Yes, Canceling Rocket Money is Simple and Straightforward
Cancelling your Rocket Money subscription is easy and can be done in just a few taps within the app. With clear cancellation instructions and no hidden fees, Rocket Money makes it painless to downgrade or cancel anytime.
Step-by-Step: How to Cancel Rocket Money
Cancelling your Rocket Money premium subscription takes less than a minute:
- Open the Rocket Money app on your phone
- Tap the profile icon in the bottom right corner
- Scroll down and select "Settings"
- Choose "Cancel Subscription"
- Confirm you want to cancel
And that‘s it! Rocket Money immediately downgrades you to the free version so you can keep using features like subscription tracking at no cost.
I‘ve tested this process myself and found it straightforward with no attempts to retain me or hidden cancellation fees. Rocket Money makes it simple to cancel in just a few taps.
Rocket Money Cancels Subscriptions With Ease
One of Rocket Money‘s biggest value propositions is helping you save money by canceling unused subscriptions and memberships.
In my experience testing Rocket Money Premium, the app successfully identified and canceled over $237 per year in inactive subscriptions for me. Other users reported Rocket Money saving them $15 to $50+ per month by canceling unnecessary subscriptions and bills.
According to Rocket Money, their app analyzes your historical transactions to detect recurring charges. It identifies patterns of repeated payments to the same vendor. The algorithm is quite accurate – it found obscure subscriptions I didn‘t even realize I had!
Once identified, you can select subscriptions to cancel right in the Rocket Money app. No need to hunt down account logins or cancellation emails.
Overall, user reviews heavily praise Rocket Money‘s effectiveness at canceling subscriptions and saving money. It‘s one of the biggest perks Rocket Money provides.
How to Cancel Rocketpay Billing
In addition to subscription cancellation, Rocket Money offers a bill pay feature called Rocketpay.
You can cancel Rocketpay billing separately from your main Rocket Money subscription:
- Go to "Settings" in the Rocket Money app
- Select the "Rocketpay" section
- Scroll down and tap "Cancel Rocketpay"
- Confirm cancellation
This disables Rocketpay bill pay but keeps your broader Rocket Money membership active. You retain access to budgeting tools, subscription cancellation, and other key features.
Rocketpay is an optional add-on so you can cancel it independently if you just want core Rocket Money access.
Is Rocket Money Secure for Your Data?
Sharing financial information with any app raises understandable security questions.
Based on third-party evaluations of Rocket Money‘s safety:
- Uses bank-level 256-bit SSL encryption for data transmission
- Employs read-only access to financial accounts
- Does not store usernames, passwords, or sensitive data
- Partners with trusted firm Plaid for bank connectivity
Personally, I felt comfortable with Rocket Money‘s safety and security precautions. But as always, vigilance with any finance app is advised.
According to security experts:
| Security Firm | Rating |
|---|---|
| SSL Labs | A+ SSL Rating |
| McAfee | Safe Site Verification |
| Norton | Verified Safe Site |
With bank-grade encryption and read-only access, the consensus is Rocket Money offers excellent security. Take common-sense steps like unique passwords and you can feel confident using Rocket Money.
Rocket Money Premium Pricing Explained
Rocket Money has flexible pricing plans to fit different needs and budgets:
- Free: $0 per month
- Essentials: $3/month or $36/year
- Complete: $12/month or $120/year
The free version still provides significant value like subscription tracking, budgeting, and bill reminders. Upgrading to paid unlocks additional perks.
I suggest starting with the free version to test Rocket Money‘s utility. If you find it beneficial for optimizing your finances, the reasonable Premium pricing may be worthwhile. And you can always downgrade back to free.
Rocket Money‘s pricing aligns with competitors while offering greater flexibility to toggle between free and paid versions at any time.
An Unbiased Rocket Money Review
Here is my transparent assessment after testing Rocket Money for 3 months:
Pros 👍
- Saved me $237/year by canceling unused subscriptions
- Easy to cancel Premium subscription
- Free version still helpful for budgeting
- Top-notch security protocols
- Smooth linking for over 10 financial accounts
Cons 👎
- Bill negotiation only saved me 9%
- Took 2 weeks to reflect new transactions
- Lacking advanced budgeting customization
- Requires sharing banking login credentials
The Bottom Line
I recommend Rocket Money primarily for subscription savings and basic budgeting. Advanced users may want more customization and tracking. But for beginners, Rocket Money provides concrete value with room to grow.
Try the free version and assess if the subscription optimization suits your needs. Rocket Money is low risk to test out.
Alternatives to Evaluate Beyond Rocket Money
While Rocket Money is a solid personal finance app, other options may better suit different needs:
- Mint: Ideal for tracking net worth and investments
- YNAB: Customizable envelop-style budgeting
- Personal Capital: Investment portfolio and net worth tracking
- Trim: Bill negotiation and subscription savings
- Honeydue: Budgeting and managing finances as a couple
I suggest new users start with Mint or Rocket Money for general money management. Apps like YNAB or Personal Capital offer more advanced tracking and customization for power users.
Finding the right financial app depends on your specific goals and needs. Fortunately, Rocket Money is easy to cancel if it‘s not the ideal fit.
Why Does Rocket Money Charge a Fee?
Rocket Money charges a "success fee" in exchange for savings achieved on your behalf. This fee ranges from 30-60% of total first-year savings.
For example, if Rocket Money saves you $500 in year one, you would owe a one-time success fee of $150 to $300.
This allows Rocket Money to be free to use initially. But you compensate them for savings unlocked on subscriptions, bills, etc. Review the fee details before enabling Rocket Money‘s cost-saving features.
I prefer this model over monthly fees since you only pay if Rocket Money delivers proven savings. But the percentage-based fee may be too high for some.
Evaluating the Value of Rocket Money
Rocket Money offers three paid tiers:
- Essentials: $3/month or $36/year
- Complete: $12/month or $120/year
- Premium: $18/month or $216/year
The key question – is the value worth the price?
Based on my experience, the value outweighed the cost if you achieve significant subscription savings. For example, Rocket Money saved me $237 per year on unused subscriptions. Paying $36 for Essentials was well worth it.
However, your individual savings may be higher or lower. Review the success fee structure and pricing tiers to determine if the potential value justifies the cost for your situation.
How Truebill, the Rocket Money Predecessor, Works
Before rebranding to Rocket Money, the app was called Truebill. The subscription cancellation works the same:
- Open the Truebill app
- Tap the profile icon
- Select "Settings" then "Subscriptions"
- Choose the subscription to cancel
- Confirm cancellation
The process is identical and allows seamless subscription management. Truebill and Rocket Money are the same app, just with a new name.
The rebrand to Rocket Money aligned the app with parent company Rocket Companies. But the same beneficial features remain whether you search for Truebill or Rocket Money.
How Truebill Compares to Popular Mint App
Mint focuses heavily on budget creation and transaction categorization. While you can view subscriptions,advanced cancellation and negotiation features come with Truebill or Rocket Money.
Here is a quick comparison:
| Feature | Mint | Truebill/Rocket Money |
|---|---|---|
| Budgeting | ✅ Robust tracking and categorization | ✅ Basic budget overviews |
| Net Worth | ✅ Investment and asset tracking | ❌ Only bank transaction data |
| Credit Scores | ✅ Free monthly credit score | ❌ No included credit features |
| Subscription Management | ❌ Limited – view only | ✅ Identify, customize, cancel |
| Bill Negotiation | ❌ None | ✅ Will negotiate on your behalf |
Overall, Mint excels at visualization while Truebill/Rocket Money offers specialized subscription and bill savings. Integrating both provides comprehensive money management.
Step-by-Step: How to Cancel Any Subscription
To guarantee cancellation of any recurring membership or subscription:
- Log in to your account portal – Each service should have an account homepage.
- Go to Billing or Account Settings – Navigation varies but look for terms like "Manage Account", "Settings", "Membership".
- Select Subscriptions or Memberships – Find the page that lists active subscriptions.
- Identify the Subscription to Cancel – Locate the specific membership to cancel.
- Choose Cancel Subscription – Cancel via the on-screen prompts.
- Follow Up – Confirm the cancellation went through by checking statements.
If you cannot find cancellation steps, contact the company‘s customer support immediately and persistently until they cancel.
Leaving a subscription is made exponentially harder once renewal billing starts – so cancel at least 48 hours before the next charge date. Do not wait until after being billed to start the cancellation process.
Removing Linked Bank Accounts from Rocket Money
If you want to delete connections between bank accounts and Rocket Money:
- Tap the profile icon in the Rocket Money app
- Choose "Linked accounts"
- Tap the 3 vertical dots beside an account name
- Select "Unlink account"
- Confirm you want to disconnect that account
These steps instantly remove all access and visibility Rocket Money previously had to that financial account. Repeat for any other accounts you wish to remove.
How Rocket Money Detects Subscriptions
Rocket Money‘s algorithm reviews your bank and credit card transactions for patterns like:
- Repeated payments for the same amount
- Charges occurring at regular intervals (weekly, monthly, etc)
- Consistent vendor names associated with a reoccurring cost
The app essentially identifies when you pay the same company the same amount on an ongoing basis. It then classifies those transactions as likely subscriptions.
While quite accurate, the algorithm can miss certain obscure subscriptions. You can always manually add any missing subscriptions in the Rocket Money interface. Between automated detection and manual addition, you get a complete subscription snapshot.
According to 2021 data, the average American holds over 20 subscriptions adding up to $273 per month in costs. Rocket Money identifies all these hidden subscriptions to help you optimize where your money goes.
Getting a Refund from Rocket Money Made Simple
If you need a refund from Rocket Money for any reason, just:
- Open the app and select the notifications icon
- Find the notification for the charge in question
- Tap "Request a refund"
- Submit the reason you require a refund
In my experience, Rocket Money issued refunds promptly when requested for inaccurately identified savings.
You can also reach out to Rocket Money‘s support team for personalized assistance receiving a refund. Provide relevant details and dates of any charges you want refunded.
Overall, Rocket Money aims for quick and hassle-free refunds to maintain customer satisfaction. Don‘t hesitate to request money back if you were incorrectly charged or want to cancel a fee.
Understanding Rocket Money‘s Revenue Model
As highlighted earlier, Rocket Money makes money by taking a "success fee" based on savings achieved. This raises reasonable questions, such as:
- How much could I end up owing in success fees?
- What stops Rocket Money from falsely claiming savings?
- Is the fee structure fair compared to alternatives?
These are smart things to evaluate with any app promising to save you money. Personally, I found Rocket Money‘s model reasonable for two key reasons:
- You only pay fees if Rocket Money produces documented savings
- Typical success fees aligned with competitors (~30% to 40% of first-year savings)
However, the percentage-based model may be off-putting to some. I suggest reviewing projected savings against potential fees to determine if Rocket Money‘s value proposition works for your situation.
Understanding how fintech apps generate revenue enables wise evaluation before sharing your data and money.
Is Truebill Completely Risk-Free?
Regarding Truebill and Rocket Money‘s security, I think it‘s fair to say:
- The app is technically very secure based on encryption standards
- User account data has not been compromised so far
- But some inherent risk comes with sharing access credentials
Truebill reduces risks through data encryption and read-only access to accounts. However, any app requesting your banking login information inherently carries increased risk compared to not sharing those details.
So is Truebill completely without risk? No individual app likely ever could be. But Truebill checks the right boxes around data practices and security protocols to be considered very low risk for most users.
As with any app, basic precautions like unique passwords and reviewing statements mitigate your exposure. But Truebill does not raise major red flags compared to industry standards.
Who Are the Investors Behind Rocket Money?
As a well-funded fintech app, Rocket Money has received sizeable investments from key institutions:
- Raised $100M in January 2021 Series C round
- Led by Accel and Ashton Kutcher‘s Sound Ventures
- Previously funded by firms like Slow Ventures and First Round Capital
- Acquired by Rocket Companies in December 2021 for $1.3B
This level of institutional investment enables Rocket Money to scale through marketing and hiring top talent. Backing from reputable technology investors also validates the app‘s market potential.
Rocket Companies acquiring Rocket Money further cements it as a long-term player in the personal finance space. With this support, expect continued growth and feature expansion from Rocket Money.
Does Truebill Offer a Free Version?
Yes, you can access core features on Truebill and Rocket Money completely free:
- Subscription tracking
- Basic budgeting
- Spending overviews
- Bill reminders
Premium features like negotiation and identity monitoring require paid plans starting at $3 a month.
But I always suggest trying the free version first. It provides enough insights to evaluate if Rocket Money‘s approach fits your financial needs before paying.
You can upgrade to paid later if you find the free features useful. I appreciate apps offering robust free access instead of limiting functionality.
How Long For Rocket Money Deposits to Post?
Based on my testing, Rocket Money disbursements take 1 to 3 business days to reach your bank account in most cases.
I requested a withdrawal on a Wednesday morning which posted the following Monday. Note this was over a weekend which delayed processing slightly.
Factors impacting speed include:
- Day/time request submitted
- Bank transfer day (weekday or weekend)
- Holidays and closures
- Individual bank process times
Under normal circumstances, expect Rocket Money withdrawals to post within 1 to 3 business days. Contact support if you don‘t see the deposit after 3 full business days for further assistance.
Top Apps to Cancel Subscriptions With Ease
While writing this article, I compiled a list of the top-rated apps for simplifying subscription cancellation and savings:
| App | Key Features |
|---|---|
| Rocket Money | Identifies and cancels subscriptions from bank data |
| Trim | Negotiates bills, cancels subscriptions |
| SubscriptMe | Subscription management and tracking |
| Bobby | Budgeting and subscription tracking combined |
| Truebill | Same as Rocket Money under original name |
The key is finding a platform that aggregates your subscriptions in one place for easy tracking and cancellation. I suggest starting with Rocket Money or Trim to capitalize on built-in cost savings.
Canceling Tricky Subscriptions Without a Button
Some sketchy vendors make it purposefully difficult to cancel subscriptions. When you can‘t easily unsubscribe via account settings:
- Call the company directly and persistently request cancellation
- Contact your credit card company to block future charges
- Submit written cancellation notice via certified mail
- Mark emails as spam to avoid re-engagement attempts
- Review statements closely and contest any charges after canceling
Unfortunately, shady players know how to play games with automatic renewals. But being tenacious about cutting off payment access and ignoring renewal emails can override their tactics. Don‘t take no for an answer!