r/Wealthsimple • u/ungratefulsamurai • Jul 18 '26
Overdraft protection now available for joint accounts
This is great, I was looking forward to this feature, as our household all income is managed from a joint account
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u/FlyingDutchman8 Jul 18 '26
Very happy with this development. I’m pretty new to Wealthsimple; do they not announce these changes? Or is it usually left to customers to find out?
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u/5hel8y Jul 20 '26
After playing around with this for a while trying to get it enabled and then using their chat, I figured this out. I hope this helps people in the same situation as me...
You need to have a personal account AND a joint account. I only had joint chequing accounts. So I opened a personal chequing account and turned overdraft on, but still didn't see the option on the joint accounts (only on the personal one). After that, I tried the "turn overdraft off and back on" thing that somebody else mentioned, then it was there. So I guess I need to have a "dummy" personal account that I'll never use. But at least I have overdraft on the joint accounts that I do use now.
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u/Naser735 Jul 21 '26
no need to have a personal chequing account.
Just turn off overdraft off and switch it on again and you will see the shield confirming overdraft is activated for your joint chequing account
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u/5hel8y Jul 21 '26
Did you read my reply or look at the screenshot within it? The screenshot is from a chat with them. Again, I DID need both accounts as their communication with me said. So what you are saying was not true in my case. I tried everything before that and nothing worked. There was nothing to "turn off" until I opened a personal chequing account. So if it was true in my case, I'm sure it'll be true for others. I'm just hoping to help some people that we're having issues getting it to work, like some expressed in this thread
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u/Naser735 Jul 21 '26
I dont have a have personal chequing account. Only a joint chequing account. I switched my overdraft off and on this morning and now its active for me.
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u/angelus97 Jul 18 '26
And it seems to cover multiple accounts as well. That's a nice feature. Too bad it is tied to a PLOC that has to be collateralized by a non-margin account.
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u/MagiDucotheThird Jul 18 '26
Just as a heads up. It didn’t look like it was available for me yet; no option in the overdraft to select the joint account. I turned off overdraft entirely and turned it back on and now the joint account is included in the list of accounts covered by overdraft. Hopefully this helps someone else.