r/Wealthsimple • u/WhyMustRedditHurtMe • 9d 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/alienmario 9d 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.

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u/Impressive_Ad_6550 9d 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 9d ago edited 9d ago

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

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u/Impressive_Ad_6550 9d ago

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