Betterment

Contemplating discontinuing your investment journey with Betterment? This guide empowers you to effectively close your Betterment account, outlining the straightforward process and important considerations.

Account Closure Process:

Pre-Closure Essential: Before initiating closure, it’s crucial to ensure a zero balance in your Betterment investment account. This involves withdrawing any remaining funds. Betterment facilitates a simple withdrawal process directly through the platform.

Online Account Closure: Once your account balance reaches zero, closure can be initiated through the Betterment website:

1. Web Browser Access: Log in to your Betterment account using a web browser.
2. Account Settings: Locate the “Settings” section within your account dashboard.
3. Account Management: Navigate to the “Accounts” subsection within settings.
4. Account Selection: A list of your investment accounts will be displayed. Choose the specific account(s) you wish to close by selecting the “Close Account” option next to it.

• Post-Withdrawal Action: If you initiated a withdrawal before attempting account closure, you may need to repeat the above steps (“Settings” -> “Accounts” -> “Close Account”) after the withdrawal is complete.

Important Considerations:

• Joint Accounts: The closure process for joint accounts follows the same steps. Either joint account holder can initiate closure directly through the platform. However, if you intend to transfer the funds to another individual Betterment account, contacting customer service beforehand is recommended.
• Information Retention: Due to regulatory requirements, Betterment is obligated to retain certain sensitive information associated with your account even after closure. This safeguards compliance with FINRA, SEC, and US Patriot Act regulations. Additionally, your account may remain accessible in the future for potential tax form retrieval.
• Account Reactivation: Betterment allows for easy reactivation of previously closed investment accounts if you decide to resume investing in the future.
• Fees: Betterment does not impose any fees for closing your investment account. However, for cryptocurrency accounts, a trading and custody fee applies, charged by Betterment’s custodian, Gemini. This fee varies based on trading volume.

By following these steps and considering the outlined points, you can confidently and effectively close your Betterment investment account.