Betterment Reviews 69

On Jan 30, 2025, my email address and name was found on the dark web. I received three fraud alerts from creditwise through Capital One. the alert showed that Betterment was the source of my email being compromised. They either sold my personal information or failed to keep it secure. Betterment has other more important data, such as SSN, address, birthday, etc. So I told them to delete all my accounts and delete my personal information. They said that only California residents are protected so unless I can prove that I live in California, they will continue either selling or sharing my personal information or failing to keep my personal information secure.

Awful - no one is ever available. During business hours they announce that line is closed. Seems like a fraud.

There's no customer support.
My debit card was compromised. They sent me a text asking if the charge was legit and I said NO. The next information that I got was that the charge would be disputed and a new card would be sent to me.
Long story short, it's been a month and I still don't have a debit card that works. I asked to speak with a supervisor but all I could do was get an email back, no phone call. Absolutely no customer suppport.

Job one for any company that handles your money is data security and privacy. Betterment has failed that basic test. According to an email they recently sent their customers, "an unauthorized individual gained access to certain Betterment systems through social engineering." While the hacker did not gain access to customer accounts, "we believe the unauthorized individual did access other customer information, including certain names, email addresses, physical addresses, phone numbers, and birthdates." This is unacceptable.

To make matters worse, Betterment says that federal law prevents them from deleting my personal information from their systems. While California law gives me the right to have them "lock down" my info so that it cannot be accessed through their website or app, when I exercised that right, Betterment said it may take up to 45 days for them to comply!

Thankfully, my account was an old one, and I had long ago transferred the funds elsewhere. I will not be sending them back to Betterment ever again.

The day after I invested in the low 5 figures in a "Bond" fund 2% disappeared in fees or value. I got out quick. Don't go here.

The fees incurred with Betterment make this company SO NOT worth it -- Fidelity is $0 fees for just as good, if not better support and capability -- and investing. I don't see the value of Betterment at all.

I've had Betterment for years and have recommended it to others. I looked at the reviews here and don't know what they're talking about. Transfers between my bank and Betterment are quick and easy. Usually only two business days, never five as one reviewer states.

Absolutely 100% scam. Do not be taken in by their promises . They play the long con, not too pushy, very polite, But your money or your asset is not safe with this company they never kept promises
I refused to let them go away with my money filed a complaint and got everything back within few days

This is one of the worst companies I have ever dealt with. There is no one to talk to except very entry level people who have no answers and they will not put you thru to anyone who can actually help with an issue. I have gotten nowhere with my situation

Check on my profile for the number and contact for recovery of investment and withdrawal issues. They have Great customer service.

Shady user experience, they offer free services to then trap you with a bunch of fee-driven ones, then make it incredibly difficult to leave or close your account.

Biggest scam ever. They register using your email and if you accidentally approve the register Email like i did, you get spammed and cant delete the account.

The Betterment support team did a great job by deleting the entries ASAP.

They just increased their base fee increase from $500/year to $1200/year - but hey guess what? If you don't like it or agree, you have the opportunity to pay $750 to move your plan to another provider. How is this even legal??

This platform is the WORST financial/banking experience I have ever had! They take FOREVER to transfer funds from an external account and then hold your funds for FIVE days to transfer between INTERNAL accounts!! All the while, using YOUR money for their own gain! This will be the first time I've ever had to contact the Better Business Bureau and Consumer Affairs. And, their customer service reps are the most idiotic I've ever come across! Can't answer a thing!!!

Betterment no longer offers meaningful phone support, and accessing your money can take an unreasonably long time. When I attempted to transfer funds from my Betterment Savings account, I was shocked to learn it would take 5–7 business days. This delay was incredibly frustrating, especially since I urgently needed the funds.

Even worse, Betterment doesn’t allow wire transfers out of savings accounts, making it nearly impossible to access your cash quickly — a basic service you’d expect from any financial institution.

When I called for help, I could only reach someone who couldn't assist directly and simply said someone would follow up by email (not even a phone call). In a time-sensitive situation, that level of support is unacceptable.

If you're considering where to invest or keep your savings, I strongly recommend looking elsewhere.

As a plan sponsor and employer, we are extremely frustrated with Betterment’s lack of support. When issues arise, there is no phone number to call—only a support email. Despite multiple follow-ups over the past six days, we have yet to receive a single response. Meanwhile, approximately $7,600 is unaccounted for and has not transferred from ADP to Betterment. We are still waiting for a resolution.

Ticket #3475255

Awful "bank." I created an account and funded it with almost $100,000. Then they took FOREVER to verify anything (though they had no problem immediately accepting my funds) so the money was just stuck... the support people were nice but inept (for weeks the only thing they could accomplish was telling me I should "wait until tomorrow").

I have a cash reserve (savings account) and checking account with Betterment. I keep a small balance there, but I prefer to bank elsewhere. The Betterment web site has bugs. Customer Service is almost non-existent at Betterment. Sure they answer the phone but that's it. The aspect which is impressive (not in a good way) is how little the support personnel know. It appears that the support people are totally untrained. They are unable and unwilling to solve any problem. And Betterment does not have any technical support people. For the parts of their web site which do not function properly, they will not connect you to a supervisor or a tech support person (because those categories of people do not work at Betterment).

Do not look to Betterment for financial advice or robo advice. I would not rely on Betterment for advice - even if they paid me. In all aspects of their business, they have no idea what they are doing. I award a rare zero star Trust Pilot opinion to this business. Run (don't walk) away and find another firm for advice. Pay attention to the other one-star Trust Pilot reviews of Betterment. Ignore any review with more than one star because they could not possibly be genuine. I am certain that the positive TrustPilot reviews of Betterment at Trust Pilot are planted by employees, I do not see how it is possible for anyone to have a positive experience at Betterment. Frankly, the management of Betterment should invest their time fixing their numerous internal problems instead of planting fake Trustpilot reviews. Expect Betterment to go out of business & transfer what remains to some other company - so why waste your time?

Honestly, the executives at Betterment are totally clueless. The goal of this firm is (or should be) attracting clients who might be candidates for working with their network of advisors. However, when new customers first approach Betterment, they experience nothing but indifference. Betterment personnel do not hesitate to let new customers know that nobody at Betterment cares. How could Betterment even hope to convert new customers into long term clients for advisor services?

I do not work for another advisor firm. This review is a result of my experience as a customer of Betterment.

P.S.: Every month, Betterment sends me an email reminding me to do more business with them. I do not read those messages, I delete them immediately.

P.P.S.: This post-script is being written a few months later (after what is written above). I am happy to say that the $$ balances in my Betterment High Yield Savings account and my Betterment checking account - both now $0 (zero). So, yes, I do have one thing positive to say re Betterment => it feels so good to say goodbye forever to Betterment.

Their customer service is horrible. I can’t move my money out of their accounts and they refuse to respond. Their phone support says they will look into it but I never get a call back or follow up. It’s been weeks

Been using Betterment for years, love it! Super easy to manage finances and great APY rates on cash reserves. Easy investing and checking account works well too. Awesome!