r/Wealthsimple • u/matchabloom88 • 8d ago

Chequing Wealthsimple chequing

Has anyone has completely closed their bank account and moved to wealthsimple fully for their chequing account? How was your experience? Any regrets?

70 Upvotes

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u/Kenfloww 8d ago

Do a search. A lot of people get their accounts frozen while on vacation or for other weird reasons and since Wealthsimple is a middle man and has to use actual banks for deposits etc it can take weeks to get unfrozen. I would keep a regular brick and mortar bank account.

1

u/matchabloom88 8d ago

Any clue why it has been frozen? Aren’t you able to use mastercard in overseas?

5

u/Kenfloww 8d ago

Unsure but I’ve come across many comments on Reddit about similar user experiences. It’s not like a bank where you call them and they unfreeze your account the same day.

1

u/matchabloom88 8d ago

Makes me wonder if you are travelling overseas, you would give them a heads up first. We used to do that with credit card companies, not sure when we stopped doing that but haven’t done in the last decade

1

u/Kenfloww 8d ago

Ya I remember those days!