Transfer Sweep Program Disclosures

Transfer Sweep Program

The Transfer Sweep Banks (referenced in the Brokerage Agreement) are currently as follows:

• The Bancorp, N.A.,
• Wells Fargo Bank, N.A.

Procedures

By opening a brokerage account, you authorize Betterment Securities to deposit Eligible TSP Funds (as defined in the Brokerage Agreement) contributed or received into your brokerage account into demand deposit accounts at one of the Transfer Sweep Banks. 

• The TSP Account at Wells Fargo Bank, N.A. receives (i) rollover funds from third-party financial institutions destined for investment in a Betterment individual retirement account (“IRA”) or 401(k), and (ii) proceeds from the sale of securities for IRA rollovers to third-party financial institutions.
• The TSP Account at The Bancorp, N.A. receives all other funds, including (i) funds for the purchase of securities, (ii) dividends, (iii) transfers from third-party financial institutions, and (iv) proceeds from the sale of securities, in each case, for Betterment taxable, IRA, and 401(k) accounts.