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5208035
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2022-02-10
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Confusing or missing disclosures
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Money transfer, virtual currency, or money service
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|
| Issue |
Confusing or missing disclosures
|
| Timely |
Yes
|
| Company |
Betterment LLC
|
| Product |
Money transfer, virtual currency, or money service
|
| Sub Product |
Domestic (US) money transfer
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| Date Received |
2022-02-10
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| Submitted Via |
Web
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| Company Response |
Closed with explanation
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| Consumer Disputed |
N/A
|
| Date Sent To Company |
2022-03-01
|
| Complaint What Happened |
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.
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| Consumer Consent Provided |
Consent provided
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|
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6721517
|
2023-03-20
|
Problem with a lender or other company charging your account
|
Checking or savings account
|
|
| Issue |
Problem with a lender or other company charging your account
|
| Timely |
Yes
|
| Company |
Betterment LLC
|
| Product |
Checking or savings account
|
| Sub Issue |
Money was taken from your account on the wrong day or for the wrong amount
|
| Sub Product |
Other banking product or service
|
| Date Received |
2023-03-20
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2023-04-17
|
| Complaint What Happened |
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.
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| Consumer Consent Provided |
Consent provided
|
|
|
4002418
|
2020-12-10
|
Managing an account
|
Checking or savings account
|
|
| Issue |
Managing an account
|
| Timely |
Yes
|
| Company |
Betterment LLC
|
| Product |
Checking or savings account
|
| Sub Issue |
Funds not handled or disbursed as instructed
|
| Sub Product |
Checking account
|
| Date Received |
2020-12-10
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2020-12-23
|
| Complaint What Happened |
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.
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| Consumer Consent Provided |
Consent provided
|
|
|
4177561
|
2021-03-02
|
Opening an account
|
Checking or savings account
|
|
| Issue |
Opening an account
|
| Timely |
Yes
|
| Company |
Betterment LLC
|
| Product |
Checking or savings account
|
| Sub Issue |
Didn't receive terms that were advertised
|
| Sub Product |
Checking account
|
| Date Received |
2021-03-02
|
| Submitted Via |
Web
|
| Company Response |
Closed with explanation
|
| Consumer Disputed |
N/A
|
| Date Sent To Company |
2021-03-08
|
| Complaint What Happened |
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.
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| Consumer Consent Provided |
Consent provided
|
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