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.
Claim your business profile now and gain access to all features and respond to customer reviews.
Betterment is the smarter automated investing service that aims to provide optimized investment returns for individual, IRA, 401k, and rollover accounts.