What exactly is the BETTERMENT* charge on my bank statement?

The BETTERMENT* charge is Betterment's management fee for their automated investing platform. It's calculated as a percentage of your assets under management and billed quarterly, appearing as BETTERMENT* on your statement.

Why does the charge say BETTERMENT* instead of just Betterment?

The asterisk in BETTERMENT* is a standard merchant descriptor formatting used by payment processors. It does not indicate a third-party or fraudulent charge — it is the official way Betterment appears on bank and credit card statements.

Can I get a refund on a BETTERMENT* management fee charge?

Betterment may issue a refund if the charge was made in error or if you were billed after closing your account. Contact Betterment support at support@betterment.com with your account details to request a review.

How do I cancel my Betterment account to stop future BETTERMENT* charges?

Log into betterment.com, go to 'Settings', then 'Account', and select 'Close Account'. You'll need to withdraw or transfer your funds before Betterment will fully close the account and stop future BETTERMENT* fees.

How do I stop future BETTERMENT* charges if I didn't authorize them?

If you did not authorize a Betterment account, contact Betterment immediately at support@betterment.com to report unauthorized use, then notify your bank to block future BETTERMENT* charges and request a replacement card if needed.

Home›Browse Charges›Finance›BETTERMENT*

BETTERMENT* Charge (What It Is + Is It Legit?)

✓ Legitimate

The "BETTERMENT*" charge is from Betterment. Betterment robo-advisor fee.

🌍 US🕐 8 min read📅 Updated May 22, 2026

Betterment

Betterment robo-advisor fee.

BETTERMENT*

Why this shows on your statement

When Betterment processes its robo-advisor management fees, the charge is submitted through payment networks using a truncated descriptor format, which is why "BETTERMENT*" shows up on your bank statement rather than the full company name. The asterisk following the descriptor is a common convention used by financial service processors to indicate a subscription or recurring fee arrangement, helping payment systems distinguish ongoing advisory charges from one-time transactions. If you're an active Betterment account holder, this charge reflects the automated investment management fee deducted based on your account balance under their variable fee structure.

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What should you do?

Confirm Your Betterment Account Activity

Log in to your Betterment account at betterment.com and navigate to your account dashboard to verify that the BETTERMENT* charge matches the robo-advisor management fee associated with your portfolio. Check the fee breakdown in your account settings to confirm the amount aligns with your assets under management.

Review Your Betterment Fee Schedule

Inside your Betterment account at betterment.com, review the fee schedule tied to your plan. Betterment charges an annual management fee as a percentage of your balance, billed periodically, so cross-reference the BETTERMENT* charge amount against your current plan tier to ensure it was calculated correctly.

Adjust or Cancel Your Betterment Plan if Needed

If the BETTERMENT* fee no longer fits your financial goals, visit betterment.com/account to manage your subscription. From there you can downgrade your plan, adjust your investment strategy, or close your account entirely to prevent future BETTERMENT* charges from appearing on your bank statement.

Contact Betterment Support for Clarification

If the BETTERMENT* charge amount seems incorrect or unexpected, reach out directly to Betterment's customer support through betterment.com. Provide the exact charge amount and date so their team can verify whether the fee was applied correctly to your robo-advisor account and issue a correction if necessary.

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Should you be worried?

No, this is a legitimate charge from Betterment. However, if you did not authorize this charge or cancelled your subscription, you may be eligible for a refund.

ℹ️ Note

In most cases, seeing "BETTERMENT*" on your statement is completely normal. Before assuming fraud, check your recent purchases — most mystery charges have a simple explanation.

Is the BETTERMENT* Charge Legitimate or Fraud?

If you've spotted BETTERMENT* on your bank or credit card statement, it is most likely a legitimate charge from Betterment, the popular automated investing and financial planning platform. Betterment charges management fees based on a percentage of your invested assets, and these fees appear as BETTERMENT* on your statement. However, it's always wise to verify the charge, especially if you don't recall signing up for their services.

Betterment charges an annual management fee (typically 0.25% for the digital plan or 0.40% for the premium plan), billed quarterly or monthly directly from your linked account
The BETTERMENT* descriptor is the standard way Betterment appears on bank and credit card statements
Charges may also appear if you enrolled in Betterment's Cash Reserve, Checking, or other financial products
If you did not open a Betterment account, the charge could indicate unauthorized account creation or a linked card error and should be investigated immediately

How to Verify the BETTERMENT* Charge

1
Log into your Betterment account
Visit betterment.com and sign in to your account. Navigate to the 'Activity' or 'Statements' section to find a transaction matching the BETTERMENT* charge amount and date.
2
Search your email for Betterment receipts
Search your inbox for emails from Betterment (noreply@betterment.com or support@betterment.com). Betterment sends fee notifications and account statements that should correspond to the BETTERMENT* charge.
3
Check if a household member signed up
Ask family members or household contacts whether they linked the same bank account or card to a Betterment account, as fees from their portfolio could appear as BETTERMENT* on shared accounts.
4
Review your Betterment plan and fee schedule
Inside your Betterment dashboard, go to 'Settings' then 'Plan' to confirm which tier you're subscribed to and what the expected management fee should be, matching it against the BETTERMENT* charge.
5
Contact your bank for transaction details
If you still can't verify the BETTERMENT* charge, call your bank and ask for the full merchant details, including the merchant ID, to confirm it originated from Betterment before taking further action.

How to Dispute a BETTERMENT* Charge

1
Act within 60 days of the charge
Most banks require you to dispute an unauthorized BETTERMENT* charge within 60 days of the statement date. Act quickly to preserve your right to a full chargeback or refund.
2
Contact Betterment customer support first
Reach out to Betterment directly at support@betterment.com or through their in-app chat. Explain the BETTERMENT* charge and request a review — Betterment may issue a refund or clarify billing errors without a formal dispute.
3
File a chargeback with your bank or card issuer
If Betterment does not resolve the issue, contact your bank or credit card company and formally dispute the BETTERMENT* charge as unauthorized. Provide any supporting documentation, such as emails or account screenshots.
4
Request a new card number if fraud is suspected
If you believe your card was used fraudulently to fund a Betterment account you didn't open, ask your bank to cancel the compromised card and issue a new one to prevent future BETTERMENT* charges.