Cushion App Full Review
Here at Money Making Mommy, we want to keep you informed of all the newest money-saving apps on the market, and lately, we’ve noticed a lot of hype surrounding one that comes at savings from a different angle.
Banks and financial institutions. Most of us have a sort of love-hate relationship with what we see as a necessary evil. A trusted institution that will keep our money safe, while trying to squeeze every extra penny in fees out of us wherever it can. Some fees are warranted, while others remain questionable.
Then there are the downright sketchy fees and rates that leave us wondering if we should try to fight them, though we are often too busy or uninformed to try it ourselves.
Most of us don’t know the finer banking laws or possess expert negotiation skills. Are a measly 30 dollars here and there really worth hiring a lawyer over? Usually, after factoring in legal fees, it’s just not.
Enter the Cushion App, a way to automatically get money back from your bank or credit card companies with almost no effort on your part. (You might also want to check out my Acorn app review, Acorns App Review: Is It Worth Going Nuts Over?. It’s another helpful financial app.)
What Is the Cushion App?
This is a brand new type of service that will haggle with banks and credit card companies on your behalf, working to get your money back from wire transfer fees, minimum balance fees, overdraft fees, transaction fees, and more.
How Does It Work?
To be truthful, in the coolest way imaginable. That’s right: Robots! The creators of the cushion app, who have cheekily coined themselves, “Defenders of Your Money,” send their loyal “Fee Fighter” bots out to review your finances in search of opportunities to renegotiate terms or rates and reduce or eliminate costs incurred by financial institutions.
In an effort to avoid taking up valuable storage space on your phone or device, they communicate with you via a secure facebook messenger bot.
Here are the 7 simple steps you need to follow in order to receive money:
Step 1: Sign Up for Cushion
Step 2: Create an Account and Connect Your Bank(s)
Step 3: Go About Your Daily Life and Wait for the Bots
Step 4: Grant the Cushion app Permission to Fight Specific Fees
Step 5: Continue Going About Said Life
Step 6: Get Your Money
Step 7: Repeat Steps 3-6.
The bots contact your bank via chat or email. After a full analysis of your banking history, they connect with your via facebook messenger app to ask permission to fight fees and rates they think they can negotiate. Once you give the go-ahead, they negotiate your refund, letting you know the results within 24 hours.
New users typically get their first refund within few hours of signing up!
What is the Cost?
It’s a FREE Service! Believe it or not, there is no startup, annual, or monthly fee.
They make their money by taking a 25% finders fee from any refunds you receive, which sounds like a lot, but think of it this way: much like a gimmicky law firm slogan, they don’t get paid unless you get paid, which means you know they’re going to be out there busting their hump to bring you (and themselves) that sweet money.
Is the Cushion App Safe?
According to the Cushion website, they use the highest security standards to protect your data, as well as security partnerships and experts that ensure a secure infrastructure. Protecting sensitive information, such as user names and passwords as well as bank account information from being divulged is a strong suit of this company, because:
- Cushion uses 256-bit SSL encryption
- Their security expert came from Bill.com, a company with over 20 years of security experience.
- Initial Investors include the heads of security at Lifelock and Symantec
- Cushion’s host server is Amazon Web Services (AWS)
What Do Users Think?
Pros: Get refunds fast with little to no hassle.
Considering the average savings within the first 24 hours of signing up with Cushion is $50-100, the ratings could not be better. Almost every review loved this aspect.
Cons: It’s not available to everyone…yet.
This app is brand new, and as of right now, Cushion only supports the following US banks and financial institutions:
- American Express
- Bank of America
- Wells Fargo
If you don’t have an account with one of those institutions, you’re out of luck, at least for now. However, they plan to roll out with several others soon. This was the only legitimate drawback we could find.
Also, one guy had a petty beef with the name. Don’t worry, though. Everyone else told him he was ridiculous.
Who Should Use the Cushion App?
As mentioned, only customers of certain financial institutions can use this app, but once they get the ball rolling with the others, we can’t imagine why anyone wouldn’t want to recoup some of the money their banks take from them on the regular.
Normally we try to find some possible drawbacks to an app, and maybe once they start servicing customers on a broader scale, more will appear. For now, we’ll say security could potentially become an issue as they grow, but even this seems unlikely, considering their team’s expert security background.
Really, it’s a free service, so what do you have to lose?
Perhaps you’re the kind of person who enjoys spending 20 minutes of your day on the phone fighting $5-$30 fees on the regular. In that case, I guess you’d be out 25%, assuming you’re practiced in expert negotiation like the bots.
If this is not you, we would suggest signing up as soon as possible. We will be…as soon as they support our banks. It may even be worth switching to a company supported by Cushion. For more information, visit the Cushion website here.