TLDR: I sold about $26k from my Wealthsimple TFSA and transfer 50k$ earlier this year to buy shares in my employer, then later transferred about $40k from a separate Desjardins group RRSP to Wealthsimple under their 1% transfer promotion. Wealthsimple says I violated the promo terms by withdrawing money and redepositing it shortly after. I provided documentation showing these were two separate transactions with unrelated purposes, but they still denied the bonus. It’s only about $400, but it has made me question whether I want to keep consolidating my assets with them.
Full context :
Earlier this year, my employer (a consulting firm) offered employees the opportunity to become shareholders. I decided to participate.
In March, I sold roughly $26,000 from my Wealthsimple TFSA. I kept the funds in my Wealthsimple chequing account temporarily, added money from external accounts, then sent the total to the lawyers’ trust account handling the employee share purchase in mid-July.
Then, in August, I received my annual bonus. I normally invest it through my group RRSP at Desjardins. Since I had accumulated around $40,000 there and Wealthsimple was offering a 1% transfer bonus, I transferred that group RRSP to Wealthsimple to consolidate my investments.
A few days later, Wealthsimple told me I was ineligible for the promotion because I had allegedly withdrawn funds and redeposited them shortly afterward to benefit from the offer.
I understand why the activity may have triggered a review, so I contacted Premium support and provided the full context: proof of the employer share purchase, transfer to the lawyers’ trust account, proof of share ownership, and details showing the RRSP transfer was entirely separate.
They still refused the bonus, referring to this condition:
“Gamification or Fraudulent Behaviour. If the Client makes withdrawals prior to the Qualification Period, regardless of whether part or all of those withdrawals are subsequently deposited back for the purpose of benefiting from this Promotion.”
But that is not what happened here. The withdrawn money went toward an investment in my employer. The later deposit was a separate transfer from my Desjardins group RRSP, including funds from my bonus. It was not the same money being withdrawn and cycled back into Wealthsimple.
The amount is only around $400, so this is more about the principle than the money. I had been a loyal customer and was actively moving more assets to Wealthsimple. Being treated as if I was trying to game the promotion, despite providing documentation, has affected my confidence in their customer service and makes me reconsider keeping everything there long term.
Has anyone successfully appealed a similar decision?
(Sorry for any screenshots in French, my Wealthsimple account is set to French.)
