The Hidden Cost of "Free" Bank Subscriptions: A Personal Wake-Up Call
Last year, July 2024, I discovered my bank had enrolled me in a "free" identity protection subscription due to an internal LEAK of information and BREECH of my personal information.
It sounded like a great deal—FREE protection against identity theft, courtesy of the bank, at no upfront cost.
What I didn’t know, and what the bank failed to clearly communicate, was that this "free" service came with a catch: once the trial period ended, it would automatically charge me 29.95 a month.
This is my story, and a warning to others about the hidden traps banks set when they sell your information and bundle subscriptions without full transparency.
This took place from October 2021 until July 2024 for me to discover these charges!
All of the E-mails they sent never made it to My inbox, rather spam.
I never got a Bill by Paper or by Email, and i did not notice the charges to my personal bank, as they also switched from paper to Electronic billing and I never could log in.
It all started when I decided to log into TransUnion to check on my credit. I noticed YEARS of unexpected $29.95 charges coming out of my personal bank account.
Confused, I dug deeper and found it was for an identity protection service The BANK GIFTED FOR FREE due to the Breach of information being leaked on their end. I never knowingly signed up for this charge to occur after the “FREE TRIAL” ended.
After calling the bank, I learned they had partnered with a third-party company, using customer data to offer this "complimentary" subscription.
The fine print?
After a year, the service would auto-renew at a steep monthly rate unless I opted out. The bank never sent a clear reminder or notification about the trial’s expiration, leaving me—and likely countless others—on the hook for unwanted charges.
This experience opened my eyes to how banks profit by sharing customer information with third parties, bundling services to seem generous while banking on our oversight. The identity protection service itself wasn’t bad, but the lack of transparency was infuriating. I canceled the subscription immediately, but not before losing $29.95 per month for 3 YEARS due to the unnoticed charges.
My bank also quit sending me paper statements, and switched me over to online banking. I told them i was having trouble logging in, they helped me at first but then “upgraded” their app, which kicked me out and it made it difficult for me to log back in. I ended up forgetting all about the app, deleted it and forgot i was not getting bank statements sent by mail anymore. (Irresponsible on my end for not paying attention) I know. That cost me.
Here’s what I’ve learned to avoid falling into similar traps:
Check Your Statements Regularly: Scan your bank and credit card statements for unfamiliar charges, no matter how small.
Read the Fine Print: If a bank offers a "free" service, confirm the trial duration and auto-renewal terms.
Set Calendar Reminders: Note trial expiration dates to cancel before charges kick in.
Use Free Tracking Tools: Apps like Rocket Money or PocketGuard can flag recurring charges, helping you catch surprises early.
Banks have a responsibility to be upfront with their customers, especially when their data is being shared or when costly subscriptions are involved. My experience was a costly lesson, but I hope sharing it helps you stay vigilant. Check your accounts, question "free" offers, and demand transparency from your bank—because no one should be blindsided by a $30-a-month charge for a service they didn’t choose.
Have you ever been caught by a hidden subscription charge? Share your story and let’s hold banks accountable!
Use Free Tracking Tools:
Apps like Rocket Money or PocketGuard can flag recurring charges, helping you catch surprises early.
here are several free subscription tracking apps that can help you monitor and manage your subscriptions. Based on available information, here are some of the best free options:
Rocket Money (Basic Plan)
Features: Tracks recurring payments, identifies subscriptions, and provides spending insights. It can also remind you about free trials to avoid unexpected charges.
Pros: Connects to bank accounts for automatic tracking, uses bank-level 256-bit encryption for security.
Cons: Premium features (like subscription cancellation or bill negotiation) require a paid plan ($6-$12/month).
Availability: iOS, Android, web.
PocketGuard (Basic Plan)
Features: Tracks subscriptions and overall spending, showing how much money you have left after bills. Includes basic budgeting tools.
Pros: Connects to bank accounts, uses bank-level encryption, and supports biometric security.
Cons: Limited to one savings goal and basic features in the free version; PocketGuard Plus ($12.99/month or $74.99/year) unlocks more features.
Availability: iOS, Android.
Hiatus (Basic Plan)
Features: Tracks streaming service subscriptions and allows manual input for others. Provides spending limit alerts.
Pros: Simple interface, 256-bit SSL encryption, no percentage-based fees for bill negotiation (unlike competitors).
Cons: Limited features in the free version; Premium plan ($9.99/month or $35.99/year) needed for cancellation or negotiation.
Availability: iOS, Android, web.
Bobby
Features: Manually input subscriptions with billing dates and costs, supports multiple currencies, and sends payment reminders.
Pros: No bank account linking required, ideal for privacy-conscious users. Ad-free with a one-time purchase option ($0.99-$2.99) for unlimited tracking.
Cons: No automatic bank integration, requires manual entry.
Availability: iOS.
Subby (Free Version)
Features: Manually add unlimited subscriptions, view monthly/yearly totals, and set bill reminders. Supports cloud backups via Google Drive.
Pros: Free with no subscription limit, simple interface.
Cons: Contains ads; ad-free version costs $2.99.
Availability: Android.
TrackMySubs (Free Plan)
Features: Track up to 10 subscriptions, categorize them, and view payment dates in a color-coded calendar.
Pros: Browser-based, supports multiple currencies, good for manual tracking.
Cons: Limited to 10 subscriptions; unlimited tracking costs $10/month.
Availability: Web.
Subscription Tracker
Features: Manually track subscriptions with customizable fields (name, amount, billing frequency). Offers push notifications and widgets for reminders.
Pros: No login or sensitive info required, data stored locally, ad-free.
Cons: Manual entry only, premium features (e.g., custom icons) require in-app purchases.
Availability: iOS.
Sortbilly (Currently Free)
Features: Tracks active and expired subscriptions, provides spending stats, and sends daily/weekly email reminders. Allows manual addition of subscriptions.
Pros: Free dashboard, no ads reported, simple to use.
Cons: May introduce fees in the future.
Availability: iOS, Android.
Tips for Choosing a Free App:
Automatic vs. Manual Tracking: Apps like Rocket Money and PocketGuard automatically detect subscriptions by linking to your bank, while Bobby and Subby require manual entry, which is better for privacy.
Platform Preference: Ensure the app is available on your device (iOS, Android, or web).
Additional Features: Some apps offer budgeting tools or reminders for free trials, which can be useful.
Privacy: Check if the app requires bank account access. Manual-entry apps like Bobby or Subscription Tracker are more private but require more effort.
If you prefer not to use an app, you can check subscriptions directly via:
iOS: Settings > [Your Name] > Subscriptions.
Android: Google Play Store > Menu > Subscriptions.
Bank Apps: Many banking apps now include subscription tracking features.
Do you use any of these Tracking apps? What do you like or dislike about them? Comment Below.