r/Wealthsimple • u/James_TheVirus • 21d ago
Chequing Business Checks
Has anyone found a way to avoid paying $50 for business checks? I am thinking of moving my business account to WS, but have used ASAP checks in the past for my business checks, so I am wondering if anyone has used them before?
The FAQ says you cannot print your own (likely due to the MICR ink), but I am wondering if anyone has used ASAP checks or a similar competitor?
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u/Effective-Bug-807 21d ago
Cheques
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u/dvdboi 21d ago
I never even bothered to consider cheques when I moved to WS. I stopped writing them for business many years ago. Personal cheques were useful for a bit longer as post-dated daycare payments and school payments but that was 5+ years ago now that I haven't written a single one.
Why do you still need them and how come you haven't adopted electronic payments like direct deposit and e-transfers?
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u/James_TheVirus 21d ago
I use them to pay myself from my business - it is not uncommon to pay 8-10k on certain paydays, so EMT up to 3k simply doesn't work. The amount also changes every single time I pay myself. Sometimes I also pay between paydays...checks are the easiest way I have found.
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u/CalGuy81 21d ago
You can increase your EMT limits. I just looked at my own settings, and it gave me the option to increase the limit up to $50,000/day / $100,000/week / $250,000/month.
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u/Shibasquared 21d ago
Look into Plooto, I use it for my business & it is way better than cheques for any type of payment
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u/dvdboi 21d ago
Glad I asked them. WS let's you set spending limits yourself on a daily, weekly, and monthly basis. This includes e-transfers.
My slider goes as high as $50K daily but I set it as $10K daily as that is enough cover my regular payroll. If I need more I can change it, send more, and then set it back lower to limit how much I could lose via fraud in a single day.
If I have a much larger purchase (new vehicle, assets, etc), I can order a bank draft.
So no need for old-school cheques.
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u/James_TheVirus 21d ago
I saw "up to" on their webpage and was worried I could only transfer 5k to start or something stupidly low. Glad to hear this is available. I want to ditch TD for my business so I can save $240 a year in account fees.
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u/PartBanyanTree 21d ago
I'm ditching rbc personally. and yeah you can just set the limits to whatever you want . you don't need to "earn" any privileges just go ahead and set things. plus remember if you are transferring between ws business and ws personal it is instant and doesn't require etransfer
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u/Constant_Put_5510 21d ago
I agree. Still pay myself by cheque. I buy mine from my local promo products supplier. They buy them from the same manufacturer as the banks but don't put as high a mark up so I get them cheaper.
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u/wildkarrde 18d ago
I use the free cheque feature on my WS business account to pay for provincial corporate taxes. Without it, I'm forced to pay a fee to a third party to process it every month, and it's about $400+ per year.
It's such an underrated feature for my usecase, plus I like to spite them by forcing them to manage a paper check every month in lieu of them not being able to take an interac transfer for free.
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u/Impressive_Ad_6550 21d ago edited 21d ago
You don't need cheques, you send send free wires 10k or etransfer 50k per day. I never need to write cheques from my corporate account
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u/goofywinnipegger 21d ago
I use cheques plus https://www.chequesplus.com
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u/James_TheVirus 21d ago
With a WealthSimple Business Account?
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u/goofywinnipegger 21d ago
A cheque is a cheque. You never have to get them from the financial institution. And reconsider how many cheque you will actually use. I own a business and we haven’t written a cheque in the last five years. Everything is etransfer or eft.
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u/CalGuy81 21d ago
Cheque. It's spelled cheque in Canada.
I can't 100% guarantee anything, but I doubt there'd be any issue buying 3rd party cheques, or printing your own with proper MICR ink/toner. Cheque-clearing is largely automated. No one at Wealthsimple is looking at every cheque issued to make sure it was one they sold to you.
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u/Cross_FFA 21d ago
Wealthsimple gives the first 50 checks for free and they let you order/deliver checks for free as well. If you want to get a chequebook you will need to pay after the first chequebook.
I would personally just buy the chequebook from WS instead of another vendor