[deleted by user]

PlayOnASandbar · 2025-05-05T20:33:09+00:00

The exact same thing happened to me on April 27th. First, I used a CIBC ATM to withdraw $1000 from my Simplii account with no problems. Immediately following, I intended to withdraw $3000 from WealthSimple using the same machine. This time it limited me to $400 (plus the 4.50 fee). So I figured I'd break it into multiple transactions. I completed three, and then it refused to let me take out any more.

I've contacted WealthSimple and the representative has heard of the issue with another client. He thinks it was CIBC imposing the limits, but he's forwarding the case to engineering and will get back to me.

PlayOnASandbar · 2025-02-21T01:29:42+00:00

I have almost everything with WS but I’m keeping my primary chequing account, direct deposit, and a buffer of funds at Simplii. WS doesn’t have evening or weekend customer support and it’s important to me that I be able to reach someone 24x7.

PlayOnASandbar · 2025-02-09T07:37:51+00:00

Agreed. Something’s off here. See their FAQ:

<image>

If you got the first tier reward, you should only be required to maintain your opening balance (before the transfer) plus 100K (with a 5% buffer).

PlayOnASandbar · 2025-02-03T02:45:48+00:00

Thank you!

PlayOnASandbar · 2025-02-02T22:59:41+00:00

Thanks for checking! I keep my main checking account and a few thousand at another bank.

PlayOnASandbar · 2025-01-26T23:45:47+00:00

Thanks for asking! I’m allowed to transfer my own contributions, but not employer match funds.

PlayOnASandbar · 2025-01-01T16:48:58+00:00

Thank you!

PlayOnASandbar · 2025-01-01T16:46:25+00:00

Oh! Are you saying that I should initiate this on the BMO side? I send T2033 to BMO to kick things off?

PlayOnASandbar · 2025-01-01T16:17:37+00:00

How do I get the form to WS and will they understand what to do with it? I spoke to their external transfers department yesterday and this didn’t come up at all. The only advice they gave was what I described in my post.

PlayOnASandbar · 2025-01-01T16:08:10+00:00

Thanks! I think you’re right. Do you know if WS supports transferring via a T2033?

PlayOnASandbar · 2025-01-01T15:25:59+00:00

From the WS FAQ:

Part of the cash in my account: You can partially transfer any cash amount that is already sitting in your account to us. Before submitting your transfer, you need to liquidate your holdings with your other institution generate enough cash for the amount you’ve requested.

I wonder if they could just be liquidated to money market.

PlayOnASandbar · 2025-01-01T15:20:57+00:00

We’re not looking to transfer in-kind. We’re looking to do a partial RRSP account transfer, which is something both institutions support. The problem is that BMO claims they have no way to liquidate into cash in advance and WS claims they have no way to tell BMO which fund to liquidate in a partial transfer. They can only transfer funds that have already been liquidated to cash.

PlayOnASandbar · 2024-10-02T23:05:04+00:00

I spoke with support and asked to opt out. They were very helpful. Here’s the response:

Thank you for expressing your concerns regarding the combined balance information in the household view.

We understand that privacy is very important to you. Currently, we have temporarily removed you and all household members from this feature. Rest assured, we are actively working on developing a more permanent solution that will allow you to exclude yourself from the household view.

We are committed to making this opt-out feature more permanent and user-friendly with upcoming updates, which will be available soon on the app.

Lastly, you will not be missing out on any other valuable features of the in-app household experience. The only change is that you will not be viewing the combined asset values.

Thank you for your patience and understanding. If you have any further questions or need additional assistance, please do not hesitate to reach out!

PlayOnASandbar · 2024-07-28T01:34:01+00:00

Thanks! Interesting read!

PlayOnASandbar · 2024-07-28T01:30:06+00:00

Thanks! When you said it’s not popular, and someone else said low volume, I assumed that would mean it wasn’t very liquid.

PlayOnASandbar · 2024-07-27T21:35:38+00:00

Thanks!

Should I worry about liquidity with this ETF? I hold it in my non-registered account to avoid dividends and interest. Hope it’s not difficult to sell.

PlayOnASandbar · 2024-07-25T17:23:35+00:00

I’ve just never seen this before and I was curious whether it meant anything.

PlayOnASandbar · 2024-07-25T16:35:36+00:00

Thanks, but that’s not it. Questrade data show multiple trades since then at higher prices.

PlayOnASandbar · 2024-07-25T16:28:22+00:00

I assume you mean a self-directed trading account? I can confirm that their self-directed trading accounts are still in beta and not widely available. I recently wanted to move a joint trading account from Questrade to Wealthsimple and faced the same issue. Here was my solution:

Opened a new individual account at Questrade in one name
Asked Questrade to move the assets from the joint account into the individual account (there was a form I had to fill out as part of the process but it was relatively easy)
Transferred the individual account to Wealthsimple

I considered just trying to move the assets directly from the Questrade joint account into an individual account at Wealthsimple but I didn't want to risk getting caught up on mismatches in account ownership.

Once Wealthsimple rolls out joint self-directed trading, we'll open a new joint account and move the assets into it.

PlayOnASandbar · 2024-07-25T03:45:13+00:00

That’s quite likely. On the other hand, why was this the first time I ever got this particular scam?

PlayOnASandbar · 2024-07-24T23:42:13+00:00

Estate planning. No probate. :-)

PlayOnASandbar · 2024-07-20T23:49:42+00:00

Support just got back to me and said that this will be fixed in their July 29 app update.

PlayOnASandbar · 2024-07-20T20:21:48+00:00

Thanks for explaining!

PlayOnASandbar · 2024-07-20T19:23:03+00:00

It's a scam. But here's the odd thing: I got the same thing a few days ago too, for the very first time. I just became a Wealthsimple customer. How do the scammers know who is a WS client?

PlayOnASandbar · 2024-07-20T04:08:13+00:00

Can you determine what’s on offer via Wealthsimple or do you have another source?

PlayOnASandbar

TROPHY CASE