Consumers who enroll in fully paid securities lending enter into a separate agreement with Apex Clearing Corporation, a third-party broker-dealer custodian, rather than solely with Betterment.
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 securities lending enrollment creates a direct contractual relationship between the consumer and Apex Clearing Corporation, meaning the operative terms, risk disclosures, and dispute resolution provisions for this feature are governed by a third-party agreement not authored by Betterment.
Interpretive note: The directory page does not disclose the specific risk, collateral, or default terms of the Securities Lending Agreement; assessment of operative provisions requires review of the underlying document.
Under this clause, consumers who opt into fully paid securities lending are subject to the Securities Lending Agreement with Apex Clearing Corporation, which is a distinct legal instrument from Betterment's primary customer agreement and contains terms specific to that custodial relationship.
Cross-platform context
See how other platforms handle Securities Lending Agreement and similar clauses.
Compare across platforms →"Securities Lending Agreement The terms you agree to and that govern your relationship with Apex Clearing Corporation when you enroll in fully paid securities lending.Excerpt from Betterment's Terms of Use
1) REGULATORY LANDSCAPE: Fully paid securities lending is subject to SEC and FINRA regulatory requirements, including FINRA Rule 4330 governing customer securities lending by member firms.
Enforcement risk, jurisdiction flags, contract triggers, and due diligence action items.
Get the research letter
Companies change their terms quietly. We read every version and catch what actually changed. One email a week on the changes that matter and what they mean.
This provision establishes that securities lending enrollment creates a direct contractual relationship between the consumer and Apex Clearing Corporation, meaning the operative terms, risk disclosures, and dispute resolution provisions for this feature are governed by a third-party agreement not authored by Betterment.
Under this clause, consumers who opt into fully paid securities lending are subject to the Securities Lending Agreement with Apex Clearing Corporation, which is a distinct legal instrument from Betterment's primary customer agreement and contains terms specific to that custodial relationship.
No. ConductAtlas is an independent monitoring service. We are not affiliated with, endorsed by, or sponsored by Betterment.