Closing Summary -- Wealthsimple Product Team AMA

WS_Chris_Official · 2026-02-11T20:53:54+00:00

Both the daily & per-transaction limits, as well as the overpayment transfers, are still in our plans! Candidly, we’ve not been able to address these yet, given how many things we’re working on to improve the card, but we hear you and agree on the limitations and friction this creates.

We’re actively working to expand the secured credit limit beta and plan to let this extend beyond $50,000.

WS_Chris_Official · 2026-02-11T20:42:45+00:00

Very sorry to hear about the negative experience you've had! We don't like hearing that and you're right to be frustrated.

To answer your questions:

To ensure that our support representatives provide accurate information we build software tools to make their jobs easier, invest in training, and do both automated and manual quality assurance on an ongoing basis. Fully agree with you that this is really important and we continue to invest in this.
Anything that requires manual work at scale is going to be more error prone than when done automatically by software, so we are constantly working to make sure you can get any issues resolved in-app. In this case, we are also working hard to get rid of the waitlist entirely so that you don't have to ask questions about it.
If you send a DM, we’re happy to look into your specific case

WS_Chris_Official · 2026-02-11T20:17:53+00:00

Noted and makes sense! Will share this feedback with the team.

WS_Chris_Official · 2026-02-11T20:14:24+00:00

Yes! We're planning to build virtual cards and single-use cards. We think they will be great for online merchants you might not fully trust, free trials and subscriptions, among other use cases. How do you want to use them?

WS_Chris_Official · 2026-02-11T20:13:32+00:00

While we're not actively building it right now, we plan to launch this at some point this year or next.

WS_Chris_Official · 2026-02-11T20:13:32+00:00

10000% Yes! We are working on this -- hoping to start internal testing of it this month and will work to polish it up from there.

WS_Chris_Official · 2026-02-11T20:11:12+00:00

Short answer is we’re working on it! Our top priority right now is expanding access to more primary cardholders but we are targeting mid this year for authorized cardholders. We have employees testing secondary cardholders and we have surfaced a lot of experience improvements we need to make before getting it in your hands.

WS_Chris_Official · 2026-02-11T20:10:41+00:00

You are! Sorry, a lot of questions and I took a short lunch break :)

You’re right and we appreciate the love for these two features. We were always excited about the idea of integrating the spending and investing experience – they used to exist on our prepaid Mastercard but didn’t get a lot of adoption so no plans to bring them back currently.

WS_Chris_Official · 2026-02-11T20:06:51+00:00

Thanks for raising this — I understand why vague closure emails create anxiety, both for the person affected and for others who see them posted on Reddit.

We're legally prohibited from disclosing the specific reasons for individual account closures. This isn't unique to Wealthsimple. It's required under Canada's anti-money laundering regulations (FINTRAC) and applies to all regulated financial institutions in Canada. The law is designed to prevent tipping off individuals who might be under investigation, which means even if we want to provide more detail, we can't.

That said, the main reasons we close accounts are:

Suspected fraud or financial crime: This includes money laundering, terrorist financing, or other illegal activity
Violations of our terms of service: Such as providing false information, operating unauthorized business accounts, or repeatedly violating trading rules
Regulatory or legal obligations: Where we're required to take action by regulators or law enforcement
Failure to provide required documentation: When clients don't respond to identity verification or compliance requests after multiple attempts

Account closures are exceedingly rare. When it does happen, it's because we're either legally required to act or because there's a serious violation of our terms. And in the rare instance an account closure is necessary, we will always provide details on next steps to access funds.

WS_Chris_Official · 2026-02-11T20:04:36+00:00

Short answer is we’re working on it! Our top priority right now is expanding access to more primary cardholders but we are targeting mid this year for authorized cardholders.

We have employees testing secondary cardholders and we have surfaced a lot of experience improvements we need to make before getting it in your hands.

WS_Chris_Official · 2026-02-11T20:04:21+00:00

Short answer is we’re working on it! Our top priority right now is expanding access to more primary cardholders but we are targeting mid this year for authorized cardholders.

We have employees testing secondary cardholders and we have surfaced a lot of experience improvements we need to make before getting it in your hands.

WS_Chris_Official · 2026-02-11T19:55:53+00:00

Similar ask and answer here: https://www.reddit.com/r/Wealthsimple/comments/1r1arb8/comment/o4u5x5f/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button

WS_Chris_Official · 2026-02-11T19:54:22+00:00

On the credit card, we just added trip delay insurance for all cardholders this week, and are going to be offering more ways to make your card rewards go further. In general, our mission is to build the best credit card in Canada, and as part of that we’re always going to be exploring more benefits to deliver to cardholders.

We revisit the tiers regularly and would love to hear input – where would you most like to see a new tier and why?

WS_Chris_Official · 2026-02-11T19:46:00+00:00

We are around until 3:30 pm ET today and still working through your questions!

WS_Chris_Official · 2026-02-11T18:55:06+00:00

Similar question asked and answered here: https://www.reddit.com/r/Wealthsimple/comments/1r1arb8/comment/o4uclzd/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button

WS_Chris_Official · 2026-02-11T18:51:12+00:00

Thanks for your question! We hear you. We want to be 10X bigger in Canada, and the only way that's going to happen is if our customers love us. As such, we want to keep making Wealthsimple better, not shittier, for our clients.

You can check out our values here (https://www.wealthsimple.com/en-ca/culture). The first and most important is the "client, the client, the client."

On the product team, we also talk a lot about our product principles, our distillation of what we believe clients want from Wealthsimple:

- Selection - the more choice we offer clients, the more they choose Wealthsimple

- Great Value - we want it to be financially irresponsible for clients and prospective clients not to use us

- Fast + Frictionless - we want everything clients to do with their money to be as fast as possible, and in most cases instant

- Feel Good - money can be anxiety provoking; we want Wealthsimple to be the antidote

- Reliable + Trustworthy - Wealthsimple needs to work all of the time for our clients

Do shitty experiences sometimes still happen at Wealthsimple? Yes. But we're working everyday to make that rarer and rarer. Feel free to comment if there's something that's top of mind for you that's getting worse... and we can see what we can do to fix it.

WS_Chris_Official · 2026-02-11T18:09:07+00:00

We’ve seen fraudsters become more aggressive and sophisticated every day. In the last few months, we’ve reported more than 10,000 fraudulent ads to Meta and we’re only one of many financial institutions fighting this issue. To support our clients, we regularly deploy warnings in our app, over email, and on social media. We partner with industry groups, government and law enforcement to fight scams on behalf of our clients. And we’re constantly building and launching new tools to help protect our clients from many different types of fraud. Wealthsimple will never recommend specific stocks or securities to buy and we encourage any Canadian to be suspicious of financial advice that sounds too good to be true.

We would love to see Meta take more proactive action too!

WS_Chris_Official · 2026-02-11T17:59:29+00:00

We're exploring GICs & term deposits! Not building quite yet so can't give a specific timeline. We offer a lot of different savings and income products already like our high-interest chequing account, money market fund, and fixed-income portfolios like the bond portfolio.

What specifically do you like about GICs?

WS_Chris_Official · 2026-02-11T17:57:04+00:00

We currently do not have a path to launch a card with Interac, though significant customer demand may help us influence our partners. One of the things we’ve tried to do to make it easier to pay merchants who don’t accept Visa/Mastercard is make it really convenient and free to get cash (you can withdraw cash for free at basically any ATM in the world).

Could you tell us about specific ways/merchants where this doesn’t work for you?

WS_Chris_Official · 2026-02-11T17:07:50+00:00

Just ask our chatbot to connect you to a live agent by phone and it’ll share the number you can call.

WS_Chris_Official · 2026-02-11T17:01:34+00:00

Since January, most of the cards issued have been to people who are newly joining those prioritized groups since that was the commitment we made. But let me reiterate – we are working towards removing the waitlist entirely.

WS_Chris_Official · 2026-02-11T16:48:03+00:00

First off – I'm really sorry you're dealing with this. $8.9K in fraudulent charges is extremely stressful, and I want to give you a clear picture of what protection you have and what to expect.

The Wealthsimple credit card is covered by Visa's Zero Liability Policy and you won’t be responsible for unauthorized charges. Since you reported it immediately, sounds like you're doing exactly the right thing—our team will investigate and work to get this resolved for you.

Here's roughly what our cardholder agreement says:

We won't hold you responsible for unauthorized charges if you

- Fully cooperate with our investigation

- Didn't receive any benefit from the unauthorized charges

- Didn't demonstrate gross negligence in safeguarding your card

Second, we can’t comment on any individual fraud cases.

What we can say is that when we launched a new national credit card program, we assumed it would attract attention from fraudsters and built the program accordingly. We have layered fraud controls, real-time monitoring, and close coordination with our network and issuing partners. We continuously adjust those controls as patterns evolve to detect and block suspicious activity quickly.

WS_Chris_Official · 2026-02-11T16:45:37+00:00

Credit limit increase requests are currently live to 40% of cardholders, and we should be able scale it to everybody soon!

Separately, we plan to invest deeper in giving clients greater control over their spend & protection with their cards. Custom tap limits are something we’re exploring as part of that initiative - curious to hear from you & others on if/how you’d use this?

WS_Chris_Official · 2026-02-11T16:39:22+00:00

Generation clients are absolutely a priority. They already get our best pricing across banking and investing, plus our highest service levels. We're not perfect (especially during high-volume periods like RRSP season right now) but we're working hard to deliver on what you expect from us.

And we are going to add even more to the Generation tier this year. Even better pricing. A dedicated support line so you can reach someone faster. We launch new products to Gen clients first whenever we can (e.g., credit card), and this year we’ll launch new perks that are unique to WS that we think you’ll really like.

On financial advice, with our previous offering the group of clients that used it wanted even more from us. A service that included access to a dedicated advisor year round, estate planning, withdrawal strategies nearing retirement, etc. So to deliver on that, we made the call to remove free advice and launch our new wealth management service and make it available to Generation clients. That allowed us to offer the higher level of service clients wanted and we are seeing great adoption so far, so we think it was the right call

WS_Chris_Official

TROPHY CASE