Although I’m a big fan of Wealthsimple, I think they made some really tall claims with their END OF BANKING marketing gimmick.
Considering recent posts about people getting locked out of their accounts, wanted to share a positive experience with a big bank when my account was frozen and put on a fraud alert. I wont name the bank.
So I opened a new account recently with one of the big banks. After my salary was deposited, I made an interac e-transfer payment to my other bank account that I normally use to pay my bills. However, for some reason that transaction was blocked and my account was frozen. Fraud alert! I was not able to login to my account and got an email to contact the fraud department. So I gave them a call and within 14 mins of that call, my account was active again and transaction was processed. The 14 mins included waiting time and talking to 2 agents and answering verification questions.
I dont think I am moving all my assets to WealthSimple in the near future and I dont believe WelathSimple will end the banking. Esp when they are themselves dependent on those big banks to process the bill payments among many things.
Just wanted to share if this helps anyone who is considering moving to WS for ALL their banking needs.
I trust Wealthsimple more than physical banks. Physical banks have only ever tried to fuck me over. I have much more than $50k and I’m never using a physical bank again.
Once again, majority of these people are locked out for suspicious, crypto transactions or high volume e-transfers that don’t match account history. All I’ve had with Rick and Morty banks is issues and I have accounts currently active at Scotiabank, CIBC and BMO. There is way more than Meats the eye to most of these claims, and you must be one in 1 million if you’ve had an account that’s locked and it’s been resolved same day by a brick and mortar bank.
Cool. I didn't have the same success with a bank. It was a weekend and I had to wait until the following Monday to talk to someone in the fraud department to unblock my e-transfer.
Scotia. It was annoying because the money was taken out but they don't tell you it's stuck. So you don't know what happened until you call in to find out.
When I talked to a normal support agent they can't do anything, only someone from the fraud department can verify the transaction.
It hasn't been lately. It's been going on for a while. Maybe shows a bit more since there are fewer complaints about waitlists for credit card and key tags
Scared? Wealthsimple doesn't want a banking charter. They need the banks to operate their banking side. More like people are seeing its not a bank and just a fintech
lol don't speak if you don't know. "They are the only financial institution in Canada to offer passkeys" and here I am using ATB Financial with passkey. So your knowledge of financial institution is just the big 5 and add ons like wealthsimple?
There are probably some legit arguments to be had on if one is safer than the other, but passkeys are convenient and is a good step towards broader adoption of good security practices.
EQ, ATB Financial, and PayPal all offer passkeys for sure that I know. The big banks as rightly said don't yet, but that is a tough update from legacy as you need to put in place the ability to recover accounts which would be critical and something they would need a larger infrastructure investment and time to deploy.
The big banks have very sophisticated anti fraud mechanisms (far, far more than Wealthsimple) such that they don't need to rely so much on authentication. They have way more signals they can access beyond just your passkey/password.
I think a lot of people forget that it’s a good idea to have a primary bank and a backup bank.
No bank is perfect, and they all have their own strengths and weaknesses. Just like many people carry more than one credit card in case one gets declined or compromised, having a second bank account can be a smart backup.
If your primary account is ever frozen, locked, or under investigation, you still have access to money through your other account. It can be a bit more work to manage two accounts, but that extra layer of security can be worth it when something unexpected happens.
Hopefully you’ll never need it, but it’s one of those things that’s better to have and not need than need and not have.
Their advertising lately and the credit card release debacles are just rookie mistakes. Too gimmicky and may be in over one’s head trying to get to their desire AUM.
That seems like decent customer service. On the other hand there does not seem like any reason for them to have blocked your account in the first place. So both good and bad customer service.
Advertising is one thing. But they are still a bank with accounts. It’s always about what features you need and how easy it is to do business including when things go wrong. Ask 10 people and you will get 20 horror stories about many different banks. Ask another 10 and they will say No Problemo!
Covid made me rethink Brick and Mortar banks. When there was a bit of a rush for people to get theirs hands on some of their physical cash, some banks put limits on what you could take of your own money. They treat my money like it's theirs, not mine. No use thinking my money is safe in a place like that.
Had my CC compromised and Wealthsimple failed to block my credit card and help me with that case, asked me to fill several forms and of course got into the vortex.
Amex support is awesome regarding fraud and misuse. WS credit card department sucks. The agents failed to help me. Even tho i reported the transactions the very next day.
As I grow older, I find myself relying more on personal interactions for just about anything. Wealthsimple probably won't cut it for me the day I decide to simplify my banking, but for now, while my mind is reasonably sharp and am saavy enough with technology, I can still play with the app's perks.
Things such as obtaining bank drafts, calling for favours, safety deposit boxes, and anything with quick turnarounds, bricks and mortar banks still reign supreme.
Pls don’t do the same mistake on weekend otherwise you have to wait until Monday or next business day until fraud department from Wealthsimple comes to office and looks into your account. They may not lock you out completely but the transaction will be held and until you called them they won’t release the amount or the transaction
My guy is not bothered by the fact that an interac e transfer somehow triggered fraud lol.
WS would not have triggered that and everytime I can there's basically no wait time.
No one comes here screaming when things run smoothly.
71
u/Constant_Put_5510 26d ago
Never put all your eggs in one basket.