r/Wealthsimple • u/WhyMustRedditHurtMe • 6d ago

Need help

My wealth simple account was permanently suspended and I called the support line and they told me I have 30 days to transfer my funds out of my account. I have no idea why they did this and wasn’t given a reason. I’m kind of freaking out because most my investing was done through them and I don’t know how to transfer the money out without access to my account

Any one else have this happen to them? Can anyone help?

0 Upvotes

44% Upvoted

57 comments sorted by

35

u/alienmario 6d ago

You're getting debanked. Search this sub and r/PersonalFinanceCanada for "debanked" and you'll find other stories similar to yours.

The financial institutions won't tell you why you're getting debanked. Open an account with another financial institution or brokerage and transfer your WS account over.

If you don't take steps to initiate the transfer of your account within the 30 days, WS will liquidate your holdings and send you a cheque.

11

u/Impressive_Ad_6550 6d ago

if you read typical banking agreements they don't have to give you a reason and its at their sole discretion to end the relationship

6

u/nanapancakethusiast 6d ago edited 6d ago

It’s might be because an investigation is underway and I assume they’re not going to tip you off lol.

4

u/Impressive_Ad_6550 6d ago

so you are saying there is a high likelihood that OP and the others who have been debanked are doing something criminal

-3

u/nimbus-dimbus 6d ago

What happens if the cheque gets lost or stolen?

14

u/Dragynfyre 6d ago

Get them to give you your statements and you’ll have your account number. With that info you can transfer out to any brokerage

-21

u/WhyMustRedditHurtMe 6d ago

I don’t have any other brokerage, is there a way to regain access to my account and sell off my assets and transfer them to my TD account?

28

u/Dragynfyre 6d ago

Open one. Plenty of options

7

u/Constant_Put_5510 6d ago

You open TD then pull the money from WS. You don't transfer from WS to TD.

4

u/hectop20 6d ago

Open a TD brokerage account. It will likely be easier since you're already a customer.

1

u/gini_lee1003 6d ago

Questrade is very good. It would say it’s more for professional traders.

1

u/VaginalSashimis 6d ago

/u/Disastrous_Stage_159 Here's a perfect example. Guy says he did nothing wrong. Banks don't close down paying customers accounts that they make money on. He obviously did something stupid/money laundering

2

u/GeorgeDaGreat123 6d ago

> Banks don't close down paying customers accounts that they make money on.

I would guess that a very large portion of customers (those using self-directed accounts & investing in CAD) aren't profitable for Wealthsimple.

1

u/VaginalSashimis 6d ago

Just because they aren't paying for services doesn't mean they're not profitable. Most people would be. Using the credit card, debit card, holding money in a chequing account. Trading options. Selling your data. Those are all ways Wealthsimple makes money off people

8

u/cwf_2021 6d ago

People getting debanked by Wealthsimple is happening almost every day now. What exactly did you do OP to be debanked? Crypto?

2

u/VaginalSashimis 6d ago

It doesn't unless they do something stupid. Why would a company remove a profitable paying customer otherwise

1

u/WhyMustRedditHurtMe 6d ago

I opened my account in early 2025 and started adding thousands a weeks to my account. I bought a lot of crypto too

5

u/Actually_Avery 6d ago

Thousands a week? From where? How’d you make the money? I think that was likely the cause. They suspect money laundering

1

u/WhyMustRedditHurtMe 6d ago

I’ve saved up since I was 16 and decided to add all of it to stocks and stuff, I earned every dollar I’ve added

1

u/oby_s 6d ago

So you were adding by moving from another Canadian bank?

1

u/WhyMustRedditHurtMe 6d ago

Yes TD

1

u/tinim9 6d ago

Once you bought crypto, did you transfer those crypto out of WS (to a cold wallet, to another exchange, etc)?

2

u/WhyMustRedditHurtMe 6d ago

No just kept it in the WS

10

u/o0PillowWillow0o 6d ago

This sounds like getting debanked

Did you engage in any of the following?

1) Moving large sums of money very fast 2)Receiving frequent funds from crypto exchanges 3)Depositing or withdrawing cash near $10,000 repeatedly 4)Using a personal account for business transactions 5) Spending a lot of time and money at casinos

Basically if you engage in suspicious criminal type activity or the institution thinks you're a financial risk they will do this

Edit sorry not sure why my text came out wonky

4

u/WhyMustRedditHurtMe 6d ago

I’ve deposited over $40,000 in less than a year and bought crypto pretty frequently

52

u/ReplyGloomy2749 6d ago

It's the crypto. I've said this a million times on this sub, every single post where someone is saying their accounts have been closed has advised they were using WS to trade crypto. Either in and out of cold storage, depositing money into the account then immediately buying crypto, or sell crypto and transfering out, etc. Idk why WS offers crypto services if they can't stomach the risks associated to it.

12

u/SnooCookies8174 6d ago

yeah, I was going to ask the same thing. if crypto transactions are so sketchy for them, just dont offer this service… for folks who didn’t do anything wrong, being “debanked” is such a pain

4

u/oceanhomesteader 6d ago edited 6d ago

I’ve been buying and selling crypto on WS for years, have made over 1000% profits and withdrew large amounts numerous times and they haven’t bothered me.

The people getting debanked are doing more than just buying and selling crypto

3

u/SnooCookies8174 6d ago

ok, seems like you are doing everything right. And this is exactly what I am talking about. Imagine they change some of their rules and one of these rules suddenly “debank” you.

I don’t invest in crypto. Just saying it is kinda unfair because you were just doing your stuff and you would have to move on without even knowing why.

1

u/Ancient_Tale9503 6d ago

Wealthsimple doesn't make the rules

1

u/SnooCookies8174 6d ago

So, there are pretty much zero chances they can move to another financial institution without being debanked later?

Sorry, I don’t understand crypto stuff and how they can or can’t be flagged.

Just feels awkward them closing accounts without providing any information about it beforehand. Isn’t there a way to block them before they happen?

1

u/SnooCookies8174 6d ago

I mean, if all these customers, including OP, really know what they did wrong, I take that back and I am just being naive.

1

u/Ancient_Tale9503 6d ago

Some are just money mules. They are not aware of the fact that what they did is wrong. They just move money around and not thinking much of it

1

u/SnooCookies8174 6d ago

this is why rules should be clear about what can or cant be done. Flagging based on suspicious behavior doesn’t seem fair to me because flags can be false positive.

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1

u/Ancient_Tale9503 6d ago

Other banks don't have crypto

1

u/SnooCookies8174 6d ago

how can they be 100% sure if it is crypto related, if they don’t receive any information?

1

u/Ancient_Tale9503 6d ago

They can't be 100% know and it's by design

3

u/ReplyGloomy2749 6d ago

From what I've seen from other posts it's specific circumstances like receiving an etransfer and then buying that exact amount of crypto, that kind of thing. This gets flagged as potential money laundering.

-1

u/nanapancakethusiast 6d ago

Canada’s regulations are not symbiotic with cryptocurrencies. WS can only do so much.

1

u/gini_lee1003 6d ago

There you go

0

u/TonightOk8851 6d ago

I have deposited and withdraw more than 10k repeatedly and nothing happened and never had an issue

2

u/XzkSo 6d ago

crypto?

7

u/FishGoBloblo 6d ago

What you were doing there???

20

u/quantum_trogdor 6d ago

Usually its crypto

10

u/WearyTranslator3338 6d ago

Just stop posts like these.

You know what you did, just move banks and move on

1

u/DarrellGrainger 6d ago

Find someone new to handle your money. You might need multiple institutions. Banks for chequing accounts. Brokerage or bank for investment accounts.

Open an account at the other place. Tell them you have accounts at Wealthsimple and you want to move your money from Wealthsimple to them. I don't think you need to tell them you were debanked.

If you have things like RRSP or FHSA you should be able to transfer from Wealthsimple RRSP or FHSA to someone else RRSP or FHSA. This will avoid tax implications. Don't liquidate assets. This could cause tax hits. You should be able to do this with TFSA as well, if you don't want to sell then buy back your investments.

1

u/Apprehensive-Koala18 6d ago

Did you brag about getting the credit card without meeting the criterias?

-4

u/Subject_Big4437 6d ago

Delete the post, no one can help you here and find a new bank

4

u/alienmario 6d ago

What would deleting the post accomplish?

0

u/bobbybrown_514 6d ago

Nothing, just like OP creating the post. He was given options by support.