Betterment LLC CFPB Complaints

2000 Latest Complaints

Date Received	Timely Response	Product	Issue	State / Zip	Submitted Via	Tags
01/22/2022	Yes	Checking or savings account Checking account	Closing an account Company closed your account	CA 95758	Web
Introduction : I am confused at how my account was closed. I lost my wallet and called Betterment to have my debit card reissued and access to the old card denied. Somehow this call caused Betterment to unilaterally close my account with no excuse except to state We dont think our services are sufficient for your needs. Initially, after my first call, Betterment sent me an e-mail requesting documentation to prove my identity to get a new card issued. Approximately XXXX hours later, I received a second e-mail stating that my account was closed. Eventually, I learned that I would not be able to ever open another account with Betterment, meaning I was banned from doing business with the company in the future. Obviously, to go from such an ordinary request to a permanent ban, on its face, appears to be arbitrary and capricious, and I am worried something nefarious is going on behind the scenes that I am not privy to. Below is the full story. Background : I lost my wallet while outside the United States on XX/XX/XXXX. I had XXXX cards inside the wallet ( a combination of debit cards and credit cards ), so I went through the normal procedure of cancelling all the cards that were lost, to prevent illicit use of them. Each of these calls were normal, and most even had a streamlined process for this. Betterment was the third company I called out of XXXX, and little did I know this would be the most complicated and consequential. I eventually made XXXX calls to Betterment. Call # 1 : - XX/XX/XXXX Agent Name : XXXX I called Betterment with the intent to block access to my current debit card and have a new card issued to me. XXXX went through the process of verifying my identity. I could answer every identifying question, except for my " personal security questions. '' I usually write down random trash for these and did not remember what I had put. These are not required for online login, so there was no incentive to remember them. This seemed to be a cause of concern for XXXX because she put me on hold as she consulted with another colleague. After asking me some more questions, to verify my identity ( which I am confident I answered correctly ), she placed me on another long hold. She came back and stated I needed to submit documentation to reset my security questions. I was concerned at the time she did not understand the intent of my call ( cancel old card and re-issue new one ) so I explained once again the reason for my call and my concern that she was not understanding my request ( I did not mind sending additional documentation but wanted to make sure the old card could not be used by someone else ). She confirmed my old card was cancelled and in order to have a new card issued, I needed to submit the documentation. I planned to scan my documents later that day and respond to her e-mail. At present, with the ability to think about past interactions, I know I had called Betterment approximately a month before this call to remove a duplicative account and with help changing my e-mail. There was no problem with this prior call, and I have no recollection if I was even asked my " personal security questions. '' Even if I was asked for my personal security question, it obviously did not prevent me from moving further on this previous call. I understand that every institution has their own procedures and I saw that I had indeed received the e-mail with instructions for the documentation. Later in the afternoon, when I went to respond with my documents, I had a follow-up e-mail from XXXX stating that : " After reviewing your account, we have determined that our platform and services are not a good fit for your needs, and have terminated your customer agreement. '' I was confused as there seemed to be XXXX contradictory e-mails, and it also appeared that there was a major escalation from a basic request to what would eventually become a permanent ban. The e-mail interactions are attached as " Betterment Call # 1. '' Call # 2 : - XX/XX/XXXX Agent Name : XXXX After the conflicting e-mails, I called Betterment a second time to understand what was happening. Since both e-mails were so contradictory, it appeared that it couldve been a mistake. When I spoke with the agent, she asked security questions, and after answering them ( Obviously personal security questions were not an issue this time ), she stated that the team she needs to speak with was currently unavailable, and she would follow-up by e-mail. Later, her e-mail was brief, simply stating that the team wanted my mailing address, which did not address my initial question and had myself concerned, once again, if the Betterment customer service staff was understanding the reason for my call. The e-mail interactions are attached as " Betterment Call # 2. '' Call # 3 : XX/XX/XXXX Agent Name : Unknown/XXXX I called Betterment a final time to understand what was going on. This time, the agent was able to speak to the correct department and informed me that my account was indeed closed. I asked if she could get me in touch with the team that makes these decisions, and she was able to have them follow-up with an e-mail. Overall, she was the most helpful and its a shame I did not catch her name. At this point, I had some back-and-forth messages with XXXX. She informed me the account was closed. The e-mail interactions are attached as " Betterment Call # 3. '' She took a very harsh and rude tone, as if my basic questions were beneath her time and it seemed difficult to get answers to simple basic questions ( Ex. Is the account simply closed, or am I banned? ). Almost as if I had done something so outrageous that its insulting for me to pretend that I am unaware of what I had done. ( How dare I leave my wallet on the bus ) I can understand why Betterment may want to be harsh with customers that are abusive in some way, but again, I originally called because I lost my card. Its not lost on me that maybe if I wasnt responsible and had not immediately called Betterment moments after losing my wallet, circumstances would have been different. Luckily, I acted fast enough so nobody had used it, but I cant help but feel punished for trying to do the right thing. Conclusion : At this point, my mind is racing with possible causes of why I was banned from continuing to do business with Betterment. Was it that I did not know my security questions? Did they not enjoy the cut of my jib? Was I not a profitable customer? Since the ban comes off as so arbitrary and capricious, I believe that either some error occurred, or that other nefarious causes occurred in the background that I am not privy to. Additionally, I was informed several times that Betterment had, in their words : determined that our platform and services are not a good fit for your needs. Its a bit insulting for the company to insinuate that I made the decision not to continue the banking relationship when Betterment unilaterally terminated the Agreement, and I was very happy with the services. I am not aware of any other institution that bans customers who lose their debit cards. I suppose I could understand if there was fraud or a significant amount of stolen funds, but again, I called early enough to prevent this.
04/22/2021	Yes	Checking or savings account Checking account	Problem with a lender or other company charging your account Transaction was not authorized	TN 37214	Web	Servicemember
I opened a Betterment account about a year ago and did not have any issues until I began seeing unauthorized charges on my account at the end of XX/XX/XXXX. At that time I called Betterment customer service about the charges and was told they would need to contact Visa on my behalf with me on the line in order to dispute any unauthorized charges. While waiting for this call to connect, I was hung up on and had to go back to work, so was unable to call back until XX/XX/XXXX. At that time I called back and explained to another CSR that there were unauthorized charges and they said they can now file disputes themselves without going thru Visa so I gave them a list of transactions below. transactions : XX/XX/XXXX : XXXX {$26.00}. XX/XX/XXXX : XXXX {$33.00}. XX/XX/XXXX : XXXX XXXX {$170.00} XX/XX/XXXX : XXXX XXXX {$24.00} XX/XX/XXXX : XXXX {$39.00} XX/XX/XXXX : XXXX XXXX XXXX, {$440.00} XX/XX/XXXX : XXXX XXXX, {$9.00} XXXX XXXX. {$84.00} XXXX XXXX. {$140.00} XX/XX/XXXX : XXXX {$22.00} XX/XX/XXXX : XXXX {$110.00} XX/XX/XXXX : XXXX {$110.00} XX/XX/XXXX : XXXX XXXX, {$9.00} XXXX. USPS XXXX XXXX XXXX {$39.00} I explained to the csr that the above charges were not authorized by me, I did not give anyone permission to use my debit card nor was my debit card lost or stolen. Then the CSR explained the dispute process including when I may receive a provisional credit. They also told me my debit card would be cancelled and a replacement mailed. On XX/XX/XXXX I received a provisional credit for some of the charges but not all. And I still did not receive a replacement debit card. When I contacted them they said that a replacement would not be issued at the this time. I proceeded to ask how I would access those credits since they are online only and they recommended a bank transfer. On XX/XX/XXXX, I became aware of additional charges on my account that I didnt authorize. I had to take time off to contact Betterment between XXXX eastern and after I told the CSR, XXXX about the charges, she said she wasnt sure if she could dispute those. After holding several times while she tried to find out if she could dispute specific charges and leaving a message asking that a manager contact me, she hung up on me. At that time it was after XXXX and when I called back they were closed. I received an email a short while later apologizing for hanging up and letting me know I could dispute charges from XX/XX/XXXX. I replied that I did need to dispute the charges below and didnt get a response. So I called back on XX/XX/XXXX and spoke with a different CSR XXXX. I spent over 1.5 hours on the phone with this person regarding additional unauthorized charges on my account. The CSR, XXXX, was incredibly rude, inconsiderate and completely lacking professionalism. I have never experienced such complete lack of regard from CSR in my life and it is a shame that she represents that company. It was apparent when she continuously talked over me while I was speaking, asked me 4-5 times if I lost my card or stolen ( which I explained the first time that it was not ), questioned me numerous times about why I didnt report the disputes in XXXX sooner ( even though the statement just came out-she made sure to tell me I could have seen the charges online at any time ). Her lack of consideration for my time while I am at work by putting me on hold 3-4 times for 10-15 minutes at a time was absolutely unnecessary. And finally she actually laughed, said excuse me then put me on hold a fifth time ( with no communication that she was doing so ) in response to my statement that there were more disputes than the two I gave her ... and never came back on the line. So I disconnected and have not heard anything since then. I had been trying to file these disputes since XXXX but was not able to call during their specific hours until this week and was both hung up on and put on hold without notice by 2 different agents. That same day I received an email from a manager instead of a phone call. I explained all that happened above and informed the manager that I wished to dispute the below unauthorized charges on my account since I could not get anyone to help me on the phone. XXXX XXXX. {$84.00} XXXX XXXX. {$140.00} XXXX USPS XXXX XXXX XXXX {$39.00} XXXX XXXX. {$30.00} XXXX XXXX. {$100.00} XXXX XXXX. {$19.00} XXXX XXXX. {$40.00} XXXX XXXX. {$24.00} XXXX XXXX. {$62.00} XXXX XXXX. {$100.00} XXXX XXXX. {$24.00} XXXX XXXX. {$100.00} XXXX XXXX. {$100.00} XXXX XXXX. {$79.00} XXXX XXXX. {$13.00} XXXX XXXX. {$24.00} XXXX XXXX {$51.00} XXXX XXXX. {$35.00} At this time I also filed a FTC Identity Theft Report online so these unauthorized charges could be followed up on. I also sent Betterment a certified letter detailing the additional unauthorized charges listed above and requested that disputes be filed on those charges since they were not authorized by me. At this time I have only received provisional credit for a portion of the unauthorized charges on my account.
10/18/2021	Yes	Checking or savings account Checking account	Managing an account Deposits and withdrawals	OR 970XX	Web
On Thursday XXXX of XXXX I attempted to use my Betterment Debit Card, associated with my checking account. The transaction was denied, 'please contact your bank '. ( this is the 2nd time this summer they they have frozen my card, without even a polite phone call to make sure it did not put me in a bind, like trying to buy fuel ) When I contacted them the next morning, customer service line, they informed me that they were 'suspicious ' deposits from XXXX and would I please tell them what they were about. I explained that my father was sending me money for a home improvement project through XXXX from his bank. They indicated they would 'pass it along ' and please allow 3-5 business days to get resolution. I explained to them that 3-5 days was a bit of a burden as this was my only checking account. That did not matter. On Monday the XXXX I called to get an update on my account being 'unfrozen ' and when customer service was unable to help me in any way I asked to 'escalate ' to a supervisor. I was told that wasn't the way it worked. They would 'email ' their supervisor and they would be in touch ( literally this is a quote ) 'when they have time ' or when they can. Something very close to that. The call was recorded for quality so they know exactly what was said. I called the next day requesting an update so I could access my account. Nothing. I called on Wednesday the XXXX asking why no one could simply call me and tell me what was going on and why my account was still frozen. Customer services is very limited to what they can do. I told the representative that I was going to call back every two hours until I heard from someone. On Wednesday, XX/XX/2021 at XXXX XXXX I received an email stating that they were closing my account and not to bother customer service any more, to ONLY communicate through this email thread. So they closed my account pursuant to something and then with out asking me transferred the balance, of just over {$1000.00} to a closed checking account that I no longer had access to. ( It was the initial funding account when I opened my Betterment account, but had been closed XX/XX/XXXX -XXXX was being purchased by XXXX and I had opted out of the transition and asked XXXX XXXX close my account ). That weekend XXXX of XXXX was when the XXXX merger was taking place so there was no one to answer my questions until the next Tuesday the XXXX when XXXX confirmed that I had not had a checking account migrated to them and there was no money waiting for me from Betterment. I relayed this to Betterment, through the requested Email Thread that day. I have not received ANY communication from they since then. I have emailed them daily with a polite request for an update on when and how they will be getting me my $ XXXX back to me ( I honestly don't know exactly how much. When they closed the account it went to {$0.00} ) I am completely flummoxed by two things ; their lack of communication and any attempt at. Transparency. As of today at XXXX Pacific I have not heard Anything from Betterment. Attached is the email thread.
12/10/2020	Yes	Checking or savings account Checking account	Managing an account Funds not handled or disbursed as instructed	NY 11357	Web
Hello CFPB, On XX/XX/XXXX I opened a Betterment Bank Checking Account after seeing it on an App called XXXX. Opening this Betterment account and funding it ( no minimum funding requirement was stated ) meant that I would receive XXXX XXXX points, the equivalent of {$50.00} in gift cards. After months of waiting, I never got my points. I contacted XXXX and they replied that Betterment is declining to give me my points because I only deposited {$0.00}. Once again, there was no minimum deposit amount stipulated in the terms and conditions. They are not honoring their side of this deal. What XXXX said : Sure thing, XXXX! The Betterment offer steps are as follows : You must be a new customer To earn your XXXX points, open and fund a checking account through the button below You must click the button below and open and fund your account in the same session XXXX points are not eligible on Investing and Cash Reserve accounts As I said, the checking account does have to be funded, so XXXX does not meet that requirement. My response : So what you're saying is that the XXXX deposit I put in doesn't count? What XXXX said : Hi XXXX, Unfortunately, yes that is the case. We have been told of a couple of blogs that were advocating this that were not associated with XXXX that drove some members to create Betterment accounts with XXXX and other disqualified rates. We've done our best to help correct for this, but it looks like Betterment has declined this particular case already based on the amount of XXXX cents being used to fund the account setup. What I said : See that's the thing. The minimum deposit amount wasn't listed on the terms and conditions. I deposited correctly ( sure it was only {$0.00} ) but I fulfilled my end of this deal. I opened this account purely because I wanted the points on XXXX. What needs to be done on my end to get these points? Should I contact the CFPB and make a case against Betterment? I think that will suddenly make them accept that they have to honor this deal. What XXXX said : Hi XXXX, I do hear your point here, but as I said, Betterment has deemed this as insufficient to be considered reasonable funded. We've had several members misled by the blog posts that suggested this, and have had a painful time assisting them because of it. _____________________________________________________________ So here we are today. CFPB you're my only hope to rectify this situation. Betterment Bank scammed so many people who opened accounts, got a hard pull on their credit score, didn't stipulate a minimum requirement ( just that it had to be funded during the same account opening which is what I did ), realized their mistake, and now they're trying to put the blame on the customers. This is the definition of a scam. Please do whatever you can to help consumers like us from these banks that are trying to get away with scamming us. Thank you so much.
07/11/2022	Yes	Checking or savings account Checking account	Managing an account Deposits and withdrawals	MN 558XX	Web
My payroll deposit was credited to my account late on Friday, XX/XX/XXXX. I had some ACH debits that were scheduled to hit my account the same day my payroll was set to deposit, but because the payroll was credited late that morning, all of my ACH debits had been set to be returned as unpaid. I spoke with a representative, I believe her name was Dot, and she advised me that the transactions had already been returned, that no one at Betterment could fix them, and that I needed to re-initiate those transactions if I still wanted them paid. I did as Betterment advised me to, and I re-initiated the transactions. The following business day, Monday, XX/XX/XXXX, the transactions attempted to clear my account again. Although I had sufficient funds to cover the transactions, Betterment marked them all to be returned a second time. I sent Betterment a support message as soon as they notified me that they were returning my transactions again. After several hours, I was not contacted back yet, and so I called, and spoke to the same representative again, Dot, and she was confused as well, as to what was going on. After almost an hour on the phone, Dot said she would " escalate '' my account and that someone would contact me back. After waiting nearly all day, no one had contacted me, so I called again and spoke to XXXX. XXXX was helping me communicate with a manager, as he explained I was not allowed to speak directly to anyone in management. During my phone call with XXXX, he ended the phone call abruptly, with no explanation. I called back again and spoke to another representative. She explained to me that the account was too confusing for them and that I had to wait until everything settled, so they could figure it out, and that I'd just have to wait for someone in their back office to review my account, as apparently no one had looked at it yet. I told all the reps that returning my transactions was causing me fees and charges, and I only did what they told me to do on Friday.
09/21/2023	Yes	Checking or savings account Checking account	Managing an account Problem using a debit or ATM card	SC 299XX	Web	Older American, Servicemember
On XX/XX/2023, I contacted Betterment Financial LLC Support to file a dispute with the XXXX XXXX XXXX XXXX XXXX XXXX that Betterment uses for their checking account product. As outlined in the attached document, there were four ( 4 ) unauthorized charges totaling {$590.00} against my checking account via the unauthorized use of my Betterment debit card on XX/XX/2023 and XX/XX/2023 at an unknown XXXX store. My debit card was in my possession and had not been lost or stolen. It's unknown how the unauthorized party obtained the debit card information to include my address. On XX/XX/2023, I received the attached letter from Betterment informing me that the debit card used was complete with the " CVV2 '' code and my address. Betterment concluded that these charges were '' ... authorized transaction ( s ) and benefit was received. '' based on the completeness of the debit card information used for these purchases. The letter further stated that the investigation was closed based on the report from the nbkc bank and no reimbursement of {$590.00} would be forthcoming. I did request copies of the documents that were relied upon to render their decision as offered in the Betterment letter. Upon receipt of a heavily redacted documented ( attached ) there were no details on the document that could assist me in disputing the unauthorized charges with the exception that although the address matched the debit card used, the ZIP code " ... does not match. '' This error was not challenged or discussed by Betterment other than to ask me to confirm the correct ZIP code. After several emails back & forth with Betterment it was apparent that their decision was final. I stated I would be closing my checking account because I couldn't trust the bank decisions on any future disputes. Betterment offered to assist in closing my checking account. I declined their offer and will close after I can redirect any further deposits into the account.
08/13/2020	Yes	Checking or savings account Checking account	Managing an account Deposits and withdrawals	AR 72206	Web
Wednesday XX/XX/2020 {$16000.00} was frozen in my account because of suspicious activity I was asked to provide proof of identity and the letter from unemployment regarding the $ XXXX deposited on XX/XX/2020 so I sent them my up to date ID my social security number a selfie and the statement from unemployment confirming the deposit into that exact account. I called many times and keep getting it is being reviewed its not there decision its there XXXX XXXX XXXX XXXX decision but when I called them they had no knowledge and they only provide BETTERMENT w their debit cards. I called Betterment again when I woke up this morning to an email saying my ID was expired which I sent my new ID from just moving to XXXX and my old expired XXXX ID just so they knew why I was receiving benefits from XXXX I've been back n forth from XXXX because I work up there 6 out of the 12 months a year spring n summer and now I explained to them I didn't have to send that ID MAYBE I shouldn't have but I did but my current ID is valid and finally the accepted all my documents but still keep acting like they can't unlock my account its under review but won't let me talk to who is reviewing it or give me any of my money. I know they might not have been affected by the Pandemic but I have and I need my money please. OK I took a break for a minute just now to read an email from betterment and they are telling me they are communicating w XXXX about my ID that XXXX didn't initiate at all and does know about my temporary address in XXXX but that's not the banks place to give confidential information like they are cops trying to investigate fraud. Now if XXXX asked about it than maybe but normally it'd take a court order to divulge a customer 's personal info. But that's my opinion.
02/26/2021	Yes	Checking or savings account Savings account	Managing an account Banking errors	OR 97229	Web
This is a cash back offer for opening a Betterment account thru XXXX. Here are the terms from Betterment/XXXX : Cash Back is only earned for a funded Betterment Checking, Cash Reserve or Investing account of at least {$1.00} for checking products and {$10.00} for Cash Reserve and investing products, and is not available for other Betterment products or current Betterment customers. Cash Back will be automatically added to your XXXX account tomorrow. I opened the account on XX/XX/XXXX. I received this email after account opening on XX/XX/XXXX : from : Betterment Support XXXX reply-to : Betterment Support XXXX date : XX/XX/XXXX, 9:58 AM Betterment Welcome, XXXX! Your financial future now shines brightly. Let 's start by helping you get the most out of your Betterment account. Here is your progress : Congratulations on funding We're excited to start helping you earn more with Betterment Cash Reserve. Turn on Two-Way Sweep Two-Way Sweep automates our advice on your extra cash by seamlessly transferring your cash back and forth between your linked checking account and your Betterment Cash Reserve. I received an email that the deposit was completed on XX/XX/XXXX. See email text below : from : Betterment Support XXXX reply-to : Betterment Support XXXX date : XX/XX/XXXX, XXXX XXXX subject : A deposit to Cash Reserve is complete Betterment A deposit to Cash Reserve is complete From : XXXX XXXX XXXX XXXX Checking XXXX To : XXXX XXXX XXXX XXXX Personal Account Deposit amount : {$10.00} I have yet to receive any credit from XXXX after contacting support numerous times. They are working with Betterment to confirm the offer was met and I don't understand why it is taking so long since the terms say cash back should be credited " tomorrow. ''
03/30/2021	Yes	Checking or savings account Checking account	Opening an account Account opened as a result of fraud	VA 22043	Web
I opened a checking account of Betterment through the link of XXXX on XX/XX/XXXX. 2021, when they promised they would return a cashback of {$120.00} for opening a checking account for the first time and depositing {$1.00}. My application was received on the spot and they informed they needed 1-2 business days to process my application. However, they used over 2 weeks to approve my application, during which I could not fund my checking account. They also asked for repetitive proof of address even when I already submitted my car registration card in the first place. After I successfully deposited my checking account on XX/XX/XXXX of {$10.00}, I asked XXXX about cashback. XXXX contacted Betterment and Betterment refused to issue cashback because they no longer offered cashback by the time I deposited my account. To me, this is a fraud. I opened the account because of the cashback offered. If the account was approved as they promised in 1-2 days. I was still eligible. Betterment used two weeks and it's very likely they were doing so to cheat customers. I also knew others, including my roommate, who applied for the checking account because of cashback but received nothing for pending application. I didn't make any mistakes and I followed all procedures as I can. I heard Betterment before about how convenient it was to use their debit card to withdraw cash without service fee globally. So I opened an account immediately when I saw cashback. However, this experience is very disappointing. I know XXXX XXXX and XXXX are also offering similar products without service fee when withdrawing cash globally. If I was informed with no cashback, why would I choose Betterment? I don't even want to further deposit money to a dishonest bank.
02/25/2021	Yes	Checking or savings account Other banking product or service	Opening an account Confusing or missing disclosures	CT 068XX	Web
I contacted Betterment a number of times over the last couple of weeks to investigate investing with them. The customer service personnel are completely inadequate for the task, unable to answer any questions aside from the very superficial info provided on their website. They gave me the runaround and in multiple calls would not connect me with anyone who had the required knowledge. This broker dealer operates on an unethical scam methodology, preying on those who are not sophisticated enough to know what to ask. A number of times the reps put me on hold for an extended time to try to get answers to my questions, only to come back with promises that they would follow up, with just one email response consisting of just a form letter pointing to the website without the ability to interact for required answers. The last rep told me they would charge me to speak with a more knowledgeable person there to provide information needed for me to decide whether to invest with them! This kind of outfit should be banned. As part of the poor organization strategy, the firm should be more concerned with hiring higher skilled employees that are capable of doing their job properly instead of the focus on " diversity '' emphasized on their website. I had multiple conversations with reps on their main cust support line, XXXX, and corp number, XXXX, where their was only a recording and they never called back when I left a message.
01/19/2022	Yes	Checking or savings account Other banking product or service	Managing an account Problem accessing account	MA 015XX	Web
On XX/XX/XXXX I made my first transfer to betterment for {$20000.00}. On XX/XX/XXXX, I made a second transfer for {$1100.00} but betterment pulled it from the wrong account so it was returned. I re-initiated the transfer from the correct account on XX/XX/XXXX. On XX/XX/XXXX I received an email stating " Weve temporarily suspended your account for your protection. '' I immediately sent them an email asking why my account had been suspended. I contacted the " accountsecurity '' email address provided. When I call their account security team and attempt to get a hold of a representative regarding account access it simply says to email them. On XX/XX/XXXX XXXX email accountsecurity again and let them know no one has responded to me yet, and they inform me to call their support line and speak to someone on the investing team. I called and spoke to a support representative on XX/XX/XXXX and I answered some questions regarding my account activity and was under the impression that my access would be restored and that I would hear back by the end of the day. On XX/XX/XXXX after not hearing back I called again, and went through the same process, assured I would hear back by the end of the day. Today, XX/XX/XXXX I called a third time and was told that unfortunately my account has been permanently suspended. There is no manager for me to talk to, no one that I can discuss this issue with.
02/13/2022	Yes	Money transfer, virtual currency, or money service Virtual currency	Other transaction problem	PA 180XX	Web
It all started with my processing a withdrawal from Betterment on XX/XX/XXXX. I received an email on that date stating that the withdrawal would process on XX/XX/XXXX. It has still not shown up in my account, despite their claim of it being in my bank account in 4-5 business days. This was about {$970.00}. After growing suspicious I attempted to close the account, by turning off reoccurring deposits, which I did on XX/XX/XXXX. The same day, I received an email saying that my account had been temporarily suspended and I needed to contact customer support. As this was a Friday evening, I waited to call until Monday. I called the company on Monday XX/XX/XXXX and spoke to someone who said my account had been suspended by their operations department and he could not tell me a reason why. He said the company was closing the account and that it would take multiple weeks for me to see the money return to my account. Now, on XX/XX/XXXX I still have not had any money return. At the time of the suspension, there was still {$1100.00} in the account that I do not have access to. I also have continued to get emails from the company that seems to be automated ( I got one today, XX/XX/XXXX, updating me on the progress of my investment, which I have no access to. It has been a nightmare situation.
11/18/2022	Yes	Checking or savings account Other banking product or service	Closing an account Funds not received from closed account	FL 334XX	Web
XX/XX/2022 I had two ( 2 ) accounts with Betterment and closed both accounts. In one case the funds were easily transferred to an existing linked account. In the other case the bank refused to transfer my funds to the existing linked account but rather forced me to provide a scanned colored photocopy of my government issued ID as well as a bank statement of a bank NOT linked to my account. I expressed concern submitting such a document and photograph especially regarding an account that was NOT associated or linked to this account. The bank refused to release my funds unless I did so. Being forced to produce a government issued ID and a bank statement of an external bank unrelated to Betterment seemed both unfair and high suspicious. Such documents raise concerns for Homeland Security as well. Since the bank was able to release funds quickly and easily when I closed one account it did not make sense, they refused to do so on the other account without me providing sensitive information. I now have concerns that my ID and bank statement may have compromised my security and I am suspicious why it was needed. I requested for Betterment Bank to release my funds as they did with my other account only a day or 2 earlier but they refused.
04/14/2020	Yes	Money transfer, virtual currency, or money service Domestic (US) money transfer	Other transaction problem	NJ 07030	Web
XX/XX/XXXX - From the Betterment website, I initiated a transfer in the amount of XXXX ( transfer # 1 ) intending to make contributions to my Roth IRA for the XXXX tax year. XX/XX/XXXX - XXXX XXXX XXXX transferred XXXX out to Betterment. XX/XX/XXXX - From the Betterment website, I initiated a second transfer in the amount of XXXX ( transfer # 2 ) to max out my contributions. XXXX - Betterment claims both transfer # 1 and # 2 were rejected. One for insufficient funds with a return code R01, and the second for what they called " Uncollected Funds '' with code R09. As far as I can tell, XXXX XXXX transferred money to Betterment ; yet, Betterment never returned it back to me. I have been calling Betterment and XXXX XXXX XXXX for two months in order to get to the bottom of it. Betterment claims they do not have my money, but the last record of it is leaving XXXX XXXX and never returning to my XXXX XXXX XXXX account. I can provide transaction numbers from both parties on request. I can't get either party to agree ; however, the transactions were initiated from Betterment and I believe they are in the wrong here having taken my money and not returned it.
03/06/2020	Yes	Money transfer, virtual currency, or money service Domestic (US) money transfer	Money was not available when promised	KS 66062	Web
I transferred {$50000.00} dollars from my checking account to Betterment LLC. I had forgotten about a few items coming out of my checking and so attempted to withdraw {$10000.00} the next day. The withdrawal said that it would be 1-2 business days depending on when I submitted the transfer. This was on XX/XX/2020. On XX/XX/2020, it was still not in my account but in betterment the funds were showing as withdrawn. I submitted a help ticket to Betterment and was told that the funds would be sent the night of XX/XX/2020. I think this is false advertising. The company has since shown me fine print that says, '' '' Transactions can be subject to processing delays in certain circumstances. While 1-2 business days is generally the expected withdrawal timeline from Betterment Everyday Cash Reserve, withdrawing funds soon after a deposit can trigger a temporary hold on your withdrawal. This hold should last no longer than 4 business days. If further action is required on your part, we will let you know. '' While it is part of their policy, this seems very deceptive to me.
10/31/2022	Yes	Checking or savings account Savings account	Managing an account Deposits and withdrawals	AZ 85048	Web
On XX/XX/XXXX I submitted a transfer of {$170000.00} from my Betterment savings account to another savings account with better interest rates. On XX/XX/XXXX I checked my accounts and noticed the money was not there. I called Betterment and they told me the transaction was " stuck '' and it would complete in the next 2-3 business days. I checked back on XX/XX/XXXX because the funds still had not shown and they told me I needed to provide a reason for the transfer because I had just deposited the money the month before. I explained that it was because I found a better interest rate and they documented my response and said they would move forward with the transfer. I also provided this reasoning via email. I then received an email saying they were not going to complete the transfer as I requested but instead were going to return it to the original funding account. It is now over a week later and I still do not have my money and they have not provided me a timeframe on when I should expect it.
01/26/2022	Yes	Checking or savings account Other banking product or service	Managing an account Funds not handled or disbursed as instructed	MN 55408	Web
On XX/XX/XXXX, I initiated a transfer of {$3500.00} out of an investment account to a different bank. The micro-deposits to verify the account were successfully completed, and the {$3500.00} was removed from my Betterment investment account. When I still had not received my funds into my checking account on XX/XX/XXXX, I called and emailed support. After a lengthy process of using the online chat, email, and phone calls to support, I learned that Betterment was requesting further verification of my account. I completed this verification step and reached out via email, chat and phone for support on XX/XX/XXXX. I have called every day since, but I have not received any response from Betterment. This morning, I called Betterment support and asked to receive a call back when I reached the front of the queue. I received an automated call back 90 minutes later, answered the phone, and continued to sit on hold for 5 minutes before my call was disconnected without anyone answering.
03/02/2021	Yes	Checking or savings account Checking account	Opening an account Didn't receive terms that were advertised	NY 10002	Web
I am writing to report the misconduct of Betterment bank and file the complain report against their checking account sign up promotion campaign. I completed all the requirement to fulfill the sign-up bonus but Betterment has not correctly responded to my request and refused to honor the offer. My visits with following numbers : XX/XX/21 XXXX XXXX Shopping trip ID XXXX XX/XX/21 XXXX XX/XX/XXXX Shopping trip ID XXXX XX/XX/21 XXXXXX/XX/XXXX Shopping trip ID XXXX XXXX XXXX is the date when I opened my checking account with Betterment and the promotion campaign was {$120.00} dollars. However, after I successfully funded my account, Betterment didn't honor the offer and terms. Instead, they informed it was their third party 's contractor 's ( XXXX ) fault.
03/20/2023	Yes	Checking or savings account Other banking product or service	Problem with a lender or other company charging your account Money was taken from your account on the wrong day or for the wrong amount	NY 11106	Web
Betterment fraudulently withdrew {$900.00} from our bank on XX/XX/XXXX. This was discovered by us during an internal audit. On XX/XX/XXXX, we raised the issue with Betterment asking them for an explanation of this fraudulent transaction. It's been 3 weeks since we originally brought up the issue with them. After my initial 3 unanswered emails I finally got a response saying they were " looking into it '' over a week ago after I threatened to report them. They've since ignored subsequent emails asking for a status update into the funds they've stolen from us. I'm filing a complaint with CFPB today because of their unprofessional behavior and lack of common courtesy to even provide basic status updates of their supposed " investigation '' when asked.
09/21/2020	Yes	Checking or savings account Checking account	Opening an account Unable to open an account	CA 931XX	Web
I applied for a Betterment Checking account on XX/XX/2020. They asked me to upload pictures of ID and Social Security card, which I did, and continued the application on XX/XX/2020. They said " We're unable to open a Checking account for you '', " we were unable to verify the information you gave us '', e.g., address, date of birth, " Unable to match identity to existing records ''. The information I provided was correct, which implies that the information they are comparing to is incorrect. I asked them to tell me the name and contact information of the consumer reporting company that provided the information used in the denial, but they refused to tell me. I believe this is a violation of the Fair Credit Reporting Act.
04/13/2021	Yes	Checking or savings account Other banking product or service	Managing an account Deposits and withdrawals	MN 55033	Web	Servicemember
0n XX/XX/2021 I made a withdraw from my brokerage account for the full balance. I have been with this company for over 10 years no problems thus far. Until I made this one I received a response from them telling me they could not verify my bank accounts and to please upload an id. Now why after working with this company for over 10 years would this problem come up? 0n XX/XX/2021 the information to verify my identity " ID Upload was requested '' With the ultimatum of your withdraw is on hold until we receive this information. In a day and age where we are trying to not have identity theft this information is being requested after being a customer for 10 years?
08/17/2023	Yes	Checking or savings account Other banking product or service	Managing an account Banking errors	CO 80020	Web
Complaint is regarding Betterment. They offer Cash Reserve product, where they are advertising 4.75 % interest. But their interest calculation and payment is fradulent. For example. I initiated deposit into their account on Thursday. Money was withdrawn same day from my originating account. and posted on Friday. On the Betterment side, they kept the deposit as pending until Tuesday, and didn't pay interest during this time when they already had my fund. This is fraudulent. XXXX offers similar product where they start paying interest while they say the deposit is " pending '' I have attached their support response on this issue I raised with them.
10/25/2023	Yes	Checking or savings account Other banking product or service	Opening an account Didn't receive terms that were advertised	CA 94115	Web
I tried creating an account with Betterment but their automated systems had some sort of failure and required some additional steps to be taken by me. I did not want to go through the manual steps with them so I asked them to delete my information from their systems as per the rights granted to me by California Consumer Privacy Act ( CCPA ) as a CA resident. They claimed that they will retain my information because of Gramm Leach Bliley Act because I had a financial account with them. Their own website did not list any accounts in the portal so I wanted to get my account number. But they refused to share it with me.
11/10/2021	Yes	Checking or savings account Checking account	Managing an account Problem accessing account	AZ 85295	Web
Betterment froze my acct due to what they thought was fraud, it was not and I explained the situation and provided them via email a copy of me and my drivers license as requested a week later and after calling everyday still frozen. I cant pay my bills no one will return calls. Then they ask for my sons Drivers license and him holding it, which we did and still nothing. Its been over a week. I finally get an email today saying they closed my acct and now I have no idea where my money is or how to get it as no one will respond. This is going to make me late on my bills and destroy my credit score.
01/15/2020	Yes	Checking or savings account Savings account	Managing an account Banking errors	TX 75069	Web
Betterment offers investments and a savings and checking they advertise 1.82 % pay and I had {$30.00} and {$10.00} deposited on the 3rd. They say interest calculates and/or compounds daily. I was only issued XXXX cent of interest. I have other savings accounts where I had {$20.00} with 1 % interest rate at competitor banks and received. XXXX. It is an unfair practice that they are not advertising the actual rate. I have many savings accounts with different banks. This just doesn't come out accurate. And doesn't calculate to the near XXXX or XXXX cents monthly for an annual basis. APY
05/13/2022	Yes	Checking or savings account Checking account	Closing an account Funds not received from closed account	FL 328XX	Web
Bettement had locked my account due to security concerns on XX/XX/2022. I was not able to withdraw money after that. They performed an investigation and decided to close my account on XX/XX/XXXX, telling me that a check had been mailed. I emailed Betterment on XX/XX/XXXX making sure that they sent it to the correct address, and they said they did. I followed up again on XX/XX/XXXX and XX/XX/XXXX and was told that they were " looking into it '' and they will notify me when they have an update. Today is XX/XX/XXXX and I still haven't received the money I had in my Betterment account.
05/10/2020	Yes	Checking or savings account Savings account	Problem caused by your funds being low Non-sufficient funds and associated fees	NJ 08854	Web
XX/XX/2020Someone gained access on my betterment cash account. Link their external account to my betterment account and transfer all the money amount {$390.00}. I did not receive any email about linking the external. But I did receive email about transfer were made from my account. I checked email 2 day after the transfer was made. I called betterment to inform I did not make any transfer. Betterment try to retrieve the money back, but they could not do it. They also inform me they are unable to help on that matter and can't reimburse any money.
03/04/2021	Yes	Checking or savings account Checking account	Opening an account Account opened as a result of fraud	AZ 85122	Web
Debit card and checks received in the mail from XXXX XXXX for XXXX XXXX. I did not order them and never heard of that bank. Called to cancel that account. Debit card from Betterment Bank received in the mail for XXXX XXXX. He did not order, or ever hear of such a place. XXXX ( husband ) called to close the account. He was told the account was already closed and the person who opened it was already fired. Both occurred AFTER we put a freeze on our accounts. We have filed a police report.
07/23/2023	Yes	Checking or savings account Savings account	Managing an account Deposits and withdrawals	AZ 85298	Web
I initiated a transfer of my funds from betterment.com on XX/XX/XXXX. They asked for more details on XX/XX/XXXX. I provided the details. They stopped paying interest in the amount and have still not received my money in my back account as of XX/XX/2023. I get lame excuses saying the other XXXX transfer delays my savings withdrawal. Its 10 days off lost interest and opportunity cost for the money which I really wanted to deploy elsewhere immediately
03/23/2022	Yes	Checking or savings account Checking account	Managing an account Funds not handled or disbursed as instructed	CA 93306	Web
On two occasions money that I have transferred from my savings account into my checking account with the same financial institution has been held for more than 5 days. Both times the bank stated they have a 1-2 business day hold for transfers and then said that the policy had been changed to 4-5 business days. I am very concerned about why my financial institution will not allow me to move money between my accounts.
02/10/2022	Yes	Money transfer, virtual currency, or money service Domestic (US) money transfer	Confusing or missing disclosures	NY 11101	Web
I created an account with company - Betterment, however they closed my account and said due to suspected fraud activities. They just closed my account and my money is stuck with them, they did not give me any detail or information about when the money will transfer back to my account, my money was just gone with betterment. I'm here to file a complain regarding they did not give me any further information.
10/02/2023	Yes	Checking or savings account Checking account	Closing an account Company closed your account	NV 89113	Web
Received email from Betterment that my account access was locked. Had to call them for verification. Spent time on the phone with them to explain everything they asked for and eventually with no other explanation just received an email a few days later that my account was closed. Had this account since XXXX and this is unacceptable way to deal with clients.
03/31/2022	Yes	Checking or savings account Checking account	Managing an account Deposits and withdrawals	TX 77065	Web
on XX/XX/XXXX, Betterment decided to lock my checking account with no previous notice. When I called cs no answer was given and I was asked several personal questions such as XXXX and XXXX deposits and using the debit card overseas. I replied to all the answers over the phone and email. No action was taken as of XXXX of XXXX and I can not access my funds.
09/22/2023	Yes	Checking or savings account Other banking product or service	Closing an account Funds not received from closed account	TX 75013	Web
I rolled over my IRA from Betterment account number XXXX, and I sent it to XXXX. Betterment charged me {$75.00} to do that, and they did not disclose this brand new policy of charging as of XXXX nor did they tell me about the charge when I initiated the rollover.
04/21/2020	Yes	Checking or savings account Checking account	Opening an account Unable to open an account	IL 60085	Web
Logged onto my account. Was offered free checking product. Answered a few website questions and the result was denied a free checking product. Followed up with XXXX from Betterment by email, she told me unable to tell me why can't open a free checking.
03/27/2021	Yes	Checking or savings account Other banking product or service	Managing an account Problem making or receiving payments	AZ 85224	Web
Tried to make a ach payment and betterment has blocked any outside login for use
01/16/2024	Yes	Checking or savings account Savings account	Managing an account Deposits and withdrawals	WI 53132	Web

01/10/2024	Yes	Checking or savings account Savings account	Managing an account Funds not handled or disbursed as instructed	CA 91423	Web

01/03/2024	Yes	Checking or savings account Savings account	Managing an account Banking errors	CA 92808	Web

01/03/2024	Yes	Checking or savings account Other banking product or service	Managing an account Problem accessing account	TX 76502	Web	Servicemember

12/19/2023	Yes	Checking or savings account Other banking product or service	Managing an account Deposits and withdrawals	CA 91706	Web

12/13/2023	Yes	Checking or savings account Other banking product or service	Managing an account Deposits and withdrawals	NV 89052	Web

09/28/2023	Yes	Checking or savings account Checking account	Managing an account Problem using a debit or ATM card	WA 98223	Web

08/22/2023	Yes	Checking or savings account Savings account	Managing an account Deposits and withdrawals	FL 33137	Web

05/10/2022	Yes	Checking or savings account Checking account	Opening an account Unable to open an account	VI 00822	Referral

03/24/2021	Yes	Checking or savings account Checking account	Managing an account Problem accessing account	NV 89178	Web

03/12/2021	Yes	Checking or savings account Checking account	Opening an account Didn't receive terms that were advertised	MN 55334	Web

09/26/2020	Yes	Checking or savings account Other banking product or service	Closing an account Funds not received from closed account	CA 92801	Web

07/28/2020	Yes	Checking or savings account Checking account	Closing an account Funds not received from closed account	CA 92627	Web

11/19/2019	Yes	Checking or savings account Savings account	Opening an account Didn't receive terms that were advertised	UT 84010	Referral