Consumer complaint received 2026-03-03 00:00:00
Product: Checking or savings account — Other banking product or service
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: Betterment LLC
State: TX

Complaint narrative:
[ THIS REVIEW IS SOLELY ABOUT THE IRA ROLLOVER PROCESS VIA PAPER CHECK ] I have been a Betterment customer for several years and was previously satisfied. However, this rollover experience has been unsatisfactory and has significantly reduced my confidence in Betterments operations. I mailed a rollover check to Betterments lockbox with tracking and signature confirmation. USPS tracking confirms delivery to the XXXX, TX lockbox with a signature, but Betterment was unable to locate the check or credit the funds to my account. This represents a significant operational failure that requires formal reporting and investigation. XX/XX/ Betterment email provides rollover instructions/lockbox mailing details. XX/XX/ I confirm by email that I mailed the rollover check via USPS certified mail, with an expected arrival of XX/XX/. XXXX USPS tracking indicates the package was delivered to XXXX, TX XXXX and signed for ( proof later forwarded to Betterment ). XX/XX/XXXX I emailed Betterment with documentation to support depositing the XXXX check, including a delivery screenshot. XX/XX/XXXX I emailed Betterment again with supporting documents and delivery proof. Betterment replies the same day, acknowledging the check shows as delivered, but says theyre experiencing delays in inbound rollover processing and asks for the exact check amount and whether it has been cashed. XX/XX/XXXX I provide the check amount ( over $ XXXX ) and supporting scan, noting Im unsure whether it has been cashed. XX/XX/XXXX I re-send the check amount and scan early morning. Later that day, Betterment Operations emails saying theyre investigating the delay and will try to locate the check. That evening, I sent the USPS confirmation again and asked if the check had been lost in the XXXX office. XX/XX/XXXX I email Betterment again, reiterating that USPS shows delivery with signature confirmation and requesting a status update. XX/XX/2026 Betterment Operations replies : they have not yet received the check, are working with their processing team in Texas, and note that checks can take up to 4 weeks to be received and processed ( with a suggestion to consider a stop payment if preferred ). XX/XX/2026 I emailed Betterment to inform them that the check issuer indicates the check was mailed but not cashed, and I also notified Capitalize. XX/XX/XXXX I email Betterment requesting final confirmation before initiating a stop/reissue. Betterment replies that they can not locate the check until it is uploaded into their system from the Texas lockbox, suggests waiting until XX/XX/, and says theyll keep a lookout to avoid issues if it appears after a stop request. XX/XX/XXXX Drafting this review. Betterments inability to reconcile a delivered, signed-for five-figure check is concerning. Improved lockbox intake controls, chain-of-custody tracking, and proactive escalation procedures for time-sensitive retirement assets are needed.

Company response to consumer: Closed with explanation