Cleo’s Personal Financial Management Service provides you with the following services:
- 50-30-20 Budget Plans
- Personalized AI-powered Budget Plan
- Spending Insights (via Roast Mode or Spendr)
- Cash Advance of up to $250
Cleo Wallet on the other hand is a service that allows you to set aside money to fund your long-term financial goals.
Here’s the kicker. The services mentioned above are free. Cleo’s Personal Financial Management Services and Cleo Wallet only require you to register for a free Cleo account.
If your purpose is to know how to budget and save money, the free version of Cleo will suffice. Learn how to cancel your Cleo AI subscription to start saving and consider other money management apps.
How to Cancel Your Cleo AI Subscription
Chatting with Cleo is the fastest way to cancel your subscription. Open the Cleo app and click the chat icon at the bottom right of the page to start a chat session. Type “Cancel,” and Cleo will walk you through the cancelation process.
You can also email a cancelation request to [email protected].
💡 Pro Tip: Cancel your subscription before the current billing period ends to avoid getting charged another month’s fee.
How to Cancel Your Cleo AI Subscription by Chat
Open the Cleo app and click the chat icon at the bottom right of the page to start a chat session. Type “Cancel.” Cleo will ask you a series of questions. The conversation with Cleo is part of the cancelation process.
After you’ve provided Cleo with the correct answers, an “Unsubscribe” button will appear. Click the Unsubscribe button. Cleo will email confirmation that your subscription has been canceled.
💡 Note: Deleting the app won’t cancel your subscription.
How to Cancel Your Cleo AI Subscription by Email
Email your cancelation request to [email protected], and be sure that the subject line is: “Cancelation.”
Include information that will help customer service verify your membership to the service, such as:
- Full name
- Email address (registered in your Cleo account)
- Mobile phone number
- Type of Cleo subscription
- The date you signed up for the Cleo service
- The last four digits of your credit card, if it’s your preferred payment method
What Are Cleo’s Paid Subscription Tiers?
Cleo has three paid subscription tiers that offer third-party services plus the benefits of the free account.
1. Cleo Grow
A Cleo Grow subscription allows you to open a Demand Deposit Account at Thread Bank. You can also access Cleo Habits and get insights into your spending history. A Cleo Grow subscription costs $2.99 monthly.
2. Cleo Plus
A Cleo Plus subscription allows you to monitor your credit score through Equifax. Cleo can give you tips on how to improve your credit score. A Cleo Plus subscription costs $5.99 monthly.
3. Cleo Builder
A Cleo Builder subscription costs $14.99 monthly and it allows you to apply for a Cleo Credit Builder card.
You won’t be subjected to hard credit checks, and the required deposit is only $1. But the credit limit of this card is equal to the deposit you make so you’re going to have to deposit more than $1 in most cases.
The Credit Builder Card functions like a typical secured credit card except that when you activate the Carefree Credit Building feature, Cleo will help you pay off your card each month.
This is of course in addition to Cleo reporting your account status to Experian, TransUnion, and Equifax, steadily improving your credit score every time you pay off your card.
What is Cleo’s Cancelation Policy?
You can cancel your Cleo subscription anytime. However, Cleo is a recurring subscription. It will automatically renew if you don’t cancel it before the current billing period ends. To avoid getting charged for another month, cancel your subscription before it renews.
Cleo can cancel your subscription if your payment method doesn’t have sufficient funds to pay the fees and other charges.
What is Cleo AI’s Refund Policy?
Cleo provides subscribers with a “Grace Period” to cancel their subscription and receive a full refund of their fees.
If you cancel your subscription within seven days of signing up, Cleo will process a full refund within four business days. The refund will be credited to the payment method you indicated in your account.
💡 Note: If you availed of a cash advance during the seven-day grace period, you won’t be eligible for a refund.
What is Cleo’s Cash Advance Service?
Cleo’s Cash Advance service allows you to withdraw money to pay for unexpected expenses. The Cash Advance feature is automatically included in the three paid subscription tiers.
However, you don’t need to subscribe to Cleo for a cash advance. If you’re not subscribed to the paid tiers, email a cash advance request to [email protected]. You won’t be charged for applying for a cash advance.
In your email, indicate that you want a cash advance, but you’re not subscribed to the paid tiers. The maximum cash advance is $250. If you’re a Direct Deposit Customer, Cleo can increase it to $500.
How to Qualify for Cleo’s Cash Advance
Qualifying for a cash advance will depend on how Cleo analyzes your spending habits relative to your earned income.
Situations such as having insufficient funds in your bank account, missed payments, maintaining a low account balance, and frequent cash withdrawals can negatively impact your cash advance application.
How to Repay Your Cleo Cash Advance
An interesting feature of the cash advance service is that you’re not obligated to pay it. The risk of default is Cleo won’t approve future requests for cash advances.
Remember, you authorized Cleo to withdraw the repayment for the cash advance from your linked account. If Cleo assesses that your linked account has insufficient funds, a partial payment might be initiated.
Likewise, Cleo might initiate future attempts to withdraw funds from your linked account until the cash advance is repaid in full.
Why Is Cleo Charging Your Account?
There are five reasons why Cleo continues to charge your account.
- You’re Still Subscribed to Cleo. To cancel your subscription, start a chat session with Cleo by typing “Cancel” in the chat box. Cleo will walk you through the cancelation process.
- You Haven’t Repaid Your Cash Advance. Cleo will continue to attempt to collect unpaid cash advances by debiting your linked bank account.
- You Transferred Money to Your Cleo Wallet. You might have requested Cleo to transfer $50 from your bank account to your Cleo Wallet. If you want the money returned to your bank account, type “withdraw $50” in the chat box. Cleo will credit the $50 back to your account.
- You Might Have Used Express Payout to Process Your Cash Advance. If you want to get your cash advance on the same day it was approved, use Express Payout. However, the service costs $3.99.
- The Amount Deducted is an Auto-Saving. If the amount of the auto-saving is $5, type “withdraw $5” in the chat box. Cleo will credit the $5 back to your account. To disable the auto-saving feature, type “disable auto saving” in the chat box. Cleo will automatically turn off the feature.
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Summary
Cancel your subscription by chatting with Cleo. Open a session by clicking on the icon. When Cleo appears, type “Cancel.” Cleo will start the cancelation process by asking a series of questions.
An “Unsubscribe” button will appear after you’ve answered Cleo’s questions. Click on the button, and Cleo will email confirmation that your subscription has been canceled.
You can also cancel by emailing a request to [email protected].
Cancel your subscription before the current billing period ends to avoid getting charged another month’s fee.
