Wealthsimple Financial Reviews (%countItem)
Wealthsimple Financial Rating
Address: 860 Richmond St W 3rd Floor, Toronto, Ontario, Canada, M6J 1C9
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I have a wealth simple account. I had made a withdrawal as I have done many times previously. The last time I asked to make a withdrawal of $9000 I was informed that $1000 of the $ 9000 Was deposited within 5 business days due to this only $8000 Could be deposited which was completely alright with me I received email confirmation that this would happen with 24 hours as has been done in the past. 32 hours lter the transaction had not been processed by Wealthsimple and nothing. Had been deposited. I am now unable to access any of my monies. And therefore unable to pay any bills or survive
I would like the funds held in that account deposited into the attached *** account that I have always used
This client holds a Cash account with Wealthsimple, which is considered a self directed trading account. However, the only investment we allow is a high interest savings vehicle. The following is the timeline of events:
2020-03-08: $9k withdrawal
2020-03-08: $9k withdrawal cancelled as a $1k deposit had not cleared yet and could not be withdrawn.
2020-03-09: $9k withdrawal
2020-03-09: $9k withdrawal cancelled as a $1k deposit had not cleared yet and could not be withdrawn.
2020-03-10: $8k withdrawal created.
2020-03-11: $8k withdrawal sent to client bank account
2020-03-11: $1,011.00 withdrawal created.
2020-03-11: $1,011.00 withdrawal cancelled.
Note: there was an operational delay in processing withdrawals due to COVID 19. We had to move to full remote and this is why this withdrawal was not processed in 1-2 business days. The client cancelled this withdrawal -> setup it up again on March 14th and it was processed on March 16th -> the next business day.
We apologize for the inconvenience, but we do not guarantee 1 day withdrawals -> normal processing is 1-3 business days although we aspire for 1 business day.
We hope this helps clarify this situation.
Sincerely
3 days ago I downloaded Wealthsimple and linked my bank account. Not the next but the morning after someone knew my online bank password and failed at my personal verification questions. Intially I thought perhaps it was me, but it has happened again. At 6:29 AM EST and I live in the west and go to bed at 11 and am not awake at 3 am. So basically as soon as I linked my account someone had account and password to my online banking. They do say you take all the risk in their terms agreement. Which I read then deleted and no longer accessed the site as it claims to do. But unfortunately that one time signing in caused a breach of information, when I linked my account which I was already skeptical to do, but knew I had secondary verification was needed to access my account thankfully. As an investment site that claims bank encryption, I am concerned and also have to wipe my phone. The access this is opening to peoples personal accounts is terrifying.
I would hope the warnings of your own use of the internet is a risk would be listed before you link your account, because if It was I never would have. They claimed the same encryption as a bank, yet I have never had an issue with my bank with other methods to access for 25 years. And am grateful for the secondary verification and everyone who signs up for this service should also be encourages by the site to do so.
Clients are provided with two ways to prove that the bank account they have linked to their Wealthsinple account belongs to them. They can: (1) provide vendor, ***, with their account number and password or (2) send us a copy of their bank statement or void cheque.
Some clients have created secondary questions that, in addition to their password, must be answered in order to access their account. We understand that the client has placed secondary questions on her bank account. We advised the client that the secondary questions likely prevented our system from successfully authenticating her account and the failed attempts to do so likely triggered the notification from her bank.
We apologize for any confusion this process may have caused.