Recoup AI Personal Finance Review

COVID-19 NOTE: In the wake of the pandemic, Recoup offers a service that identifies their customers' credit cards, fitness clubs, auto leases, loans, mortgages, and utilities that offer special refunds and rebates. The service is free, but customers must challenge those charges themselves.

Recoup monitors a wide range of financial activity for you, from multiple credit accounts and bank accounts to merchant purchases. How much they monitor depends on the information you provide, of course. Customers who maintain many accounts and find it challenging to stay on top of them in any real detail might find Recoup very useful. The service could be especially helpful, for example, if you regularly take advantage of opportunities to transfer balances to credit cards that offer limited time no-interest offers.

Receiving services from Recoup requires that you share a lot of sensitive financial information and your email account login. Some may see this as a tall order, but we were pleased to see that Recoup employs robust data security measures. They enforce separate access controls at each layer of their infrastructure. Multi-factor authentication is required when you log in. Their infrastructure regularly undergoes both internal and external network penetration tests and third-party code reviews. Moreover, Recoup does not receive or store its customers' credit card and bank account numbers; that data is handled by Plaid, a financial data transfer network.

Recoup offers two plans. Their "Self Service" option is free. Recoup identifes potentially challengeable charges on its customers' accounts, but the customers must purse refunds of those themselves. With the "Full Service" option, the company both identifies and pursues potential refunds for their customers. If a refund is obtained, Recoup keeps 25% of the money refunded as its fee. The company may also charge a small fee to pursue doubtful claims at the customer's request.

Recoup offers help through its mobile app and an online claim form on their website. They do not provide a phone number that connects you to a live person. The company cites security as the reason they don't provide support by phone. Since they are an artificial intelligence company, we were surprised to find no chatbot support on their site either. Its "Contact" page consists of a drop-down menu that essentially functions as a FAQ. There is, however, an option to fill out a web form to ask questions or report a problem, but it appears to be limited to use by existing customers only.