Betterment collects highly sensitive personal and financial information including your Social Security Number, bank account numbers, investment history, and account balances as part of operating its services.
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 collection of Social Security numbers, bank account numbers, and full financial transaction histories creates significant risk exposure if the data is ever breached, misused, or shared beyond what users expect.
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 →This provision means Betterment holds some of the most sensitive data tied to your financial identity, including your SSN and complete banking and investment account details, which are high-value targets in the event of a data breach or unauthorized access.
How other platforms handle this
to request that your data be transferred to a third party (data portability)
Your organization may allow you to access and export your data in order to back it up or transfer it to a service outside of Google.
To stop us collecting your location information, you can update your device settings, stop using the Service, or uninstall our mobile apps.
"We collect several categories of personal information. The specific pieces of personal information we collect about you will depend on how you interact with us and which of our products and services you use. This may include: Identifiers such as your name, address, phone number, email address, Social Security Number, date of birth, government-issued ID, and IP address. Financial and transactional information such as bank account numbers, investment account details, transaction history, account balances, and payment information.Excerpt from Betterment's Privacy Policy
1) REGULATORY LANDSCAPE: This provision implicates the Gramm-Leach-Bliley Act and Regulation P, which govern the collection and safeguarding of nonpublic personal financial information by financial institutions.
Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
Ad personalization controls removed. Contact scanning added. Advertiser data partnerships quietly dropped. A timeline of every change.
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The collection of Social Security numbers, bank account numbers, and full financial transaction histories creates significant risk exposure if the data is ever breached, misused, or shared beyond what users expect.
This provision means Betterment holds some of the most sensitive data tied to your financial identity, including your SSN and complete banking and investment account details, which are high-value targets in the event of a data breach or unauthorized access.
ConductAtlas has identified this type of provision across 289 platforms. See the full comparison.
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