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.
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
When you visit the Careers portion of our websites, we collect the information that you provide to us in connection with your job application. This includes but is not limited to business and personal contact information, professional credentials and skills, educational and work history and other in...
American does not knowingly collect personal information directly from children – persons under the age of 13, or another age if required by applicable law – other than when required to comply with the law or for safety and security reasons. Due to the nature of our Services, we may collect travel i...
We may collect information about your location, including precise geolocation information, when you use our Services. We use this information to provide location-based services, such as showing you products available in your area, and for other purposes described in this Privacy Policy.
Monitoring
Betterment has changed this document before.
Receive same-day alerts, structured change summaries, and monitoring for up to 10 platforms.
"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 Betterment 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. SEC Regulation S-P further requires registered investment advisers to implement written information security programs. The FTC also has jurisdiction over unfair or deceptive data practices. Collection of Social Security numbers and government-issued IDs may also engage applicable state identity theft protection statutes. 2) GOVERNANCE EXPOSURE: High. The breadth of sensitive identifiers collected, including SSNs, government IDs, and full financial account details, creates significant data security and regulatory obligations. Any unauthorized disclosure of this data would likely trigger state breach notification laws in all 50 states as well as GLBA incident response requirements. 3) JURISDICTION FLAGS: All U.S. jurisdictions impose breach notification obligations for SSN and financial account data. California, New York (SHIELD Act), and Illinois impose heightened requirements. EU and UK users, if any, would trigger GDPR and UK GDPR obligations, though the policy appears primarily U.S.-focused. 4) CONTRACT AND VENDOR IMPLICATIONS: Any service provider receiving this category of data must be subject to written agreements restricting use to the purposes for which it was shared, consistent with GLBA and CCPA service provider requirements. Procurement teams should verify that all data processors handling SSNs and account numbers have appropriate technical and organizational controls and contractual indemnification provisions. 5) COMPLIANCE CONSIDERATIONS: Compliance teams should maintain an up-to-date data inventory mapping all locations where SSNs and financial account numbers are stored, processed, and transmitted; conduct regular penetration testing and access control reviews; and confirm that incident response plans address GLBA and state law notification timelines.
Full compliance analysis
Regulatory citations, enforcement risk, and due diligence action items.
Free: track 1 platform + weekly digest. Watcher: 10 platforms + same-day alerts. No credit card required.
Netflix updated its Privacy Statement on April 18, 2026, disclosing voice recording collection and expanded household ad profiling for the first time.
Google's Privacy Policy covers Search, Gmail, YouTube, Maps, and every site running Google Analytics. Here is what it actually authorizes.
Professional Governance Intelligence
Need to monitor specific governance provisions?
Professional includes provision-level monitoring, governance timelines, regulatory mapping, and audit-ready analysis.
Built from archived source documents, structured governance mappings, and historical version tracking.
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.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by Betterment.