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Terms & Conditions for ACATS

When you agree to Betterment’s ACATS terms and conditions, you are doing the following:

You direct the Sending Account, or delivering firm, to:

  • Transfer your assets to Betterment as you have instructed, even though the destination account may have a different account title or different taxpayer identification number than the delivering account.
  • Deduct any outstanding fees from the credit balance in your account. If a credit balance does not exist or does not cover the balance due, liquidate assets in the account to the extent necessary to satisfy the balance due.
  • Freeze your account when this transfer is validated, which includes canceling all open orders and not accepting new orders on the transferring account (except for transactions closing option positions that expire within seven days).
  • Release any requested historical information to Betterment about the assets you’re transferring.
  • Transfer any physical certificates in good deliverable form, including any necessary tax waivers.

You acknowledge and accept that:

  • Any assets not readily transferable might not be transferred within the time frames set by FINRA (e.g., by FINRA Rule 11870) or other applicable authorities. Additionally, in certain cases, transfers may fail. This may delay the completion of your transfer beyond the estimated date originally provided to you when you initiated the transfer.
  • Betterment is not responsible for changes in the value of assets that may occur during the transfer process.
  • You understand and accept any tax or financial implications that may arise in connection with this transfer and with the sale or liquidation of any assets, including any wash sales, as well as applicable penalties or charges imposed by the delivering firm.
  • You have considered whether any required minimum distributions (RMDs) are necessary if you are retired or of retirement age.
  • After receiving the transferred assets, Betterment will, in its discretion, sell assets and use the proceeds to purchase new securities consistent with your goal’s target allocation. You understand that certain mutual funds may assess sales fees (“back-end loads”) at the time Betterment determines to sell them. Betterment does not consider any such fees in its financial advice regarding transferred assets and does not incorporate those fees into performance information about your portfolio.
  • You understand that mutual funds that are transferred to a Betterment account and not sold immediately are not eligible for tax loss harvesting.
  • You have not received tax advice from Betterment and Betterment is not responsible for the tax consequences of this transfer or any associated sales. You should consult a tax advisor if you have any questions about your personal tax situation.
  • If an account transfers to Betterment with a debit balance, you are responsible for satisfying the debit balance.
  • To the extent that you are transferring all of the assets you hold at a firm, you affirm that you have destroyed or returned any credit/debit cards and/or unused checks associated with the account.
  • Rebalancing transactions may occur unless you have requested, and Betterment has confirmed, that rebalancing is disabled in the receiving account. Rebalancing transactions may result in the purchase and/or sale of securities in accordance with your investment strategy.

You agree to indemnify and hold harmless Betterment and its affiliates (collectively, “Betterment”) from and against any liability incurred by Betterment for relying in good faith upon your transfer authorization.