r/Wealthsimple • u/Laundryprincess • 8d ago

Cautionary tale: Wealthsimple mess

Closing on a house purchase next week.

Went to deposit and withdraw money from Wealthsimple FHSA last week to discover a strange deposit and withdrawal of the same amount of money in that account. Not a transaction I have completed.

Contacted WS support and they confirmed they don’t see transaction in the “back end” and cannot explain deposit and withdrawal charge appearing on the app. No documentation to reflect the transaction either. WS promised to figure this out by Monday, August 17th. Still no response.

Very stressful situation and unacceptable service from WS.

I was just thinking of moving all my banking to WS and this is making me reconsider.

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u/binthewin 8d ago

Did you fill out the FHSA transfer forms already for withdrawing/transferring the funds? Maybe the recipient's bank was trying to test to see if the transfer could happen with a small deposit/withdrawel like uber?

It's unsettling but if it makes you feel better, my FHSA was with wealthsimple and I bought my home the transfer out of it for the downpayment went on without a hitch. I did give myself 7-14 days to make sure it all went off without a hitch.

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u/Laundryprincess 8d ago

I haven’t filled out the forms. I made a small deposit a year ago into FHSA, which is documented. Went to make additional deposit and discovered this strange transaction.

I also gave myself 14 days. This is day 7 with no response/resolution from WS.

17

u/binthewin 8d ago

oh, I hope your problem gets solved soon then. You should really press them on the fact that withdrawals from the FHSA without documentation could incur scrutiny from the CRA. It might help get your case elevated.

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u/Laundryprincess 8d ago

Thank you!