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Checking Benefits FAQ

Open Checking and get access to benefits like cell phone insurance, along with no account fees, overdraft fees, or minimum balances.

Articles by Betterment Editors
By the Editorial Staff Betterment Resource Center Published Sep. 17, 2020 | Updated Sep. 18, 2020
Published Sep. 17, 2020 | Updated Sep. 18, 2020
4 min read

TABLE OF CONTENTS

For Checking questions related to eligibility, transfers, account maintenance, mobile check deposit, or your Betterment Visa® Debit Card, please visit our general Checking FAQ.


What is 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® Debit Card holder and you charge your full monthly cellular wireless phone bills to your Visa debit card for the billing cycle before the month in which the incident occurs.

Eligible cell phones are the lines listed on your most recent monthly billing statement for the billing cycle prior to when the incident occurred.

Who is eligible?

Betterment Checking customers who have a Betterment Visa® Debit Card are eligible to receive this benefit.

How do I enroll?

Enrollment is not necessary. Simply activate your Betterment Visa® Debit Card and make payments to your monthly cellular wireless phone bill using that Visa debit card.

How much does it cost?

The cell phone protection benefit is provided to Betterment Checking customers, who are paying for their monthly cellular wireless phone bill in full with their Visa debit card, at no additional cost.

Please note that any claims made are subject to a $50 deductible per claim.

How much coverage is available?

The maximum benefit limit is $600 per claim with a maximum of two claims per 12 month period. Cell phone protection is subject to a $50 deductible per claim.

When does my cell phone protection begin?

Cellular Telephone Protection applies when you make your monthly cell phone bill payment with your activated Betterment Visa® Debit Card. Coverage begins the first day of the calendar month following a full payment of the cell phone bill and remains in effect until the last day of the calendar month following payment.

For example, if your cell phone bill is due on August 15th, and you pay it on that day using your Betterment Visa® Debit Card, coverage begins on September 1st.

What does this insurance benefit cover?

This benefit is supplemental coverage, which means that it will reimburse you for theft of, or damage to, your cell phone not otherwise covered by another insurance policy (for example; cell phone insurance programs, or your homeowner’s, renter’s, automobile, or employer’s insurance policies).

Claims made are subject to a $50 deductible per claim.

  • If you do not have personal insurance, the benefit reimburses you for the covered theft, or damage for your cell phone.

For more information, please refer to the policy details.

What is not covered?

The benefit will not provide reimbursement for the following, but not limited to:

  • Cell phones which have been rented, borrowed or are part of pre-paid or “pay as you go” type plans.
  • Cell phones purchased for resale, professional, or commercial use.
  • Cosmetic damage to the cellular phone or damage that does not impact the cellular phone’s capabilities and functionalities.

For more examples of what is not covered, please refer to the policy details.

How do I file a claim?

Claims must be filed with sixty (60) days of the date of damage or theft. To file a claim:

  1. Visit betterment.claimservicing.com
  2. Fill out the claim form, attach requested documentation, and click submit.
  3. You will receive an email to electronically sign your claims form.
  4. A claims representative will contact you to finalize your claim.

For insurance support, please contact Sure, our insurance partner, at betterment@sureapp.com.

How do I add my Betterment Visa® Debit Card as a payment option with my phone service provider?

Contact your provider for instructions on how to add your Betterment Visa® Debit Card as your default payment method in your account.

Please note that you must use your Betterment Visa® Debit card to be eligible for cell phone protection. If you pay your bill with your Checking account and routing number instead, you will not be eligible.

For your reference, please see below direct links to some of the largest cellular providers in the U.S.:

What else should I know?

  • If the cell phone is damaged, do not discard it until the claim has been fully reviewed.
  • If your cell phone is stolen as a result of criminal activity, you must file a police report within 48 hours of the event.
  • If you do not make a cell phone bill payment in a particular month, your coverage will be suspended. Coverage will resume on the first day of the calendar month after the date of any future cellular wireless phone bill payment made with the eligible card.

I have more questions, who should I reach out to?

For more in-depth questions regarding this benefit, please contact the Insurance Benefit Provider via email at betterment@sureapp.com.

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Betterment Checking

Checking accounts and the Betterment Visa Debit Card provided and issued by nbkc bank, Member FDIC. Funds deposited into Checking will be eligible for up to $250,000 of FDIC insurance. Betterment Checking made available through Betterment Financial LLC. Neither Betterment Financial LLC, nor any of their affiliates, is a bank. Betterment Financial LLC reimburses ATM fees and the Visa® 1% foreign transaction fee worldwide, everywhere Visa is accepted.

Cell Phone Insurance

Content and associated insurance products are provided by Sure HIIS Insurance Services, LLC (“Sure”), a licensed seller of insurance. The above does not in any way constitute an endorsement or referral by Betterment of the products or services offered by Chubb or Sure. Claims must be filed within sixty (60) days of the date of damage or theft to be eligible. Exclusions may apply. Insurance is issued and managed by the Chubb Group of Insurance Companies, 202B Hall’s Mill Road, Whitehouse Station, New Jersey, 08889. Terms subject to change.

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