Frequently Asked Questions
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What is Clarity Money?
Clarity Money is a personal financial management tool that acts as your champion. Clarity Money connects to all of your accounts and provides real-life recommendations that can improve your financial health. All from within the app, you can cancel recurring subscriptions, lower your bills, get your credit score, get a better credit card, transfer money between your accounts and set up a savings account.
Our promise: We won’t make a recommendation that does not objectively improve your financial well being. This is our promise to you and we will never break it.
Clarity Money is always humming along quietly in the background, helping to make sure that you are on top of your finances and making the best financial decisions.
How does Clarity Money work?
1. Connect your accounts
To use Clarity Money, you need to connect your checking or savings accounts, credit cards or debit accounts and investment accounts. This allows us to analyze your income and spending. We use 256-bit encryption and we don't store your bank login credentials.
2. Get real-life insights
Clarity Money recommends actionable insights, like canceling recurring subscriptions or getting a better credit card.
3. Make it happen
Act on our recommendations right in the app. We’ve built relationships with the world’s largest financial institutions so you can take action right in the app. You can get a new credit card with just a few taps or save automatically each week, directly from the app.
How does Clarity Money let me do everything directly from the app?
Clarity Money works with banks and service providers to offer services within the Clarity Money app. We've already done the research, developed the relationships, and integrated the technology to make the process as seamless as possible for you.
Is Clarity Money secure?
Yes. Clarity Money employs multi-level security mechanisms including dedicated firewalls and VPN services. Data is transmitted securely using Transport Layer Security (TLS) 1.2 and 256-bit encryption. All information is stored using AES-256 encryption and is managed using strict data access policies and controls. We do not store your bank login credentials and we will never sell your data.
How is my data used to improve my financial health?
By analyzing your spending patterns and income we are able to identify ways you can improve your financial health. We do this by uncovering potentially wasteful accounts, lowering your bills and using statistical models designed to evaluate better credit options that may be available to you.
Is Clarity Money free?
Clarity Money’s basic service is free. We do charge customers who use our bill lowering service a percentage of the savings we are able to obtain for them.
How does Clarity Money’s bill lowering service work?
Through our partner BillShark, we will reach out to your service providers and try to get them to lower your bills by taking advantage of certain coupons or discounts you may be entitled to.
If we are able to lower your bills, we will let you know how much we are able to save you. If you decide you want the savings, we will charge you 33% of the annual savings, but only after the savings we have obtained for you have gone into effect.
For example, if we are able to save you $100 on your cable bill, we will charge you a one time fee of $33 dollars, but only after the discount we got you has gone into effect.
We will never change your service contract or commit you to anything unless we have communicated every detail to you and you have decided to approve the changes to your account.
Why don't I see an offer to lower my bills?
Not all bills can be lowered, so you’ll only see this option if we believe we can save you money.
How does Clarity Money offer its basic service for free?
Clarity Money eliminates the most expensive part of financial planning: manual account management performed by overpaid advisors. Instead, we rely on your spending history to give us insights that may help you make better financial decisions. We get paid a fee from our partners when you take advantage of their services or products. We maintain a strictly unbiased approach when selecting service providers and we will not encourage you to take unnecessary action or recommend a product or service that does not objectively improve your financial well being.
My situation is unique, will Clarity Money cover me?
We've worked tirelessly to provide simple, clear insights for all situations, but we know that we can’t answer every question within the app. If you can’t find what you need, contact Clarity Money at any time through our chat feature to talk with our friendly support team.
Is Clarity Money useful if I don't need any new financial products?
Yes, very. The most common use of Clarity Money is managing your bills and expenses, tracking all of your financial accounts and monitoring your financial health. If everything looks good, we’ll encourage you to close the app and go about your day.
How does Clarity Money help me save money?
We know how challenging it is to commit to a savings plan, so Clarity Money helps you do it automatically through the Clarity Money Savings Account feature. We also find ways to eliminate wasteful spending by helping you cancel accounts you no longer use. In many cases, we are even able to lower your bills.
How does a Clarity Money Savings Account work?
Your free Clarity Money Savings Account is designed to help you automatically save. You can activate your account by setting a goal, selecting an amount and how often you would like to save. Once you’ve done this, select an account you would like to draw the funds from, then set it and forget it. We’ll start to save for you.
You can turn this auto-save feature on or off at any time, withdraw funds at anytime and there are no fees associated with your account. Please note it can take up to 72 hours to transfer funds out of a Clarity Money Savings Account.
All funds held in your Clarity Money Savings Account are FDIC-insured up to $250,000 and held by our banking partner, Wells Fargo Bank, N.A.
How does Clarity Money get my Credit Score?
We work with Experian, one of the largest credit bureaus in the United States to offer you a free credit score.
How does Clarity Money’s Transaction Monitoring service work?
Through our partnership with Experian and our internal systems, we offer transaction monitoring to our customers. Our service monitors your credit score, transactions and alerts you of any changes that may impact your financial health. This feature is coming soon, so stay tuned.
Can Clarity Money get me a loan?
Yes. We work with some of the nation's largest lenders so that you can get a low-interest loan to fund things like a home-improvement project, repay your credit card, or refinance your student loan. All of this happens within the app, so you don't have to re-enter all of your personal information to get a loan. This feature is coming soon, so stay tuned.
Where is Clarity Money currently available?
Clarity Money is currently available in the Apple App Store. An Android version of the app will be available in early 2017.
What banks does Clarity Money support?
Clarity Money supports over 18,000 banks and other financial institutions throughout the United States. This means that you can link virtually any account to Clarity Money. If you don’t see your bank or investment firm listed in the search results on the account linking page, please email us the name of the institution, as we are always adding new partners to our platform.
Does Clarity Money work with banks located outside the United States?
Unfortunately, Clarity Money is U.S.-only right now. We have plans to expand internationally in the future.
How do I delete my Clarity Money account?
Please send us a message within the chat feature of the app and we will delete your account. Upon deleting your account, all your data and linked accounts will be removed from our systems.
Have other questions?
We are always here to answer them. You can reach us at feedback@claritymoney.com.