Betterment has thoroughly investigated this follinquiry from [redacted] , and while he may feel that our initial response has not met his expectations, in the absence of new information, we have nothing further to add to our original response
We thank [redacted] for raising his concerns and we’re sorry to hear about his experience [redacted] 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 [redacted] ** [redacted] a confirmation email, which stated that his contribution had been credited toward the tax year Betterment typically files its IRS Form [redacted] 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 [redacted] by prior to submitting the filing, we could have reallocated his contribution to Unfortunately, we were not contacted by [redacted] until June ***, 2016.Although we notified [redacted] 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 [redacted] ***
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 withdrawalsAs there are no restrictions or penalties on withdrawals, these concerns were addressed and clearedAdditionally we have worked with our engineering team to review the confusions that occurred and will be reviewing how to prevent this confusion in the futureAs a final courtesy, we provided months free to the customer account for the inconvenienceThis issue has now been marked as resolved both internally and with the customer
Revdex.com: I have reviewed the response made by the business in reference to complaint ID# [redacted] , and have determined that my complaint has NOT been resolved because: [Your Answer Here] Betterment has defrauded me due to its negligenceThey have done nothing to remedy the loss of thousands of dollars on my behalfTheir response is insulting, denigrating, and completely baselessAs Betterment has elected to not put forth any effort to resolve the ramifications of their unjust actions, there has been absolutely no progress made in resolving this complaint In order for the Revdex.com to appropriately process your response, you MUST answer the question above Sincerely, [redacted]
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]
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 taxedWhen using their system to withdraw it warns all users that you will be taxedBetterment has given provided the potential amount that could be taxed in addition to months of free serviceI am happy to do business with them again
Revdex.com:
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,
*** ***
Betterment has responded to *** ***s complaint and has taken his concerns regarding our service seriouslyUpon speaking with *** *** again, we were able to resolve all of his issues and quell his concerns regarding our security, procedures, and timelinesWe expedited issuing the check to be
sent to his new provider*** *** 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 ***, and find that this resolution is satisfactory to me and the matter has been resolved
Sincerely,
*** ***
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.
We appreciate [redacted] having raised these concerns. After a careful review of his complaint and our communications with [redacted], we respectfully disagree with his description of the events. We are also taking steps to further ensure that our customers understand our policies and procedures...
around the timing of trades, as well as the potential for market fluctuations during the withdrawal process. As explained on our website and in our customer agreements, Betterment is not designed for immediate trading activity and does not execute trades around either the open or close of the trading day due to increased volatility. Our website and customer agreement also state that the value of a withdrawal initiated by a customer may fluctuate based on market volatility prior to the execution of a trade. [redacted] initiated his withdrawal while the U.S. markets were closed. The trades were then completed within our normal processing timelines during the next trading session. Although in this particular instance a trade earlier in the day could have potentially resulted in a higher price, the markets could just have easily moved in the other direction. This type of short-term fluctuation is inherent in investing. Betterment followed its trading procedures and the terms of its customer agreements in this case. As such, we are unable to compensate [redacted] for market fluctuations that occurred between the initiation of his withdrawal and the execution of the associated trades. We do understand the importance of ensuring that all customers understand our procedures and the market risk involved with investing. In response to the concerns raised by [redacted], we have enhanced the informational content on our website concerning trade timing and the potential for price fluctuation during the withdrawal process.
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 thoroughly investigated this follow-up inquiry from [redacted], and while he may feel that our initial response has not met his expectations, in the absence of new information, we have nothing further to add to our original response.
We thank [redacted] for raising his concerns and we’re sorry to hear about his experience. [redacted] initiated his IRA deposit on April [redacted], 2016. In accordance with our standard practice, that contribution was allocated to the current tax year, i.e. 2016. On April [redacted], 2016, we sent [redacted]...
[redacted] a confirmation email, which stated that his contribution had been credited toward the 2016 tax year. Betterment typically files its IRS Form [redacted] 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 year. Here, if we had heard from [redacted] by prior to submitting the filing, we could have reallocated his contribution to 2015. Unfortunately, we were not contacted by [redacted] until June [redacted], 2016.Although we notified [redacted] that his contribution had been allocated to 2016 the day after his deposit, we regret that he did not find our our website to be sufficiently clear on this point. We will review it, and our processes more generally, to see if there is anything we can do to avoid future issues of this nature. We regret any inconvenience experienced by [redacted].
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.
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# [redacted], and have determined that my complaint has NOT been resolved because:
[Your Answer Here]
Betterment has defrauded me due to its negligence. They have done nothing to remedy the loss of thousands of dollars on my behalf. Their response is insulting, denigrating, and completely baseless. As Betterment has elected to not put forth any effort to resolve the ramifications of their unjust actions, there has been absolutely no progress made in resolving this complaint.
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]
Betterment has thoroughly investigated this follinquiry from [redacted] , and while he may feel that our initial response has not met his expectations, in the absence of new information, we have nothing further to add to our original response
We thank [redacted] for raising his concerns and we’re sorry to hear about his experience [redacted] 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 [redacted] ** [redacted] a confirmation email, which stated that his contribution had been credited toward the tax year Betterment typically files its IRS Form [redacted] 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 [redacted] by prior to submitting the filing, we could have reallocated his contribution to Unfortunately, we were not contacted by [redacted] until June ***, 2016.Although we notified [redacted] 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 [redacted] ***
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 withdrawalsAs there are no restrictions or penalties on withdrawals, these concerns were addressed and clearedAdditionally we have worked with our engineering team to review the confusions that occurred and will be reviewing how to prevent this confusion in the futureAs a final courtesy, we provided months free to the customer account for the inconvenienceThis issue has now been marked as resolved both internally and with the customer
Revdex.com: I have reviewed the response made by the business in reference to complaint ID# [redacted] , and have determined that my complaint has NOT been resolved because: [Your Answer Here] Betterment has defrauded me due to its negligenceThey have done nothing to remedy the loss of thousands of dollars on my behalfTheir response is insulting, denigrating, and completely baselessAs Betterment has elected to not put forth any effort to resolve the ramifications of their unjust actions, there has been absolutely no progress made in resolving this complaint In order for the Revdex.com to appropriately process your response, you MUST answer the question above Sincerely, [redacted]
We have reviewed and resolved the complaint with the customer
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 ***,
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 taxedWhen using their system to withdraw it warns all users that you will be taxedBetterment has given provided the potential amount that could be taxed in addition to months of free serviceI am happy to do business with them again
Revdex.com:
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,
*** ***
Betterment has responded to *** ***s complaint and has taken his concerns regarding our service seriouslyUpon speaking with *** *** again, we were able to resolve all of his issues and quell his concerns regarding our security, procedures, and timelinesWe expedited issuing the check to be
sent to his new provider*** *** 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 ***, and find that this resolution is satisfactory to me and the matter has been resolved
Sincerely,
*** ***
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.
We appreciate [redacted] having raised these concerns. After a careful review of his complaint and our communications with [redacted], we respectfully disagree with his description of the events. We are also taking steps to further ensure that our customers understand our policies and procedures...
around the timing of trades, as well as the potential for market fluctuations during the withdrawal process. As explained on our website and in our customer agreements, Betterment is not designed for immediate trading activity and does not execute trades around either the open or close of the trading day due to increased volatility. Our website and customer agreement also state that the value of a withdrawal initiated by a customer may fluctuate based on market volatility prior to the execution of a trade. [redacted] initiated his withdrawal while the U.S. markets were closed. The trades were then completed within our normal processing timelines during the next trading session. Although in this particular instance a trade earlier in the day could have potentially resulted in a higher price, the markets could just have easily moved in the other direction. This type of short-term fluctuation is inherent in investing. Betterment followed its trading procedures and the terms of its customer agreements in this case. As such, we are unable to compensate [redacted] for market fluctuations that occurred between the initiation of his withdrawal and the execution of the associated trades. We do understand the importance of ensuring that all customers understand our procedures and the market risk involved with investing. In response to the concerns raised by [redacted], we have enhanced the informational content on our website concerning trade timing and the potential for price fluctuation during the withdrawal process.
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 thoroughly investigated this follow-up inquiry from [redacted], and while he may feel that our initial response has not met his expectations, in the absence of new information, we have nothing further to add to our original response.
We have reviewed and resolved the complaint with the customer.
We thank [redacted] for raising his concerns and we’re sorry to hear about his experience. [redacted] initiated his IRA deposit on April [redacted], 2016. In accordance with our standard practice, that contribution was allocated to the current tax year, i.e. 2016. On April [redacted], 2016, we sent [redacted]...
[redacted] a confirmation email, which stated that his contribution had been credited toward the 2016 tax year. Betterment typically files its IRS Form [redacted] 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 year. Here, if we had heard from [redacted] by prior to submitting the filing, we could have reallocated his contribution to 2015. Unfortunately, we were not contacted by [redacted] until June [redacted], 2016.Although we notified [redacted] that his contribution had been allocated to 2016 the day after his deposit, we regret that he did not find our our website to be sufficiently clear on this point. We will review it, and our processes more generally, to see if there is anything we can do to avoid future issues of this nature. We regret any inconvenience experienced by [redacted].
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.
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# [redacted], and have determined that my complaint has NOT been resolved because:
[Your Answer Here]
Betterment has defrauded me due to its negligence. They have done nothing to remedy the loss of thousands of dollars on my behalf. Their response is insulting, denigrating, and completely baseless. As Betterment has elected to not put forth any effort to resolve the ramifications of their unjust actions, there has been absolutely no progress made in resolving this complaint.
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]