Betterment retains your personal information for as long as your account is active or as needed to comply with legal obligations, even after you close your account.
This analysis describes what Betterment's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
The retention requirement reflects Betterment's obligation to comply with federal recordkeeping standards that mandate preservation of customer financial records. This practice affects the company's data management operations and establishes the baseline duration for which customer information remains in the company's systems.
The updated policy discloses a new Fully Paid Securities Lending program through Apex Clearing, under which Betterment will share customer personal information and account details with Apex if customers choose to participate. The revised terms also establish that generative AI service providers have committed that personal information will not be used for model training. For customers participating in promotional offers requiring offline fulfillment, the policy now explicitly states that personal information including mailing address may be shared with third-party partners. You can review the FPSL Program supplemental disclosures for details about the securities lending arrangement, or choose not to participate in the program.
View change record →Previous version had empty excerpt; current version now includes detailed retention criteria and factors considered when determining retention periods.
View full change record →Even after closing your Betterment account, your data may be retained for regulatory or legal reasons, meaning your information persists with the company longer than you might expect.
How other platforms handle this
We collect and keep personal data only as needed or allowed for the purposes set out in this Statement, based on the reason we collected the personal data in the first instance and what is permitted under the laws that apply to the processing.
Affirm will retain your information in accordance with our Privacy Policy and any applicable state or federal law, rule or regulation.
Mistral AI shall retain the Customer Exportable Data and Assets for a period of thirty (30) days from the earlier between (a) the expiration of the Transitional Period or (b) Customer's notification under Section 2.2.2 (b) of these Additional Terms.
"Due to US regulatory requirements, we do not delete residual copies of outdated information and must preserve all customer data for a minimum of three years. Please note that we retain information on deleted accounts as required for legal, regulatory and security purposes.Excerpt from Betterment's Privacy Policy
Retention of financial records is mandated by SEC, FINRA, and IRS regulations for registered investment advisers and broker-dealers.
Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
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The retention requirement reflects Betterment's obligation to comply with federal recordkeeping standards that mandate preservation of customer financial records. This practice affects the company's data management operations and establishes the baseline duration for which customer information remains in the company's systems.
Even after closing your Betterment account, your data may be retained for regulatory or legal reasons, meaning your information persists with the company longer than you might expect.
ConductAtlas has identified this type of provision across 275 platforms. See the full comparison.
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