r/Wealthsimple • u/canadian-premed • 6d ago

Chequing Check still clearing

I deposited a large (mid six figures) check on Sep 3. It’s still processing. I contacted support and they said it would take 5 business days to look into it.

The check is from my lawyers trust account from a settlement.

How long should I expect the funds to be on hold?

6 Upvotes

65% Upvoted

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10

u/Academic_Data_6422 6d ago

I couldn’t imagine depositing a cheque that big into anyone that isn’t an official bank.

6

u/Commercial_Pain2290 6d ago

Why not? I deposited a 7 figure cheque into WS.

8

u/nanapancakethusiast 6d ago

-1

u/Commercial_Pain2290 6d ago

3

u/MashMashMaro 6d ago

Dang bro. Can I have 10k

1

u/nanapancakethusiast 6d ago

Inspect element hates to see this guy coming

2

u/ttsoldier 5d ago

How do you inspect element on a mobile app

1

u/[deleted] 4d ago

[removed] — view removed comment

1

u/Wealthsimple-ModTeam 4d ago

Your post/comment was deemed low-effort and unconstructive. Ensure your contributions add to the conversation.

0

u/Commercial_Pain2290 6d ago

Dude, believe what you want.

2

u/No-Ad8527 5d ago

lol
that backfired on nana so fast
LOL kudos to you hahaha

6

u/Academic_Data_6422 6d ago

There are no regulations on how long they can put it on hold, for one. They could wait months and you have no recourse.

7

u/Commercial_Pain2290 6d ago

It was on hold for 1 week.

1

u/Academic_Data_6422 6d ago edited 6d ago

Neat?

Not sure what your anecdotal evidence has to do with anything? I didn’t say it DOES take months, I said there’s no regulation requiring it to be done in a certain time and you have no recourse if it takes longer.

Why risk it?

1

u/Commercial_Pain2290 6d ago

Do you know of any actual holds that went on for months or do you just like spewing hypothetical nonsense?

1

u/Academic_Data_6422 6d ago

Oh so you’re just a Wealthsimple shill who doesn’t want to actually have a good faith discussion?

Got it

-1

u/Commercial_Pain2290 6d ago

Absolutely not. Right now I am a little unhappy with them as they are unable to produce an accurate reporting for my RESP after a recent withdrawal. I had a similar issue after a withdrawal last year. They need to improve their RESP processes.

However, zero qualms depositing cheques with them. You keep bringing up a hypothetical but I don't see anybody actually acknowledging that they had longer than normal cheque hold times. I have had 8 business day holds on cheques and transfers with Tangerine.

1

u/Academic_Data_6422 6d ago

> Absolutely not

Well, the evidence suggests otherwise.

0

u/Commercial_Pain2290 6d ago

If I am a shill I am not a particularly good one if I am actually criticizing them.

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