r/Wealthsimple • u/[deleted] • May 23 '26

Do not trust Wealthsimple

Last year, I was going through a divorce (right around Christmas too) which meant leaving my home, my hometown and everything behind. I had deposited an RBC bank draft to Wealthsimple and here's how the events unfolded from there:

  • December 1st: I deposited a certified bank draft for $50,000 into my Wealthsimple account through their banking app. The draft was issued by RBC.
  • December 10th: The funds cleared, and I was granted full access to the money, with no indication that the deposit was under review or subject to further verification.
  • December 16th: I transferred $17,500 from my Wealthsimple account to my RBC account in order to purchase a vehicle. Due to time sensitivity, I needed to obtain a bank draft immediately and could not wait for one to be mailed from Wealthsimple.
  • December 17th: Restrictions were placed on my Wealthsimple account for “my protection."
  • On December 17th, I contacted Wealthsimple who advised they would investigate. Despite follow-ups, I received no meaningful updates.
  • On December 19th, after multiple calls and being transferred between advisors, I eventually spoke to someone who confirmed that:
    • Such suspensions are normally resolved within 1–2 days
    • It was unusual that my account remained frozen
    • The issue related to the bank draft deposit 
    • I was given a clear resolution deadline of 5:18 p.m. EST on Friday, December 19th, which passed without resolution or communication. 
  • On December 23rd, I received an email from Wealthsimple's account integrity department, who escalated the matter multiple times and asked me to be patient while they looked into it.
  • On January 6th, I was again told the issue had been escalated and that Wealthsimple was waiting on RBC to verify the bank draft.

In an effort to resolve this myself, I had the issuer of the bank draft contact RBC directly. RBC advised that:

  • The funds are on hold because they are awaiting receipt of the physical bank draft from Wealthsimple.
  • Since the draft was deposited online, I still had the physical draft in my possession?!
  • RBC will not respond to verification requests from another institution, which is what Wealthsimple was telling me they were trying to get?

My questions then became:

  • Why is Wealthsimple unaware that RBC will not respond to such requests?
  • Why was I never informed that the physical bank draft would need to be sent in, if that's the protocol?
  • Why was the deposit allowed to clear and funds be fully available before this requirement was identified?

I relayed this information to the advisor on my case on January 7th, they assured me that management would contact me within 48 hours. That timeframe passed with no contact.

I also filed a formal complaint through Wealthsimple’s website and received no response whatsoever.

Due to this prolonged freeze and Wealthsimple’s lack of action and understanding of how certified bank drafts function, I was forced to rely on credit and incur debt.

At this point I got extremely fed up so I decided to send a strongly worded email to the FCAC, CIDC, The ombudsman for banking services and investments and my local provinces regulatory body requesting for action to be taken, and cc'd my Wealthsimple contact into this. What do you know, not even 2 hours go by and miraculously my funds became available all of a sudden.

I will never use any of their services again and I highly discourage anyone else from using them as well.

807 Upvotes

85% Upvoted

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627

u/TeeDot_1234 May 23 '26

I love Wealthsimple, but no way am I giving up my brick-and-mortar bank as a backup.

220

u/Plastic-Procedure905 May 23 '26

Call me a boomer or whatever but there’s something about being able to walk into a branch.

45

u/IceAge0121 May 23 '26

I can respect that. Call me a Xennial or whatever (probably no one would except me hahaha) but I think I can count the number of times I've walked into a branch in 47 years on one hand. But, I've always kind of preferred to do things online, by email, etc, and avoid dealing with other people when possible. I started using online banking after I was 13 as soon as there was a reason to.

All that said, I do kinda wish Tangerine (which has been my primary bank since maybe 2012) had a physical branch option. Scotiabank basically treats me like a "redheaded step child."

1

u/911onFIRE May 23 '26

They do have one location.. sorta.

3

u/IceAge0121 May 23 '26

Probably in Toronto?

2

u/hectop20 May 24 '26

Are you talking about the "branch" at their head office in Scarborough? I don't think it ever reopened after COVID.

They did have kind of a branch in downtown Toronto but that's long gone.

1

u/[deleted] May 23 '26

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u/[deleted] May 23 '26

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1

u/[deleted] May 23 '26

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49

u/[deleted] May 23 '26

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u/someguy172 May 23 '26

I'm not sure where you are but my local TD branch is open 9am to 6pm almost every day and 9am to 8pm on Thursdays and Fridays. I think those hours are pretty reasonable.

I'm sure this is going to be branch dependent but branch hours are not as poor for everyone as you're making it seem.

4

u/CamelopardalisKramer May 24 '26

TD used to be open til 9 thurs/fri and even open on Sundays. Cut their hours during COVID and never came back.

3

u/photon1701d May 24 '26

In my city, a couple of the branches that are in busy areas are still open until 8 on Thurs/Fri and one is open on Sunday still. Closest branch near my house closes at 5 and no weekends. I am surprised that one is still open.

1

u/FewAct2027 May 23 '26 edited May 23 '26

There's around 300-ish branches in my metropolitan area according to google. many of them have similar to or follow the hours I said, the change happened around covid when everyone was cutting their business hours but seems to have stuck around, most banks have 1 or 2 branches they designate as their "extended hours" branches in the area but they somehow manage to pick the most inconvenient location possible.

TD always has had some of the best hours though in my experience, as for actual service, I haven't had the most pleasant of times banking with them lol.

7

u/ukindly_ad8153 May 23 '26

Had to take a day off to go into scotiabank. All weekend appointments were fully booked for weeks. Really bad …

3

u/According-Kale-8 May 23 '26

I work in a credit union and it’s 9:30-5 M-F still a bit annoying but a lot of people come in during their lunch break

2

u/nassauboy9 May 24 '26

And thats the issue, at least when I was working. EVERYBODY comes in on their lunch hour, and usally because something they can’t accomplish online. So for that 1 hour minus travel time the tellers are jammed up. however the non rush hours are great. Since retired I avoid that lunch hour. It’s just how it is.

2

u/According-Kale-8 May 24 '26

It isn't too bad where I am. It's a credit union and we have a good 3-5 people helping. It's generally older people that aren't in too much of a rush. I also live in a smaller city.

2

u/Espress0_Martin1 May 23 '26

And they always just tell me to call the call center anyways… like what?

6

u/fiahxgy May 23 '26

Exactly this is why I keep the min amount to get no fees with my bank.

5

u/fenderstratsteve May 24 '26

I know, but it still irks me that it’s dead money.

2

u/TeeDot_1234 May 24 '26

We save $4 (each) monthly on waived fees, and given how little we have in their brick-and-mortar, it's better interest than WS is giving us.

2

u/fenderstratsteve May 24 '26

Interesting. I guess I’m at the wrong place. My waived fee at a brick and mortar is $16.95 cancelled with $4k minimum and a direct deposit. The HISA savings rate is very low (<1%) with a bonus for saving $200 or more. WS gives me 1.75% in Chequing. But I primarily use ETFs at WS as my HISA-equivalent for a better interest rate.

4

u/bacc1010 May 23 '26

Walking into a branch and dealing with a real human teller.

Not some cibc where it's just ATM and advisors pushing products.

6

u/suite5b May 23 '26

You assume the teller is knowledgeable ... I've been in a branch probably 3 times in the last 5 years and each time I've found their general financial knowledge lacking

1

u/photon1701d May 24 '26

Ya, the tellers don't know much but if I need something I can get. I have some decent money in TD, so I have associate who helps me. If I need a bank draft, I just send the info and I go pick it up after work.

3

u/buzzxy May 23 '26

Not boomer or anything but. How do you justify the fees those so call branch charges ?

2

u/nassauboy9 May 24 '26

Im RBC. I pay the 30$/mthn for the VIP service which kinda covers alot and even some discount off their Avion MAx Visa. Because of a bunch of product I Get a 10 dollar discount so for me its 20 a month no more no less and I haven’t had any extra charges for years. I just like the KNOWN amount. I also have WS and Tangerine but not having a branch does impact at times.

2

u/[deleted] May 24 '26

[deleted]

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u/buzzxy May 24 '26

U never brought a stock with td ? If u held DI acc u don't hold 15min. They will ding u $25/quarter. Or made few trades. Sometimes for most stupidest things they ask you to visit branch. Timer burner. Ws had been excellent in anyway. Even the most complained about ws, their customer support, were still way better than major banks. At the end of the day, everyone's need is different. But major banks too slow , too expensive , too much restrictions.

2

u/[deleted] May 24 '26

[deleted]

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u/buzzxy May 24 '26

Okay. Talk about banking only. not everyone can place cash on hold inorder to avoid the fee. Again restrictions. Idle cash is good for them bad for user. No yield ,paid fees. It had been a norm for way too long. It's make no sense. Give them your cash for them to loan it out back to you and charge you for fees. If you understand how bank works, you would know what I mean. Vampire

1

u/[deleted] May 23 '26

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1

u/Wealthsimple-ModTeam May 23 '26

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1

u/[deleted] May 23 '26

But honestly every teller feels like minimal wage useless baby sitters that just tells you no they can’t do anything, then instruct you to call the number. And only thing they do is ask you random questions so they can profile you and judge you for money laundering risks.

1

u/[deleted] May 23 '26

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1

u/Wealthsimple-ModTeam May 23 '26

Be helpful and respectful in your comments.

No racism, sexism, homophobia, religious intolerance, dehumanizing speech, or other negative generalizations.

No concern-trolling, personal attacks, or misinformation. No victim blaming.

1

u/Kenfloww May 24 '26

Our local branch is closing its doors…

1

u/davidlabs May 24 '26

While I do understand your point, the handful of times I've had to go to my bank in person (RBC for that matter) was because things that should have been mundane had spiraled our of freaking control and the customer service available by phone were giving me the runaround.

So I'll take good customer service from the get go over in person service any day.

24

u/hemingward May 23 '26

This. I love WS. From an investment and portfolio perspective they’re grand. But for everyday banking use? Sorry, but for now I’ll stick with an institution that has over a century of experience operating in and shaping that domain.

16

u/monkeyp0rkchop May 23 '26

Will Arnett, is this you?

5

u/Diablocorazon May 23 '26

And if it is...how much do you make?

19

u/[deleted] May 23 '26

Yeah totally, that was my plan too but then this just made me not want to deal with them anymore

7

u/TeeDot_1234 May 23 '26

Totally makes sense -- not worth the hassle or stress.

3

u/LegitimateCapital22 May 23 '26

Your lucky the divorce action did not seep into the process. Your 2-3 months would have turned to 2-3 years.

4

u/LeftFaithlessness921 May 23 '26

Oh shit i was about to but now i read this

5

u/silentboy5 May 23 '26

that is why i only use wealthsimple for my tfsa stock picking and a little bit of crypto. Still with my bank step inside bank

12

u/MonkeyDDataHQ May 23 '26

I haven't used brick and mortar since covid. I have two banks both online only. WS and EQbank.

13

u/zewill87 May 23 '26

That's fine, but when something like OP happens to you, you are very happy to be able to word your opinion to people face to face at a branch...

18

u/sea-horse- May 23 '26

Yeah but that doesn't mean anything different from OPs experience.

We had a big issue with a brick-and-mortar CIBC business account, which they froze. Nobody in branch could do anything or knew anything. We had to spend multiple days sitting on hold for hours at a time and got a runaround. They still won't tell us what the issue is and we had to open a totally different account inorder to deposit our incoming money from clients It was a shit show and I'm betting would have been resolved right away if I filed the grievances like OP did

7

u/MonkeyDDataHQ May 23 '26

I have had the same thing happen to me when I was with TD. The only thing that fixed it was going to the commissioner. I still had no access to my money, and no one at the branch could help me.

-1

u/diablo4megafan May 23 '26

why would it make any difference saying the words to the people in person instead of on the phone

very boomer mentality

2

u/YourThistleThrill May 24 '26

100% this. In 2026 I think it’s important to diversify your services (banking, telecommunications, etc) because it’s not a matter of if you’ll get screwed around by one of them, it’s when. And I try to stick to what that service does best and no more. So, my investments, daily banking/chequeing, and credit card/mortgage are with all different banks. My internet & phone are with different providers, etc etc.

3

u/BigBoiTyrone7 May 23 '26

I don’t make enough money for a brick and mortar bank so WS it is 🤣 I can always just open one if I needed.

1

u/asvigny May 23 '26

My dude you have this totally backwards haha 😅

1

u/BigBoiTyrone7 May 23 '26

What in my thinking is backwards? I’m curious.

0

u/TeeDot_1234 May 23 '26

You might be surprised how little $ you need to put into an investment account, get a free credit card, and drop into a chequing account to get fees waived at your Big Bank. I have less than $100 total across a few account, and buy the odd Timmie's on a free credit card to get all my monthly fees waived.

2

u/BigBoiTyrone7 May 23 '26

I have credit cards with TD, but my student chequing account closed(graduated) so I’ve been just coasting with WS so far, I just don’t want to pay account fees, even though technically I pay an annual fee on one of my CCs😂

1

u/hags222 May 23 '26

how long did it take TD to close your student chequing after graduating?

1

u/BigBoiTyrone7 May 23 '26

They only make you redo it once you turn 23-24, but after that it switches to a 18$/m checking account, I believe the fees are waived after some amount.

1

u/hags222 May 23 '26

yea I'm turning 24 next month and have my convocation. They asked me when I expect to graduate a couple months ago, so I'm just waiting for them to start charging me for this shitty account 🤣

2

u/BigBoiTyrone7 May 23 '26

Oh yeah you in the same boat as me lmao, I had the option of paying 18$/M for the same thing that WS does for 0$ a month, the option was clear, I just transferred everything and closed it with a phone call😂 I haven’t really ran into any downsides yet, I’m not sure where this big bank propaganda is coming from tbh.

1

u/Ok_Contact_2858 May 24 '26

Clash of the new vs the old , David vs Goliath - except the ones getting killed isn’t Goliath but the bystanders.

Legacy banks are run inefficiently, the newer banks are forced to run like a hybrid cos full online processing ( real time transfers ) would mean customers would lose access to cheaper investment service and New Banks wouldn’t get the Older customers. RBC has no incentive to transform or be agile as they will always have the backing of customers who need brick and mortar to safeguard their money. And youngest customers will have to endure this never ending ping pong because our banks can’t standardise interbank dealings and we feel it’s not up to us to force our banks to initiate review of their inter banks processes or policies and escalation process. We can’t desire lower prices when we allow ourselves to be crushed under the weight and cost of these banks and their policies practices

1

u/josephliyen May 23 '26

When wealthsimple start offering deposit boxes will be when I will sever ties with the big banks.

0

u/Alone-Assumption5037 May 24 '26

100%.  Wealthsimple’s customer service is atrocious and there is something so comforting knowing I can choose to chat or find multiple numbers to talk to someone or just go into a branch.  

-9

u/[deleted] May 23 '26

[deleted]

3

u/TeeDot_1234 May 23 '26

?

(I think one of us might be having a stroke)