Have you heard about GoChange? It’s an app that acts like a virtual financial assistant that texts you financial updates that will hopefully keep you on track with your personal finances.
I’ve been using it for several weeks now and I have good, bad and ugly to report. The good is that some of us need to be forced to save and the Go Change app can do that. Fortunately I am not currently that person, but I think this app could be very helpful.
I didn’t go for the savings feature, however there is still value to be had. The notifications I got a lot out of were in the spending habits comparisons and when my banking balances were getting low.
The bad side, I have misgivings about another entity having random access to pluck money out of my bank accounts-it just gives me pause. It’s bad enough they know so much about my spending habits.
Ok, now the ugly. I did some research and found a consent order was issued March 2, 2016. This was handed down from the United States of America, Consumer Financial Protection Bureau. The filling was for “deceptive acts and practices relating to false representations regarding respondents data-security practices”.
GoChange asserted in its advertising from January 2011 to March 2014, that the transactions between merchants, friends, family and the consumer of the app were more safe than a credit card and that Dwolla’s data was secured using practices that exceeded the industries standards (https://gochange.co/privacy-
Admittedly this sound horrific, however once companies have an incentive to do as they say…they do it pretty well, because they have to. The current status of the filling as of March 3rd, 2017 at the CFPA is “inactive or resolved” (https://www.consumerfinance.
This is good news. Right now, since they got their act together, it may be one of the safest ways to save. Especially if the money in your hands has a way to slip away without conscious notice.
My GoChange Conclusion
If money seems to vaporize around you, GoChange may be able to open your eyes a bit on exactly why. It’s free and it can help you save if you don’t do that automatically on your own. The text reminders on your spending and the state of your accounts can also keep you involved.
Was it life-changing for me? No. But all free help is good help if you are trying to get ahold of your personal finances. If you need a bit of help, check it out through this link and let me know what you think!