Sullivan & Cromwell LLP advised Betterment Financial in its launch of Betterment Everyday CheckingTM, a new, FDIC-insured checking product that allows customers to establish an online checking account with nbkc Bank through Betterment.
S&C worked closely with Betterment’s legal and compliance team, including Chief Legal Officer Ben Alden, an S&C alumnus, to develop the structure for the program, in addition to reviewing regulatory considerations, developing the customer agreements with Kansas City-based nbkc Bank, and preparing the online terms and conditions for the program.
Betterment Everyday CheckingTM is currently being rolled out to select Betterment customers.
Launched in 2010, Betterment is an online investment company with over $20 billion of assets under management. As one of the largest independent robo-advisors, Betterment provides automated, goal-based investing. With the launch of Betterment Everyday CheckingTM, the company is reported to be the first robo-advisor to make a checking account available to the public without operating as a bank.
The S&C team was led by partners Rebecca Simmons (Picture) and Jared Fishman, and included associates Sammy Tang and Danielle Abada.
Law Firms: Sullivan & Cromwell;
Clients: Betterment LLC;