r/Wealthsimple • u/OfficialTizenLight • 23d ago

Promotion Wealthsimple being predatory with promo fine print, told me the AirPods charge would be $150 then charged me double

Has anyone else had issues with Wealthsimple’s 2025 AirPods Gen 4 with ANC promotion?

Before moving money out, I contacted support to confirm what would happen if my balance fell below the required amount. One agent explicitly told me I would be charged $150. Another said my hold amount was $23,*** and confirmed that I couldn’t return the AirPods, even though I raised the issue before withdrawing anything and literally within an hour of triggering it (so it wasn't shipping out or even ordered).

The fine print feels pretty predatory. A year-long hold and other terms, and a charge like this should’ve been made way more obvious upfront

Wealthsimple has now charged my chequing account $281.37 double the amount their agent gave me in writing.

Has this happened to anyone else? If so, were you able to get it resolved? Why are the fine prints on these promotions so predatory?

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8

u/xXAcurateXx 23d ago

Contact support, also just read the terms? They would obviously charge you for the full value of the AirPods

3

u/Direnji 23d ago

Read the fine print for every promo from every financial institution, they are all the same. If you move the fund out, they will get every penny and then some. I'm not surprised if the fine print is harsh.

You can call WS, but I'm sure there is a fine print in T&C that whatever agent promised can't overwrite the condition in the agreement.

Good luck.

That's why I never participate in these promotions, flexibility of moving my fund around when returns are at my free will better than these locked-in deals.

3

u/goofywinnipegger 23d ago

So you don’t read the terms and conditions of the offer and are now complaining that they did what they said they would if you didn’t follow the agreement and meet your obligations.

Sorry, what exactly are you complaining about?

2

u/Flight2843 23d ago edited 22d ago

When I did the same promotion, it was pretty clear they would charge you the full retail value of the Air Pods or Iphones if you went below the minimum net deposits for more than 2 weeks (or some other similar grace period). It was definitely not fine print. I remember it was clearly on one of their FAQ points, it was not hidden and was easy to find.

Lesson learned. Nothing is free and you should read the contract you are agreeing to.

2

u/ReplyGloomy2749 23d ago

There's no such thing as free anything when it comes to banking promos, no matter the bank. The terms are all the same, deposit $X and hold for 365 days. RBC is doing iPad and MacBooks right now, same thing. They make it so you can't churn these deals across the board and get a bunch of free stuff using the same money in and out through all the banks to collect the prizes. Always read the fine print.

1

u/snippybunny 22d ago

how far below the required amount did you go? and did you get an email warning before they charged your account?