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DOUUGH
BACKGROUND INFORMATION
FOUNDED: 2016
FDIC: Yes
CURRENCIES: USD
ATM LIMIT: $500 / day
ATM FEE: FREE
PREMIUM OPTION: NO
APP: iOS, Android
CUSTOMER SUPPORT: Email, Live Chat
IBAN: YES
MONTHLY FEE: $4.99
TRANSFERS: Yes
LOADING OPTIONS: Bank transfer or Check
CARD CHARGE: $0
What Is Douugh? 📖
Douugh is an AI-powered banking app that aims to help you manage your money more effectively. If you need a checking, saving and budgeting service that help you avoid overspending and provide convenient automation, this may well be the right option for you. However, it is worth noting that it lacks some of the features you may expect to come as standard with services of this type.
How Does Douugh Work? 👨🏫
The service uses artificial intelligence to help you change your spending habits for the better so you can reach your targets. It allows you to put cash aside for bills, cover short-term expenses and enables you to meet your long-term financial targets. However, a dealbreaker for some is that it costs $4.99 a month to maintain a Douugh account. You’ll also need to invest in ETFs if you want your cash to grow whilst it’s in your account. You will only earn interest on money that you have invested with Douugh. If you want to earn a big APY, you will need to look at something other than this service.
Key Features of Douugh ⚙️
Once you have applied for your card, you should receive it within 10 business days. The next step to take is to activate it. You can then start using your account. If you’re interested in opening a Douugh account you’ll need to be a US citizen as well as a resident. Make sure you have your Social Security number ready when you apply. You’ll also either need your driver’s license or another form of Government-approved ID.
Key features of Douugh include savings goals. These help you to create savings jars for bills, emergencies and other targets that you may wish to set. There are also diversified portfolios built by specialists that you can invest in if you want your money to grow. AI is used to distribute parts of your paycheck into pots for bills, saving and spending. Another big benefit of Douugh is that you can use it to link your credit cards and other bank accounts to get a complete overview of your current financial situation. You can do this is the Pulse part of the Douugh app.
As long as you withdraw your money from a MoneyPass ATM, you won’t need to pay anything to do so. However, you can only withdraw up to $250 per time or $500 a day. Should you use an international ATM, you could be charged twice. You’ll pay $3 to Douugh and any fees charged by the ATM owner. As previously mentioned, Douugh is no longer free. You’ll have to pay $4.99 per month to use it. You can’t make cash or check deposits, though it’s rumored this functionality is on its way. You can only earn interest by investing. You won’t gain any interest by adding money to your savings jars. ‘
How Much Does Douugh Cost? 💸
Maintaining an account with Douugh will cost you $4.99 a month.
The Douugh App 📱
You can find the Douugh app on Google Play and Apple’s App Store. This makes it easier for you to manage your money on the move.
Is Douugh Safe and Secure? 🔒
Your Douugh account will be FDIC insured up to $250,000. Any investments that you make with the service will be protected up to $500,000 thanks to the Securities Investor Protection Corporation (SIPC). Features that should give you substantial piece of mind include artificial intelligence-powered fraud detection and multi-factor authentication. The service isn’t currently accredited by the Better Business Bureau (BBB).
Advantages of Douugh 👍
- Savings goals
- Investment opportunities
- Financial automation
- Money monitoring
Disadvantages of Douugh 👎
- Can’t make cash or check deposits
- $4.99 monthly fee
- No interest from savings
Conclusion 💭
Douugh is undoubtedly a great match for some people but it won’t be the best service for anyone. If you want to grow your savings via interest, make cash or check deposits and avoid monthly fees, you may wish to look elsewhere. However, the service could be suitable if you need help with saving money, want to invest and wish to see several money management activities automated to reduce your workload.
If you want to deposit or withdraw money in and out of your account, you do have options. You can move money via ACH transfers, wire transfers direct deposits, Venmo transfers and through e-wallet solutions like Google Pay, Samsung Pay, PayPal, Apple Wallet and Venmo.
Should you ever wish to speak to a member of the Douugh team, this shouldn’t prove too difficult. You can do this by sending an email to help@douugh.com. There is also an address that you can send physical correspondence to and this is: 170 East Main Street, Suite 1278, Patchogue, NY 11772. You can also interact with the team at Douugh on social media platforms like Facebook, Twitter and Instagram. Douugh can also be found on YouTube.
One thing which may have affected the popularity of Douugh is that the service was once free. $4.99 a month may not seem like much for some people, but this could be worrying if you’re on a tight budget and already have a large number of outgoings. You may find a free service that offers all the money management tools that you require. Nonetheless, automation can make it easier for you to stay on top of bills and ensure you don’t fall behind with your financial obligations.
Your MasterCard debit card can be used with most online and offline retailers, and you can also invest in managed portfolios without facing any additional advisory fees. Although the savings jars help you to put money aside, you won’t be earning any interest on any of the cash you place in these. If you are interested in starting a Douugh account, it’s important to think carefully about the drawbacks to avoid regretting your decision further down the line. Nonetheless, the perks on offer do make this an appealing option for many people in the US.
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