Is Your Betterment Account Suspended? Here’s What You Can Do About It!
Were you one of the many that have recently decided to take advantage of the new wrinkle in cash management and investing technology? Were you one of the many who with high expectations of the new 'Robo-Advisor' technology being offered by the investing industry leaders?
People looking to get a foot inside the door of stock trading and investing in 2022 and beyond have several choices of whom they choose to do business with. New investing and trading accounts are intertwined with high-end technology that paints a very pretty picture of your possible financial future.
For this post, let's look at the Betterment Account and the associated problems that many have faced. Instead of spending time looking over investment opportunities, new account holders were being told their account had been suspended.
If this sounds familiar, read on, so you will know how to get an appeal letter for your written by DoNotPay.
Betterment Accounts, Is There a Better Way?
Those looking for investment accounts like Betterment because they’re:
- Easy to start, ( begin your quest to your financial portfolio with as little as $10.
- They are fueled by the latest cash management solutions insured by the Federal Depositor Insurance Corporation (FDIC) found exactly what they were looking for when the Betterment Account appeared on the financial horizon.
- Through the use of new investment and stock trading technologies that were being offered in conjunction with a customer's already established checking account, Betterment Accounts were designed to operate separately from a customer's regular checking account making it a specific instrument of the customer's financial portfolio.
- Finally, if you were a bit investment savvy you could build an investment account that would perform the basic investment and stock functions that used to require your input and an official order from a certified stock trader. Auto-Pilot for investing and stock trading, if you will. Betterment informed their customers right upfront about their investing product was for passive investors only, meaning they were looking for long-term relationships and if you were more into short-term trading and DIY investing, Betterment was not for you.
A long-term investing platform that had the same vision for the future as its customers and could be started with as little as $10 and required no face-to-face meeting with a financial advisor to get things rolling? Investors flocked to Betterment, and it took little time for Betterment to build its portfolio to $16 billion in cash assets under management.
A Betterment Account;
- Was easy to start
- Was easy to diversify
- Was easy to expand to other investing opportunities
So, what went wrong?
Good Morning Investor, Your Betterment Account Has Been Suspended
It may not have been those exact words, but the message was clear. Thousands of new Betterment Accounts were being at an alarming rate. The reason?
Some were not given any reason at all while others were being told that their identity had raised several red flags. Even after sending the required documents and jumping through the Betterment hoops to prove one's identity accounts remained suspended.
- It did not take long for the Betterment name to become tarnished along with the 'avoid like the plague message' to would-be investors.
- As of January 2022, the only response from Betterment was that they were temporarily suspending checking account applications and things should be back to normal by February 1, 2022.
Investors Are a Fickle Bunch
It doesn't take long for a situation as negative as this to ward off the potential new financial investment customer's that up until this event had their attention turned to Betterment. And the Betterment customers already established were jumping off the Betterment platform like rats on a sinking ship.
Account suspensions and the sudden loss of loyal customers sent Betterment scrambling for an answer to calm the storm. The massive email campaign to calm the nerves of everyone was being overshadowed by the number of requests for an immediate refund of any outstanding funds in the few Betterment accounts that remained somewhat intact.
Whether you were a new customer that made an initial deposit of $10 or a faithful customer with thousands on the balance sheet the answers were;
- Your account has been suspended for suspected fraud and no money can be refunded.
- Your account is still under review and no money can be moved.
- Your account was suspended due to irregularities in your financial background.
Betterment went from hero to zero overnight. Whether you wished to continue doing any financial business with Betterment, there were still many suspended accounts that were looking for answers and direction.
Let's show you some direction from an appeal letter that you can send on your behalf from DoNotPay.
Appeal Letter Sent to Betterment With the Help of DoNotPay
DoNotPay was implemented to level the playing field and become the information supercenter that you need in cases like this with your Betterment Account. DoNotPay is the fast and easy way to send your appeal letter to Betterment to appeal the suspension of your account.
All You Have to Do Is:
- Log in to your DoNotPay account and locate the Unban My Account product.
- Answer a few questions related to your banned account.
- Click on the Sign and Submit button.
And that's it! DoNotPay will generate a customized appeal letter in less than five minutes and send it directly to Betterment. It will contain a two-week deadline for Betterment to respond.
Need More Convincing?
Still not convinced that DoNotPay is the way to go? Just take a look at this table of other companies that DoNotPay has had success with writing appeal letters;
From simple matters of learning more about account suspensions, learning more about appeal letters, and how not to get banned from any platform, DoNotPay is your one-stop, all-inclusive information hub.
What Else Can Be Done Through DoNotPay?
is a tiny cog in the big gear that drives the DoNotPay machine. Look at these other issues that are just as fast and easy as your Betterment Account Suspension Appeal Letter with the help of DoNotPay.
- Learn more about copyright protection
- Learn more about deleting old accounts
- Learn more about identity theft
- Analyze a Terms of Service agreement
- Learn more about recovering passwords
Why not let DoNotPay show you how to get the desired result from today.