I was reading about the Charlie App. The information states that it assists individuals with saving money by taking out a small amount of money from your account so that you can save and pay off your debts quicker. My issue is linking it to my bank account, but it does state that it’s FDIC insured. I was wondering if anyone from the Penny Hoarder Community used this app. If you have I would like to know your experiences and was it beneficial in helping you to reach your goal of getting out of debt quicker.
In general I would not link any app to my bank account.
Banks in themselves are protected by the FDIC, which means if your bank fails, the federal government will come in and insure the amount of money in your account up to $250,000. Apps and digital platforms offer no such guarantee backed by the federal government unless they are an investment app.
Read here and choose wisely:
Best to you.
I have not personally used this app. I did notice The Penny Hoarder did write about them: https://www.thepennyhoarder.co…-finance-app-review/
For most people who are concerned about connecting their bank account, I would not recommend just doing it unless you are super confident in the company.
I on the other hand tend to test things and am probably not as careful as I should be when it comes to that.
I did sign up for a similar service once but I didn’t set up my account properly so it wasn’t working… however they did start charging me without my knowledge so I ended up paying like $10 a month for 2 months even though it wasn’t actually working.
I would say you are better off just setting up a different bank account and setting money aside, it won’t be automated but it’s the same idea.