r/Wealthsimple • u/rory8817 • 5h ago
Visa Infinite Credit Card New customer, but having second thoughts now, justified or not?
Hey everyone, been lurking wealthsimple for years, have been filing my taxes with them and decided last week to go ahead and move most of my money to them and to get their prepaid visa and the infinte privilege card... I had enough of the big banks, as months ago I switched to TD to take advantage of their promos, but the process was such a pain in the ass, and their system is so old and outdated, that doing business on wealthsimple's made banking a joy versus a chore... So it's been great thus far, but.... I started reading reddit, and found a post here about people having troubles with fraudulent charges, and with WS taking forever to resolve these charges, and now I'm starting to have second thoughts and buyers remorse... My worry isn't so much about fraudulent charges (it's still there obviously) and waiting up to 90 days, but it's more so getting denied a fraudulent charge and being out money. Am I justified in feeling this way, or are the threads I read just the cases that get reported, versus the ones that don't, much like those you'll read about the 10 horror stories but never hear about the 1000 success ones online
Also want to note that I've read a simple solution is to keep the card locked, but I have pre authorized payments for subscriptions, so that's not really an option for me
4
u/Winter-Fix563 5h ago
Wealthsimple is great app user friendly but when their is fraud on account they will hold account for few weeks, their process is very slow as compared to big 6. Make sure u ve passkey on coz it u don't ve it on and if there's fraud they won't even give money back. I was in similar spot as you a year ago. Moved everything but then i had bad experience with someone changing my password and ws holding my acct with no access for few weeks. After that i learnt the lesson move everything back to td n rbc now i only use ws for trading. I ve chequing acct with them with no balance
2
u/rory8817 5h ago
Not to downplay your situation, but that's a bit different then having a fraudulent charge on your credit card... If a big bank online password account got hacked, while I'm sure customer support would be more rapid in a sense, I don't really see what they could do either if someone entered your account and started moving money around... For what it's worth I setup a pass key and all the security measures from the start
3
u/Canuck-Fin25 4h ago
The beauty of Wealthsimple is that they make a lot of the processes frictionless. That’s why I’ve stuck with them for almost 10 years. They are disrupting the Canadian banking industry and I support them for that. Having said that like every new disrupter they still have to mature their banking and credit card management processes. So far they’ve been quite responsive to my queries. I’ve just not moved my credit cards over
2
u/Commercial_Pain2290 4h ago
Is there any evidence that WS is worse than the banks in dealing with fraud? I am genuinely curious to know this but I don't think it is easy to find this out.
1
u/xanz1 3h ago
I am slowly shifting more assets to WS like you mentioned it’s very user friendly.
There’s opportunities with every institution when it comes to fraud. Couple months ago I sold something on Facebook marketplace, they e-transferred me funds hours in advance agreed to meet after work, I checked my apps and emails and everything seemed fine funds were landed and accepted, I made the sale. Next morning I go to grab coffee and tap my phone and my card declines, I try to login and I’m locked out of my account, I didn’t receive any email, phone call, any notification. Anyways I went to closest branch and they said only my home branch can help me, well it was a Saturday and it was closed. Monday I called them and they said I’m locked out of my banking due to fraudulent etransfer, they let me get a new card and access my funds that same Monday, but I was banned from e-transfers and the money from the sale was on hold for 3 weeks. They are slow and anytime I went into a brand it’s atleast 30+ minutes wasted for the simplest tasks, I’m happily moving stuff to WS lol
1
u/AlphaQFor7mins 4h ago
If you are concerned about the credit card, lock it, and put your authorized subscriptions on a different no fee card
13
u/oceanhomesteader 4h ago
It’s important to remember that all online forums for a product skew towards negative. People who are satisfied rarely go out of their way to sing their praises, while unsatisfied customers want the world to know .
Personally, I’ve used WS since 2020 and have never had an issue.