The policy discloses that Betterment shares identifiers, commercial information, and internet and electronic network activity data with advertising and marketing networks for targeted advertising, and acknowledges this may constitute a 'sale' or 'share' under certain state privacy laws including CCPA.
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
This provision establishes that Betterment's advertising technology practices involve sharing three categories of personal data with advertising networks, and the policy explicitly acknowledges this activity may meet the legal definition of 'sale' or 'sharing' under state privacy laws, triggering opt-out rights for eligible residents.
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 →The agreement authorizes disclosure of identifiers, commercial information, and internet activity data to advertising and marketing networks, and states residents of qualifying states may opt out of this sharing through Betterment's website privacy controls at any time.
Cross-platform context
See how other platforms handle Advertising Data Sharing as Potential 'Sale' Under State Law and similar clauses.
Compare across platforms →"We do not and will not sell consumer personal information in the traditional and colloquial sense of the word 'sale.' We do use advertising technology on our website, which under some State Privacy Laws may be considered a 'sale' or 'share' of your information. We do not exchange our clients' personal information for monetary payments. As discussed below, you may opt-out of targeted advertising at any time on our website. We disclose the following categories of personal information to third parties for the purpose of engaging in targeted advertising and other marketing activities, including to expand the reach and effectiveness of our marketing campaigns. These disclosures may be considered 'sales' or 'sharing' or use of personal information for 'targeted advertising' under certain State Privacy Laws. Categories of personal information 'shared,' 'sold,' or used for targeted advertising categories of third parties: Identifiers; Commercial information; Internet and electronic network activity information (including information from cookies). Categories of third parties: Advertising and marketing networks.Excerpt from Betterment's Privacy Policy
1) REGULATORY LANDSCAPE: This provision directly engages CCPA as amended by CPRA, which grants California residents the right to opt out of the 'sale' or 'sharing' of personal information, including for cross-context behavioral advertising.
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This provision establishes that Betterment's advertising technology practices involve sharing three categories of personal data with advertising networks, and the policy explicitly acknowledges this activity may meet the legal definition of 'sale' or 'sharing' under state privacy laws, triggering opt-out rights for eligible residents.
The agreement authorizes disclosure of identifiers, commercial information, and internet activity data to advertising and marketing networks, and states residents of qualifying states may opt out of this sharing through Betterment's website privacy controls at any time.
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