Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:11/17/2023

  Type:Sales and Advertising Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My ************ shall earn 5.5% APY with a ****% boost since August 22, 2023, but currently, it shows only ****%. Please investigate and make up the interests.

  

  Business Response

  Date: 11/20/2023

  We have discussed and resolved the issue with the customer and consider the matter closed.
  
  

  Customer Answer

  Date: 12/01/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  ******
  
  
  
   
  
  

• Initial Complaint

  Date:11/09/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On September 2 I purchased tickets to a concert at ******************** for September 9 event which was overcapacitated and I was not able to gain entry so I reached out to the merchant for a refund never received a response back, filed a dispute **** with my bank who closed out the dispute saying they requested additional information which I never received and now Im not able to get my funds, nor What I paid for and this is unfair treatment by my bank

  Customer Answer

  Date: 12/03/2023

  Better Business Bureau:
  
  At this time, my complaint, ID ******** regarding Betterment has been resolved.
  

  (By clicking "OK", your complaint will be closed as Resolved.)

  
  Sincerely,
  
  ***************************

• Initial Complaint

  Date:11/06/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I tried to make a withdrawal to another bank account of mine and ********************** is not allowing me to withdrawal my money. They want a copy of my drivers license which they already have from when I opened the account. They also want a copy of my bank account statement which is not even the bank account that I'm trying to transfer to. I called them after there email and they said it would take multiple business days to review. The agent sounded like she was working from home. I asked to speak to a supervisor and she said that's not possible. I was promised a call back from a supervisor and I haven't received one. It's been over a day now. I also was supposed to receive a $75 signup bonus when I opened my betterment account. I never received the bonus and when I emailed them about it they made up excuses.

  

  Business Response

  Date: 11/14/2023

  We have discussed and resolved the issue with the customer and consider the matter closed.
  
  

  Customer Answer

  Date: 11/17/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  Hello,
  
  I was told that it would take 1-2 days and instead it took over a week of me emailing your CEO to get my money back while your company was holding my money hostage. Also, you never addressed my complaint about not receiving the initial $75 signup bonus that I was supposed to receive
  
  This is ridiculous. I needed my money transferred when I transferred it. I now lost out on a bonus that I was expecting to receive

   

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  ***************************
  
  
  
  
   
  

• Initial Complaint

  Date:10/31/2023

  Type:Customer Service Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On 10/26/23, I submitted a one time deposit from my ************* account into my ********************** ****************** account. As of 10/27/23, the entire sum had been withdrawn from my ************* account. The deposit is still pending into my Betterment account as of close of business on 10/30/23. I contacted customer service about this and was told that this pending deposit was NOT accruing any interest while the deposit was being processed. This is not acceptable.The entire sum is no longer earning interest in my ************* account, and ********************** has all of it. One of Betterment's competitors, Wealthfront, assures its clients that deposits accrue interest from the time of submitting the transaction (for me would have been 10/26/23), not dependent upon how long it takes Wealthfront to process the deposit. The customer service agent is making it sound like Betterment pushes that onus onto the client, where all the lost interest due to how long Betterment takes to process a deposit is lost interest for the customer. If this is the case, then I will switch back to Wealthfront and encourage my friends and colleagues to avoid Betterment's poor customer service.I am requesting that ********************** make up for the missed interest from 10/27/23 through 10/30/23 (or beyond if the deposit still has not fully processed as of 10/31/23). This comes out to roughly $30.44 per day, so I am requesting $30/day * 4 days ($120) of missed interest be included in my October interest payment.I appreciate your consideration and eagerly look forward to how Betterment decides to approach customer service.

  

  Business Response

  Date: 11/08/2023

  We have discussed and resolved the issue with the customer and we will not retroactively apply interest. We explained in our last correspondence, that our ************ Boost promotion Terms & Conditions (******************************************************************************************************) clearly state the boost is applied after the deposit settles (2-3 business days): 
  

  If you are a new Betterment client (i.e., you do not have an existing Betterment account), to qualify for an APY boost on your funds held in Betterment ************, you must fulfill the offer by clicking on the signup link on the Betterment website, opening an individual or joint ************ account, and then completing a deposit into the ************ account within 14 days of opening it (a qualifying deposit), inclusive of the required settlement time (typically 2-3 business days).
  

  We consider the matter closed.
  

  
  

  Customer Answer

  Date: 11/09/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  Betterment did not contact me as I requested. I do not feel like a valued customer, and I do not feel heard. I will not be recommending Betterment to friends or colleagues and will likely sever my relationship with Betterment shortly.

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *****************************
  
  
  
  
   
  

  

  Business Response

  Date: 02/21/2025

  Dear *** ****************** are following up on your last correspondence on this matter.  We understand it fell short of your expectations. While we addressed your comments directly and outside of the filing with the Better Business Bureau, we wanted to make sure we also responded more fully to this matter. 

  As we wrote to you, funds in transitwhether moving to or from a third-party bankdo not earn interest. Likewise, funds placed on hold for review will not accrue interest during that time. More details can be found in our ************ Terms and Conditions, Section 9. While we understand this may be frustrating, we were unable to provide compensation for lost earnings.

  We truly value you as a Betterment customer and appreciate your feedback. Your insights help us evaluate our policies and improve our disclosures and processes. I have shared your concerns with our internal teams to improve disclosures and processes moving forward.

  I understand this may not fully resolve your concerns and I sincerely regret any frustration this has caused. If theres anything else I can clarify or assist with, please dont hesitate to reach out.

  Betterment LLC 
  

  
  

  Customer Answer

  Date: 02/26/2025

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because: they did not consider adapting their services to match their competitors like Wealthfront. Thus, I have moved all my funds from Betterment to Wealthfront. 

    

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  ****** ********
  
  
  
  
   
  

• Initial Complaint

  Date:10/10/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My account was locked and then terminated even after going through KYC and they didn't like some of the transactions I was doing. There was no warning at all and just determined the account 'wasn't a good fit for my needs'. I could have stopped doing particular transactions immediately if they didn't like it, but never gave me the opportunity to resolve it.

  

  Business Response

  Date: 10/10/2023

  We have discussed and resolved the issue with the customer as our decision is final. We consider the matter closed.

  Customer Answer

  Date: 10/20/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  The response only said that my account was closed and that was the final decision.  They did not address my concerns like whether I could open an account in the future or not.  Or am I unable to ever open an account with them again? 

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *****************
  
  
  
  
   
  

  

  Business Response

  Date: 02/21/2025

  Dear *** **, 

  We are following up on your last correspondence on this matter. We understand it fell short of your expectations. While we addressed your comments directly and outside of the filing with the Better Business Bureau, we wanted to make sure we also responded more fully to this matter.  

  Your account access was restricted following a review of your recent activity. As part of our security protocols, we requested identity verification and additional context regarding the transactions. After reviewing the information provided, we were unable to verify the documentation provided, and the activity observed on the account did not align with the expected account activity on our platform. Based on these findings, we made the decision to close your account.

  We have fulfilled all material requests, including providing digital copies of your statements. However, we continue to believe our decision is appropriate and cannot reinstate access. 

  We appreciate your understanding.

  Betterment LLC

  
  

• Initial Complaint

  Date:10/10/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On September 1, 2023, I contacted Betterment Financial LLC Support to file a dispute with the ************* of Kansas City (nbkc) in ***********, ** that Betterment uses for their checking account product. There were 4 unauthorized charges totaling $597.25 against my checking account via the unauthorized use of my Betterment debit card on 08/31/2023 and 09/01/2023 at an unknown ******* 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 09/08/2023 Betterment informed me that the debit card used was complete with the "CVV2" code and my address. ********************** 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. They further stated that the investigation was closed based on the report from the nbkc bank and no reimbursement of $597.25 would be forthcoming. Betterment sent me documents that were relied upon to render their decision. Upon receipt of a heavily redacted document 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 *** code did not match. This error was not challenged or discussed by Betterment other than to ask me to confirm the correct *** code. Betterment further stated that ******* was a vendor I had prior history with suggesting I had made the purchases. Betterment's decision was final. I reported this to the ************************************ who filed the complaint with Betterment. The response from Betterment merely repeated their decision and no further investigation into this matter was conducted by Betterment or nbkc. To date, the $597.25 has not been credited back to my Betterment checking account and no further recourse has been afforded to me.

  

  Business Response

  Date: 10/10/2023

  We have discussed and resolved the issue with the customer as no further documentation was provided from the customer. We consider the matter closed.

  Customer Answer

  Date: 10/12/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  [Your Answer Here]

   Betterment wants documents from me but there are none.   Betterment offered to supply documents to me that they acquired from nbkc bank detailing the steps taken and information they received to base their decision to not reimburse me for the fraudulent deductions from my nbkc checking account.  I accepted and requested those documents which I attached to my BBB complaint.  It is heavily redacted and provides no details that were offered by Betterment.  So now Betterment requires documents from me to prove the fraudulent transactions were not conducted on my behalf.  Very unfair to request documents from me which I can't possibly provide because none exist.  It is Betterment and the nbkc bank that have not provided me with the documents offered.  Just a heavily redacted "data dump" that offers no explanation which Betterment has relied upon to deny me the reimbursement of $597.25.  Betterment simply circles back around and states that the ball is in my court because I haven't submitted any documents to prove my innocence.  They are in the wrong and will not assist me in resolving this matter by providing me with the information without redaction.  They do not stand by their own customers.  The ball has always been in their court!

   

   

   

  In order for the BBB to appropriately process your response, you MUST answer the question above.

  
  Sincerely,
  
  *******************
  
  
  
  
   
  

• Initial Complaint

  Date:08/22/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I can't give a specific date as it was over a 3 month period that I had it issue. * The amount of monies involved was $187,000.00 investments, Savings account amounts included.I paid monthly for and Advisor which I have attached a copy of the transctions.For 3 months I was unable to get into my account, each time I was locked out and had to change passwords each attempt. When I was finally able to get into the account there was no funds.I made dozens of attempts to speak with someone, all they did was assist in getting into the account but never tell me why my money went, and I never got assistance from my *Paid Advisor*.Finally I wrote a letter certified to the ******** offfice, I received the card back saying it was received but nothing was ever replied to.Account # last 4 #'s ****

  

  Business Response

  Date: 08/24/2023

  We have discussed and resolved the issue with the customer and consider the matter closed.
  
  

• Initial Complaint

  Date:08/16/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  We rolled over an *** from *********** on May 25 2022. Prior to this, we specifically asked about fees, and were assured no ongoing, annual, or one time fees for this. We were also told we would always get 1st 5k managed for free since this was a "referral" account (referred by a Betterment customer. True to their word, they never charged us any fees until May 31 2023. Then unbeknownst to us, without warning, or notification, they started charging us advisory fees. So far these fees have totaled **** (May 31st 2023: ****; Jun 30: ****; Jul 31: ****). We have called multiple times, opened online cases and even emailed. We are always told they will look into it, and no response, while they continue charging us fees. We opened this account specifically because we were assured no fees, and they had no fees for a year, until they suddenly started charging us fees with no forewarning. It makes no sense that we would bring in money just for it to be drained in fees. Despite multiple attempts, no one seems to know why, or want to help. They have acknowledged no fees were charged for the 1st year, and have no idea why fees were not charged for the 1st yr but charged in year 2. We are requesting a refund of all fees and no ongoing fees. Since we have tried our best with them directly to no avail, we are forced to resort to this as we worry, August end will see yet another fee.

  

  Business Response

  Date: 08/28/2023

  We have discussed and resolved the issue with the customer and consider the matter closed.

• Initial Complaint

  Date:07/25/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I requested a transfer of ****** from my Betterment account on Wednesday, July 19th with an estimated completion of Friday, July 21st. These funds are for closing on my home. The funds still had not hit my checking by COB on Monday, July ************************************************************************************ other flag. So I called for a status update. At this time, I was informed that the withdrawal was put on hold pending verification of the originating account for those funds which had been deposited months prior (April 28, 2023) and were initiated on Betterments portal. They advised that they had emailed requesting it on Thursday but I didnt receive this communication. They promised to send me a new email right away and Ive received nothing over the last hour. Theyve also said that approval of my documentation that the originating account has been closed (because I transferred all of my money to Betterment) will take 1-2 days to process before they will then process the transfer itself for several more days. At this point this issue is going to delay my closing. Ive never heard of a bank requiring verification of originating funds months after deposit and only at withdrawal. At this point Ive paid deposits for moving which I will lose if I push back my closing. I will also potentially have to get a transfer from elsewhere to close which will have a hefty fee.

  

  Business Response

  Date: 08/01/2023

  We have discussed and resolved the issue with the customer and consider the matter closed.
  
  

  Customer Answer

  Date: 08/03/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  *********************************
  
  
  
   
  
  

• Initial Complaint

  Date:07/24/2023

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I requested ACATS transfer of my CASH reserve to my other linked bank account, and I soon received an email saying the outbound transfer for investment account would cost me $75, which contradicts their website policy that was updated earlier this month. I then cancelled the transfer request, but my account was still suspended. I then called their customer service. The first time I called, i waited for about half an hour, and when the representative heard that i was transfering out, i was immediately transfered to somebody else, who i waited for a long time and was ********* told there are two more people waiting before me. I had to hang up after such a long time. Then I called again, also waited, and only to be told they would contact their back office and they could not provide a time frame to give me any feedback or update. The account i was about to transfer was not investment account in the first place, and therefore should not be charged. I need betterment to stop suspending my cash reserve account, so I can instead withdraw to my saving's account.

  

  Business Response

  Date: 08/01/2023

  We have discussed and resolved the issue with the customer and consider the matter closed.