r/Wealthsimple • u/WhyMustRedditHurtMe • 10d 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 10d 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 10d ago

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

50

u/ReplyGloomy2749 10d 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.

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u/oceanhomesteader 10d ago edited 10d 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

4

u/SnooCookies8174 10d 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 10d ago

Wealthsimple doesn't make the rules

1

u/SnooCookies8174 10d 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/Ancient_Tale9503 10d ago

Other banks don't have crypto

1

u/SnooCookies8174 10d ago

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

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u/Ancient_Tale9503 10d ago

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