Checking or savings account -- Closing an account -- Complaint #6221655
Complaint Overview
Complaint ID: 6221655
Company: Betterment LLC
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Closing an account
Sub-Issue: Funds not received from closed account
State: Florida
ZIP Code: 334XX
Date Received: 2022-11-18T12:00:00-05:00
Date Sent to Company: 2022-12-14T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
XX/XX/2022 I had two ( 2 ) accounts with Betterment and closed both accounts. In one case the funds were easily transferred to an existing linked account. In the other case the bank refused to transfer my funds to the existing linked account but rather forced me to provide a scanned colored photocopy of my government issued ID as well as a bank statement of a bank NOT linked to my account. I expressed concern submitting such a document and photograph especially regarding an account that was NOT associated or linked to this account. The bank refused to release my funds unless I did so. Being forced to produce a government issued ID and a bank statement of an external bank unrelated to Betterment seemed both unfair and high suspicious. Such documents raise concerns for Homeland Security as well. Since the bank was able to release funds quickly and easily when I closed one account it did not make sense, they refused to do so on the other account without me providing sensitive information. I now have concerns that my ID and bank statement may have compromised my security and I am suspicious why it was needed. I requested for Betterment Bank to release my funds as they did with my other account only a day or 2 earlier but they refused.
Frequently Asked Questions
What is Complaint #6221655 about?
Complaint #6221655 was filed against Betterment LLC regarding Checking or savings account specifically about Closing an account. It was received by the CFPB on 2022-11-18T12:00:00-05:00.
How did Betterment LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Betterment LLC?
Yes, visit the Betterment LLC company profile at readthecomplaint.com/company/betterment-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.