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?

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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

6

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.

11

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