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: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.
  
  

• Initial Complaint

  Date:07/12/2023

  Type:Billing 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 wife and my joint checking account with ********************** was locked because she did not respond to an email from Betterment asking for personal information. The email, originally sent on June 14, 2023 looks like a phishing attempt, and therefore we ignored it.On July 10, 2023, we logged into our account on our laptop, and received a message that our "account is currently locked" and to email Betterment to resolve the issue. Upon emailing betterment immediately, we received an email on July 11, 2023, stating that we had to call Betterment. Upon calling Betterment, we were directed by the initial support person that they weren't sure why the account was locked. Then they asked someone else, and stated that the original email is, in fact, legitimate, and we needed to respond in order to unlock the account "in 1-2 days". We asked to speak to someone in the department that originated the email, and were told that department could not speak to us right away. We ask what "laws and regulations" Betterment needed this personal information to comply with, and did not receive a clear response.This is a clear marketing scheme to extract personal information from us in the form of a vague regulatory requirement. It has caused us to lost access to money we need to pay bills that are due. If the account remains locked, we will incur late fees on bills.The account needs to be unlocked immediately, and Betterment needs to clearly identify marketing emails.

  

  Business Response

  Date: 07/18/2023

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

  Customer Answer

  Date: 07/19/2023

  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:05/03/2023

  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.

  My brother opened an account at ********************** for my mother a few years ago. Due to a family matter, he left the country and I was left to take care of my mother's affairs. I repeatedly tried to access her Betterment account as power of attorney before she passed away this past January 2023 but constantly ran into issues. 1. On or about October 2022, I began contacting the company to begin the process of requesting access to my mother's account as power of attorney for purposes of paying overdue bills, including her nursing home payment which at the time was past due. 2. The first thing I noticed was the length of time that passed between communications. After calling customer service several times, I got nowhere. I tried many times to escalate the matter to a supervisor, and just got passed around from rep to rep with no resolution. 3. I resorted to communicating with Betterment via email at their bequest but again, they were very slow to respond often times almost two weeks before a response was received. It didn't matter how emphatically I expressed urgency to process my request to process the paperwork for power of attorney. After many weeks and emails, Betterment made the decision not to process the request. 4. My mother passed away in January 2023 and I am now the court appointed administrator for the estate. I have provided the plethora of requested documents so I can closeout the account and finally put an end to the relationship. It has been almost a week and have gotten nowhere. They are holding almost $300,000 that does not belong to them. I understand that I (we) are one of many of Betterment's victims. This situation has been very traumatic as it involves my now deceased and beloved mother. In closing, if getting access to your funds when it matters most is important to you, do not do business with this company. I am hoping that by appealing to BBB, I will be able to finally access the account and transfer it to a more reputable institution.

  

  Business Response

  Date: 05/08/2023

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

  Customer Answer

  Date: 05/10/2023

  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:04/18/2023

  Type:Product 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 made a withdrawal request on Apr 4, 2023. It is now April 17, 2023. I have made three separate phone calls and a number of emails with this company. The transfer request is not being honored, they refuse to pay interest while holding my money, and they refuse to transfer the money to a bank account that I use to regularly transfer money FROM to Betterment. I do not understand who is running this company and I have only spoken on the phone to work-from-home types and I can clearly hear children crying, people eating etc. They are not following up on my requests and I'm running out of patience. This is not the way to do business. There is simply no reason they should be holding on to thousands of dollars with no explanation, and frankly, no indication of care for the situation they have put me in.

  Customer Answer

  Date: 04/18/2023

  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:04/17/2023

  Type:Billing 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 put my savings in the betterment savings account for easy access. The betterment account has become my lost savings at this point. The fintech betterment is holding my savings for a account verification I've already gave betterment. The statement provided from my financial institution is sufficient for your verification. I've done a three way call with the institution and your betterment agent. Your agent couldn't communicate properly. I've giving betterment two different statements provided by the institution. Betterment is refusing the statement from the institution. I've giving betterment enough for their verification. Where is the leadership at this fin tech? I've asked for the number to betterment's ethics department and a call from a supervisor? No follow up. The fintech betterment and it's people are dragging their feet on resolving this urgent issue.

  

  Business Response

  Date: 04/19/2023

  We have discussed options for resolving the issue with the customer and consider the matter closed.
  
  

  Customer Answer

  Date: 04/20/2023

  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:03/21/2023

  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.

  I recently signed up for Betterment's 401k services as an employer. I have reached out 5 times, twice by email directly to account managers, twice through a general contact form on the website, and once by phone to add the student loan repayment benefit program to my existing benefit package. Each time I have been told that someone will contact me to follow up, and it has not happened. The lack of responsiveness makes me concerned that I have chosen the wrong company to manage an integral part of my agency's benefits program.

  

  Business Response

  Date: 03/22/2023

  We have discussed options for resolving the issue with the customer and consider the matter closed.
  
  

• Initial Complaint

  Date:03/21/2023

  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.

  Betterment fraudulently withdrew $903.96 from our bank on 7/11/2022. This was discovered by ** during an internal audit. On 3/3/2023. 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 BBB today because of their unprofessional behavior and lack of common courtesy to even provide basic status updates of their supposed "investigation" when asked.

  

  Business Response

  Date: 03/22/2023

  We have discussed options for resolving the issue with the customer and consider the matter closed.