Checking account

How to use Betterment Checking provided and issued by nbkc bank, Member FDIC.

Company information

About the cell phone insurance offered by Sure

Sure is an insurance technology company that powers insurance benefit programs for customer-centric organizations like Betterment. Cell phones have become an everyday necessity for the average person. If your cell phone is damaged or stolen, getting it repaired or replaced is often not optional. Fortunately, coverage is available for damage to or theft of your cell phone through Betterment Checking and our insurance partner Sure. This benefit is available if you are a valid Betterment Visa® ...

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Deposits

How long do deposits take?

Transfers initiated within your Betterment account: Transfers initiated into Checking from within your Betterment account—drawing from a connected funding account—will add to your Checking balance by the following business day if placed by 4 PM ET. However, these funds will be in a “pending” status until the funds are fully available to you to use. The pending status usually lasts for 4 to 5 business days. We’ll display an estimated completion date for any deposits you make into Checking. ...

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Eligibility

Can I open a Joint Checking account?

Joint Checking accounts are available. Each Betterment user can have up to two Checking accounts. This can be two individual accounts, two joint accounts, or one of each, so feel free to pick and choose according to your needs! If you don’t have an account with Betterment yet, sign up now. If you are already a Betterment user, log in now. You can create a Joint Checking account by converting your existing Checking account to Joint Checking or by opening up a brand new Joint Checking account. To ...

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Who is eligible to use Checking?

You must reside in the U.S. full-time to use Betterment’s services. You must also be at least 18 years old*, as we are not able to provide services to minors. *Due to state laws, you must be at least 19 years old if you reside in Alabama or Nebraska and at least 21 years old if you reside in Mississippi or Puerto Rico.

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Will you run a credit check?

No. Credit checks are not required to use any of Betterment’s products. However, we will collect your personal information upon signup. We are mandated to collect this information by our regulators and the IRS.

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Can I open an account for a company or LLC?

Corporate and LLC checking accounts are not available through Checking at the present time. We’ll be sure to monitor customer requests for corporate and LLC checking accounts, as we may be able to offer them in the future.

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Can I open an account for my trust?

Checking accounts for trusts are not available through Checking at the present time. We’ll be sure to monitor customer requests for checking accounts for trusts, as it’s something we may be able to offer in the future.

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Estate planning

What happens to my account upon my death?

The funds in your account will be disbursed to your designated beneficiary or the court appointed executor if no beneficiary is designated. Your beneficiary or family member should contact us to initiate this process and we will walk them through what documentation is needed to move forward. To add a beneficiary, log in on a web browser, select Settings from the menu on the left, and click on the Accounts tab.

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Do you accept Power of Attorney arrangements?

Yes. If you have a power of attorney arrangement, please send us a message to receive further instructions.

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Getting started

Do you charge a fee for overdrafts?

No. Betterment does not charge any fees for account overdrafts. If you overdraw your account, we’ll alert the vendor that there aren’t enough funds in the account to cover the transaction, and the transaction will be reversed. In other words, the transaction won’t be able to be completed, and you won’t be charged any fees.

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Does my checking account earn interest?

No, the cash you hold in Checking does not earn interest.

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Are there any fees or account minimums?

Betterment does not charge any account fees on Checking, and we reimburse ATM fees worldwide, including the Visa 1% transaction fee on foreign transactions, purchases, and ATM transactions. There is no minimum balance or deposit requirement to use Checking.

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Is my cash FDIC insured?

You bet! Joint Checking accounts are eligible for up to $250,000 per depositor in FDIC insurance through nbkc bank, Member FDIC. Our checking services are provided by nbkc bank. If you already have funds at nbkc bank or another nbkc bank partner separately from what you hold through Betterment Checking, you will be eligible for up to $250,000 per depositor, per FDIC-insured bank, per ownership category.

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How can I sign up?

Checking is available now. If you don’t have an account with Betterment at all yet, sign up now. It only takes a few minutes! If you already have a Betterment investing or Cash Reserve account, sign in.

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What is Checking?

Our checking account and Visa debit card help take the hassle out of traditional checking. Checking accounts and the Betterment Visa® Debit Card provided and issued by nbkc bank, Member FDIC. Checking made available through Betterment Financial LLC. Checking is new—over time, you can expect to see additional features beyond what we are offering currently. ✓ ATM and foreign transaction fees reimbursed worldwide Plus, use your debit card anywhere Visa is accepted. ✓ No overdraft or other account ...

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Is Betterment a bank?

Neither Betterment LLC nor Betterment Financial LLC, nor any of their affiliates, is a bank.

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What are cash back rewards?

Cash back rewards allow Betterment to offer Checking users cash back on purchases with thousands of merchants. If you have an activated Betterment Visa® Debit Card, you’re automatically eligible for cash back rewards. Cash back offers are automatically applied to your account. You can find current Checking cash back offers in the Earn Rewards section of your Betterment account. Eligible when using your Betterment Visa® Debit Card. Cash back merchants and offers may vary. You’ll see rewards, ...

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How can I earn cash back?

You can earn cash back by making eligible purchases at select merchants with your Betterment Visa® Debit Card, with both online and in-person offers available. Current cash back offers available to you are shown in the Earn Rewards section of your Betterment account. Once you find your favorite offers, simply pay with your Betterment Visa® Debit Card at checkout. In-store offers are automatically available, while you will have to shop through the Betterment app to redeem online offers. Cash ...

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Joint Accounts

Is there a limit to how much I can deposit into my Joint Checking account?

There is no overall limit to how much you can deposit in a Joint Checking account. However, there is a limit per transaction. When transferring between a linked bank account and Joint Checking, transfer limits are $25,000 per deposit and $10,000 per withdrawal, subject to change at Betterment's discretion. In certain situations, the limits may also be temporarily adjusted to accommodate a specific transaction. Please reach out to our Support team if you would like to make a one-time transaction ...

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Can I transfer between my Checking accounts?

Funds can be transferred instantly between Checking accounts in your name, so feel free to move funds as needed.

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How many Visa debit cards will we receive?

Each Betterment Checking user will receive one Betterment Visa®️ Debit Card. If you have multiple Checking accounts, this card can be easily switched to transact between the accounts. Please note that switching your spending account requires approximately a one-hour processing time. To switch spending accounts, simply log in and navigate to your Checking account. Here, you will see the option to “switch spending accounts'' within the “Manage Account” category. If you’re ever unsure about which ...

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Who can I open a Joint Checking account with?

You can open a Joint Checking account with anyone who is eligible for Betterment Checking. If you want to create a Joint Checking account with someone who is not yet a Betterment customer, their Joint Checking email invite will prompt them to create their own Betterment login through which they can manage the shared account. If you don’t have an account with Betterment yet, sign up now. If you are already a Betterment user, log in now.

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How can I close my Joint Checking account?

Either Joint Checking partner can close the Joint Checking account. Log in and navigate to Settings > Accounts. Click the three dots towards the right of the account you are looking to close, and select “Close Account”. There are no fees or penalties for closing accounts.

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Can I transfer funds with family and friends?

Betterment does not support in-app peer-to-peer money transfers at this time. If you’re looking to send or receive funds from someone who is not your Joint Checking partner, we suggest doing so through a peer-to-peer money transfer platform, like Venmo, Cash App or Zelle®.

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How many external banks can I link to Joint Checking?

You and your Joint Checking partner can each electronically link one external bank account in your name to fund your Betterment Checking account(s). For help with the linking process, please refer to our FAQ on managing bank accounts. Please note that for security purposes, we are unable to accept links with an external bank account if it is not in the same name as one or both of the Joint Checking owners. If you are looking to send or receive funds from someone who is not your Joint Checking ...

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Do both Joint Checking account owners need to approve actions in the account?

Actions do not require consent from both account owners. Either user can close the account, make deposits, withdrawals, and transfers, changes to the connected checking account, and beneficiary changes. Please note that both account owners will have a separate login through which they can connect their own funding account to Joint Checking and detail their own beneficiaries. To learn more about beneficiaries please see the FAQ question “How is it different than just having a beneficiary?”

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How is it different than just having a beneficiary?

Two customers with a Joint Checking account have equal ownership of the assets in the account. Each owner can transfer, deposit, and withdraw money. Upon the death of one of the Joint Checking account owners, the entire ownership is transferred to the surviving account owner. On the other hand, a beneficiary does not have access, control, or ownership over the account while the account owner is alive. Upon the death of both of the Joint Checking account holders, the assets are transferred to ...

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Limitations

Are there any limits on transactions?

Daily ATM Withdrawal Limit: $500 This limit includes any ATM surcharge fees charged by the ATM operator. Remember that we’ll reimburse ATM fees at any ATM worldwide, wherever Visa is accepted. Daily Debit Card Transaction Limit: $2,000 Transferring To And From Your Connected Funding Account: Transfer limits are $25,000 per deposit and $10,000 per withdrawal, subject to change at Betterment's discretion. In certain situations, the limits may also be temporarily adjusted to accommodate a specific ...

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Managing my account

How can I change my name?

To change your legal name and/or change the name on your debit card, please email us for further assistance.

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How do I add a beneficiary to my account?

To add a beneficiary, log in on a web browser, select Settings from the menu on the left, and click on the Accounts tab. Enter your primary beneficiary information for Checking. Checking does not currently support additional contingent beneficiaries. Betterment only supports accounts for individuals 18 or older. If a minor should be appointed as a beneficiary of an account, we may require additional documentation. Choosing a minor as a beneficiary may cause unforeseen delays.

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What are my account and routing numbers?

You can easily find your account and routing numbers in your account on a web browser or on your mobile app. On a web browser: Log in and select Checking from the menu on the left. You’ll then be able to see your account and routing numbers on the right hand side of the screen. On the mobile app: Log in and select Checking. Click on Manage Account and you’ll see your account and routing numbers.

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How can I dispute a transaction?

To dispute a transaction, please contact us. If you suspect fraud, call us. Be sure to lock your card by logging in to your account on a web browser or on the mobile app to prevent your card from being used in the meantime—especially if our office is closed and you can’t get in touch with us right away.

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How can I close my account?

Before you can close the account, you must withdraw the funds so that the account is completely empty. Once your account is empty, log in from a web browser and select "Settings" from the menu on the left, and then select "Accounts.” Click the three dots to the right of Checking and you’ll see the option to close it.

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Where can I find account statements?

You can download monthly account statements from a web browser. Log in and select Documents from the menu on the left, and you’ll be able to download monthly statements.

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How can I report suspected fraud?

If you suspect fraud, lock your card by logging in to your account on a web browser or on the mobile app. Once you lock your card, it will not be able to be used to make transactions. After locking your card, please call us during business hours so that we can further assist you.

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Mobile Check Deposit

What are the transaction limits for mobile check deposit?

The daily paper check deposit limit is $2,000. To deposit a higher limit than stated above, please contact our customer support team. We would be happy to assist in temporarily increasing your transaction limits.

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Should I keep my check after it’s deposited?

Yes, you should keep your paper check for 60 days after it’s deposited, in case our team needs to reach out for additional information. After 60 days, please destroy your check.

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Can I mail in my paper check?

At this time, Betterment is not able to deposit a paper check on a customer’s behalf. Please deposit any paper checks through your mobile app. If you are experiencing issues with your mobile check deposit, contact our customer service team during business hours for help.

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Where can I find my receipts for recently deposited checks?

Receipts for recently deposited checks are available once the check is accepted and settled into your account. This means you will be able to see your paper check images, the front and the back, after the funds are available for use. To view your receipts, simply select “Checking” from your Betterment home screen. Then, under your “Recent transactions” you will be able to find your paper check deposits and images. You also have the option to print a copy of your check images for your records. ...

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What should I do if my deposit is declined?

If your deposit is declined, you will receive an email with the failure reason. Upon re-submission, make sure you are taking clear photos of both sides of your paper check. If you are still experiencing issues with your mobile check deposit after re-submitting your images, contact our customer service team during business hours for help.

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When will my funds be available?

Funds deposited from a paper check will generally be available in your Checking account within 2 business days, as long as the transfer is initiated by 5PM EST.

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What kinds of paper checks can I deposit into Checking?

The following paper checks cannot be deposited into Checking: Checks drawn on a foreign bank account, checks drawn on financial institutions that are located outside of the U.S or territories of the U.S., and checks that are not payable in U.S. currency. Checks made payable to someone other than you (the account holder). Checks intended for IRA or 401(k) rollovers and transfers. Already deposited checks. Checks that are dated more than six months prior to the date of deposit. Checks that have ...

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Can I fund my checking account through mobile check deposit?

To find out whether you have access to mobile check deposits, first ensure that you are using the most up to date version. You can download the most recent version of our mobile app from the App Store® or on Google Play™. In addition to ensuring you are using the latest version of the mobile app, you’ll need to meet both of the following requirements: Must be a Betterment customer for at least 30 days. Must be a Betterment customer with direct deposits into Checking totaling $500 or more within ...

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What should I write on the back of my check?

As an endorsement, include: Your clearly legible signature. A note that says “For mobile deposit only.”

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Why can't I see the mobile check deposit feature in the app?

First, ensure that you are using the most up to date mobile app version. You can download the most recent version of our mobile app from the App Store or Google Play. In addition to ensuring you are using the latest version of the mobile app, you’ll need to meet both of the following requirements: Must be a Betterment customer for at least 30 days. Must be a Betterment customer with direct deposits into Checking totaling $500 or more within the last month. However, continued use of all our ...

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Transactions

Do you offer international money transfer services?

We are not offering international money transfer services at this time.

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Do you offer cashier’s checks or money orders?

At this time, we are unable to offer cashier’s checks or money orders. Learn more about how you might be able to get a money order or a cashier's check. This information is not provided by or endorsed by Betterment, and we are not liable for any actions you might take as a result of following these instructions.

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Can I deposit my PPP/SBA loan into my personal or joint Checking account?

We currently only offer personal and joint checking accounts. As such, we are not able to accept PPP loans for your business into your personal or joint checking accounts. If a PPP loan from the Small Business Association or a secondary lending agency is deposited into your account, your checking account may be closed and the funds may be returned to their source. It may also be necessary that documentation be provided to receive those funds. If this deposit results in checking account closure, ...

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How do I set up direct deposit through my paycheck?

You’ll need to set up direct deposit through whatever process your employer has in place. Your HR department will typically give you a form and you’ll share your new account and routing numbers. Your employer might even provide the option to request the change online through a portal rather than via a paper form. If your HR department will accept it, you can fill out our form and provide it to them. Download a blank direct deposit form. Make sure to find out when your employer expects the ...

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Do you offer bill pay services?

We do not currently offer the ability to set up bill payments through our platform. However, you can set up automatic payments directly through vendors that you use, usually by providing them with your Betterment Checking debit card information or your account and routing numbers.

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Transfers

Can I transfer money to my investing goals and Cash Reserve from Checking?

To transfer money from Checking to your investing goals or Cash Reserve, you will need to add Checking as the funding account for each Betterment account. You can add or change the funding account for each of your other Betterment accounts within Settings on the Funding Accounts page. If you are on a desktop or mobile web, click on the button on the top right-hand side of your screen that says “Transfer or rollover.” Then you can click on “Transfer within Betterment” where you can move funds to ...

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Does checking support instant debit card transfers?

We currently support instant debit card transfers and deposits between third-party apps like Venmo, Cash App, and Zelle®, and your Checking account via your Betterment Visa debit card. Note that when using Zelle specifically, the sender or receiver must have access to Zelle through their bank or credit union. Transfer limits are determined by the third-party apps, and are subject to change. Please check with the third-party apps for any applicable fees related to initiating an instant transfer. ...

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How long do withdrawals take?

If you use your debit card to make a purchase from a vendor, or withdraw cash from an ATM, the transaction amount will reduce your available Checking balance immediately. Withdrawals to your connected funding account generally take 1 to 2 business days to fully complete. In some situations, withdrawals may take longer. An example of this would be if you make a deposit and then withdraw it to your connected funding account immediately, which could lead to your withdrawal taking up to 6 business ...

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How can I fund my checking account?

Use Your Connected Account Connect a bank account to use as the funding account for Checking. If you’ve already connected a funding account to your investment accounts with us, you’ll still need to separately connect a bank account to fund Checking. You can only connect a funding account to Checking if your bank is eligible to be instantly connected electronically and the funding account is in your name. Electronically connect your bank on web browser:  Log in and click on Settings. Click the ...

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Can I use my checking account to fund my other Betterment goals?

Yes, you can always use your Checking account to fund any Betterment goals. This means that you can make deposits, withdrawals, and transfers into your individual taxable account, joint taxable account, individual and/or joint Cash Reserve accounts, or your trust from your Checking account.

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