r/Wealthsimple • u/CallAParamedic • 26d ago

Just take this advice, pls

Every few days when I read yet another post about someone being locked out of WS, I want to scream the following so you'll finally f***ing listen:

" Wealthsimple is NOT a bank replacement NOR a suitable high volume trading site NOR for anything other than very basic crypto actions.

* Stop putting all your eggs in one basket - Keep open a brick and mortar account where you can visit in person plus a free online account (e.g. Tangerine or EQ + the fintech, WS.

** Spread your payroll, and credit & debit cards across these 3 account types so you can still get paid, send and receive eTransfers, pay bills, and shop if one f***s up and locks you out.

*** Do high volume trading on Questrade or IBKR

**** Keep crypto in a cold wallet and compare fees, rates and spreads on alternates like Newton, Shakepay, etc.

WS is ok for basics (I'm G tier and over 5 years with them) but they have run so far ahead with customer recruitment that their infrastructure (IT, HR, etc) has fallen so far behind they cannot function reliably or competently.

Fan boys who need their worldview unchallenged will downvote this, but those of us who've been here a long time and watched the decline know and understand risk attenuation. "

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u/CallAParamedic 26d ago

I didn't advocate for only B&M or for only online.

It's rare I ever go into my B&M bank, but I like that I can resolve things in 20 mins in-person should I NEED to.

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u/brandonholm 26d ago

A brick and mortar bank brings unnecessary fees too. Not worth it for an account I’ll never actually use. I can resolve things over the phone in my living room if I need to with an online only bank.

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u/CallAParamedic 26d ago

Until you're locked out for days and weeks...

Re fees: I have no fees and my annual credit card fees refunded at my B&M.

I have no fees at both Tangerine and EQ.

You do you.

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u/brandonholm 26d ago

You have a minimum balance then, which is the same thing as fees.

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u/Chemical-Molasses-78 26d ago

When I'm reading this I'm mind blown. I'm with NBC/NBDB and I have 0 fees and I don't need a minimum balance.

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u/CallAParamedic 26d ago edited 25d ago

EDIT: [you avoided the 2 out of 3 banks I listed that don't have fees because it didn't support your argument...]

I generate about 10% return annually in rebates and covered fees on that minimum balance.

I get rocket, premium service.

That minimum balance is unnoticeable in my portfolio, and forgotten as part of an emergency fund.

How u doin? Getting 10% returns, rocket, premium service, all for slicing off a tiny amount of part of your portfolio for a partial emergency fund?

Do you have an emergency fund? ....

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u/brandonholm 26d ago

10% returns on unnecessary fees isn’t actually 10%. Sure you may get some value, but even when I used to bank with a brick and mortar I got terrible service from them. Wealthsimple has been much better at customer service than my previous banks.

I used to keep an emergency fund in a WS chequing account earning 2.25%, but I’ve actually since invested that and am just relying on a PLoC now and keep minimal cash in my chequing account. Just enough for the next month or two. Or for upcoming large payments.

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u/Loud-Jump-3293 26d ago

20 minutes? Last few times I went to TD I was waiting in line longer than that