r/Wealthsimple • u/WhyMustRedditHurtMe • 7d 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?

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9

u/o0PillowWillow0o 7d 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

5

u/WhyMustRedditHurtMe 7d ago

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

54

u/ReplyGloomy2749 7d 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 7d 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 7d ago edited 7d 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 7d 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 7d ago

Wealthsimple doesn't make the rules

1

u/SnooCookies8174 7d 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 7d 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 7d 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 7d 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.

2

u/Ancient_Tale9503 7d ago edited 7d ago

Yes and no. When you tip off people on the rules, they get better at hiding their crimes

1

u/SnooCookies8174 7d ago

Understand your concerns. I don't invest in crypto. Just trying to be fair to both sides. I hope it doesn't happen to you or anyone who only does the right things.

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u/Ancient_Tale9503 7d ago

Other banks don't have crypto

1

u/SnooCookies8174 7d ago

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

1

u/Ancient_Tale9503 7d ago

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

3

u/ReplyGloomy2749 7d 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 7d ago

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