Betterment

Revdex.com: I have reviewed the response made by the business in reference to complaint ID [redacted] , and find that this resolution is satisfactory to me and the matter has been resolved Sincerely, [redacted]

Revdex.com:
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]
It is a problem of the platform where the following year is a selection defaultIt reverted back to this default despite selecting the desired yearThis is the major reason why this happened
Second, I don't remember receiving a "follow up" notificationIf I did, this wasn't clear
Lastly, other custodians have a mechanism to fix this issue, even after a cutoff date and having submitted the information to the IRSThe IRS also specifies that custodians (i.eBetterment) can MANUALLY correct these issues IF IT DOESN'T NEED TO/CANNOT be done electronicallyHence, it is the responsibility of the custodian to have a corrective mechanism in place of the agree to handle clients retirement accounts
This is not an inconvenienceIt's a custodial lack of responsibility
In order for the Revdex.com to appropriately process your response, you MUST answer the question above
Sincerely,
*** ** ***s

We thank *** ** *** for raising his concerns and we’re sorry to hear
about his experience
*** ** *** initiated his IRA deposit on April ***, In accordance with our standard practice, that contribution was allocated to the current tax year, i.eOn April ***, 2016, we sent *** ** *** a confirmation email, which stated that his contribution had been credited toward the tax year
Betterment typically files its IRS Form *** for the preceding year by the end of May If customers contact our customer support team in advance of that filing, we are still able to reallocate their IRA contributions to the preceding yearHere, if we had heard from *** ** *** by prior to submitting the filing, we could have reallocated his contribution to Unfortunately, we were not contacted by *** ** *** until June ***, Although we notified *** ** *** that his contribution had been allocated to the day after his deposit, we regret that he did not find our our website to be sufficiently clear on this pointWe will review it, and our processes more generally, to see if there is anything we can do to avoid future issues of this natureWe regret any inconvenience experienced by *** ** ***

We have reviewed and resolved the complaint with the customer and cleared up confusion over...

potential perceived penalties that the customer thought might occur (but did not). We also reviewed the misunderstanding of restrictions on withdrawals. As there are no restrictions or penalties on withdrawals, these concerns were addressed and cleared. Additionally we have worked with our engineering team to review the confusions that occurred and will be reviewing how to prevent this confusion in the future. As a final courtesy, we provided 4 months free to the customer account for the inconvenience. This issue has now been marked as resolved both internally and with the customer.

Betterment has responded to [redacted]s complaint and has taken his concerns regarding our service seriously. Upon speaking with [redacted] again, we were able to resolve all of his issues and...

quell his concerns regarding our security, procedures, and timelines. We expedited issuing the check to be sent to his new provider. [redacted] was pleased with our response, and we have been able to resolve the case.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]...

We have reviewed and resolved the complaint with the customer, and ensured that the...

funds were sent back to the customer's bank on November [redacted], 2016.

Please note to anyone who is reading this that when a contribution is made to an account and that account accumulates additional monies that money is taxed. When using their system to withdraw it warns all users that you will be taxed. Betterment has given provided the potential amount that could be taxed in addition to 4 months of free service. I am happy to do business with them again.

Betterment does acknowledge that [redacted] had a poor experience in having her direct IRA transfer check reach her successfully. Betterment attempted to send [redacted] a check on three separate occasions once we were notified that the previous issuance had not successfully been delivered....

Betterment initially attempted to send a check to [redacted] directly, as her transfer paperwork indicated additional paperwork was requested along with the check. This check was returned to Betterment with a note from the [redacted] indicating this address was undeliverable. Ultimately, this is not the service Betterment strives to provide to its customers. Betterment has since confirmed successful delivery of the funds to [redacted]’s account at her new financial firm. [redacted] has also confirmed receipt of the funds, and is pleased to have this matter resolved successfully.

Review: I submitted a request to transfer my IRA out Betterment. Per their instructions and emails I sent them direct transfer paperwork and the necessary signatures. On May **, I reached out to this organization and was told that my request would be processed the following week. The week has passed and it still has not been processed. I called to follow-up on the status and now I am receiving varied information from the Betterment representatives. All I want is my money back and there seems to be some major organizational issues with this completing this task.Desired Settlement: My check mailed.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

Review: I used the betterment interface in order to start an automatic deposit starting on March *. Upon checking my account, I noticed that an automatic deposit of 350 was initiated on Feb *. I spoke to the customer service rep who noticed that Betterment, failed to notify me of this transaction, nor confirm my automatic deposit start date. The company failed to admit their issue andDesired Settlement: I would like a refund of my 350 without penalty from me. Which means, no tax penalty as this issue was from the company.

Business

Response:

We have reviewed and resolved the complaint with the customer and cleared up confusion over potential perceived penalties that the customer thought might occur (but did not). We also reviewed the misunderstanding of restrictions on withdrawals. As there are no restrictions or penalties on withdrawals, these concerns were addressed and cleared. Additionally we have worked with our engineering team to review the confusions that occurred and will be reviewing how to prevent this confusion in the future. As a final courtesy, we provided 4 months free to the customer account for the inconvenience. This issue has now been marked as resolved both internally and with the customer.

Consumer

Response:

Please note to anyone who is reading this that when a contribution is made to an account and that account accumulates additional monies that money is taxed. When using their system to withdraw it warns all users that you will be taxed. Betterment has given provided the potential amount that could be taxed in addition to 4 months of free service. I am happy to do business with them again.

Review: Betterment has made it nearly impossible to a) close your accounts (Traditional IRA) or b) have money sent to your house or to your financial institution so that you can reinvest it. They required a "medallion signature" on a transfer form with my name on it from [redacted] told me that Medallion signatures are normally required if both accounts ([redacted] & Betterment) were not in my name, but both are. Also, when I called their # ###-###-####, it rings then send you to a voicemail and tells you that they'll call you back. [redacted] tried to call them while I was online (recorded call), and also got the VM. Seemed fishy. Then Betterment called me back after [redacted] had hung up. I asked Betterment, "do you mind if I call [redacted] and get them on the phone." They said that won't be possible because it's against their policy. Again seemed fishy. Then I demanded a hard check from them to be sent to my house and I'll redeposit it in 30 days w/o penalties. They said they couldn't do it. They said that I could initiate the transfer online if I link my accounts. When I went to link my [redacted] account via their Betterment website, I received a fraud alert from [redacted] instantly that said, "We detected a possible unauthorized attempt to sign on to your account." Again red flags and seemed fishy!So then I demanded a hard check be sent to my house. Again they said they couldn't. So without their knowledge, I asked them to hold so I could think. Instantly I called [redacted], explained the situation to them, and then merged the call. Betterment (Mariana) seemed freaked out, however, spoke to the [redacted] (Andrew) representative anyways, but even the [redacted] rep told me later that she seemed shaken up. Again fishy!Desired Settlement: I want my money hard checked to my house, or sent to [redacted] Investments!

Business

Response:

Betterment has responded to [redacted]s complaint and has taken his concerns regarding our service seriously. Upon speaking with [redacted] again, we were able to resolve all of his issues and quell his concerns regarding our security, procedures, and timelines. We expedited issuing the check to be sent to his new provider. [redacted] was pleased with our response, and we have been able to resolve the case.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,