every question I had.

One more: Is there a bill-paying function on the savings account, or is it bare-bones?

Thank you again.

By: Fxl Shultz

Fxl Shultz — Sun, 15 Jan 2023 17:03:27 +0000

I really only want a way to track and/or cancel subscriptions. I don’t want help negotiating my bills. Is Rocket money the best way to accomplish my purpose?
I’m concerned about the vast array of data they collect.

By: R.J. Weiss

R.J. Weiss — Mon, 21 Nov 2022 17:12:41 +0000

In reply to Isabel. Hi Isabel: Using the Smart Savings account is optional. If you're happy with your existing banking relationship, I wouldn't switch. The account is more of a way to save for goals rather than an everyday checking account.

By: Isabel

Isabel — Mon, 21 Nov 2022 16:18:07 +0000

I really enjoyed this article but I am concerned about opening a Smart Savings account with Rocket Money. I understand it is FDIC insured, but if I choose to open an account, does that mean that I will be unable to cancel Rocket Money? Where does the money go if I choose to cancel this service, and would I have to plan ahead and move my money to a different savings account prior to cancellation? How does Rocket Money’s rates compare to other banks such as Chase or Wells Fargo? I would love if you would be able to help answer my questions. Thank you!

By: R.J. Weiss

R.J. Weiss — Mon, 12 Sep 2022 13:47:00 +0000

In reply to Paul.

Good point, Paul. On my end, I’ve also used the same strategy when the promotional period ends to save money. The 10-minute phone call is typically worth it every two years.

I wouldn’t call it fraudulent, though, to call that bill negotiation. The big idea is that this savings opportunity is available to most, and most don’t take advantage of it.

By: Paul

Paul — Fri, 09 Sep 2022 20:13:09 +0000

I appreciate your article. However, the “Bill Negotiation Review” example you discuss is NOT a bill negotiation at all, but placing you into a different available package (which you can do by calling them and asking to find a way to lower your bill). If I understand what you are saying, the big difference is they charge you a large portion of the savings to simply put you into a lower service package. That is almost fraudulent. I have frequently called my cable company and changed my plan to lower my bill or entered a promotion they are running, and it was always free and easy.