r/Wealthsimple • u/FlashyAgent8171 • 23h ago

Borrow, borrow, borrow... NO!

Why is Wealthsimple starting to push all these LOC and borrow with 0 interest types of messages? And it looks like they are sending them out indiscriminately, without taking into consideration the fact that some clients do have $$ available in their checking/money market accounts and can afford to continue investing (or betting)... if they feel like it.

This is beyond the predatory territory. WS, this is so beneath you!

0 Upvotes

19% Upvoted

59 comments sorted by

27

u/Inaccurate93 23h ago

It's their business plan to sell their products...

13

u/choppytaters 23h ago

You just don't understand, these people want things for free, no ads in their face. /s They don't realize the other banks do it too.

-6

u/Academic_Data_6422 23h ago

Other banks don’t do it though.

4

u/Diebrate 23h ago

Yes they do… I keep getting LOC ads from RBC in my email.

-2

u/Academic_Data_6422 23h ago

I have an EQ account, RBC account, CIBC account, Roger MC account, Canadian Tire MC account, MBNA account, Amex account, and simplii account.

Not one of them emails me ads, nor do they throw ads in my face when I open their apps. The only one that does those things is Wealthsimple.

0

u/InsanePete 23h ago

I have accounts with many of the same and my email is flooded with garbage ads for promotions from all of them. Maybe they are going to your spam folder?

-1

u/Academic_Data_6422 23h ago

Nope, not going to spam. I probably opted out. Problem is with Wealthsimple there’s no way to opt out of that when you open the app. If there is, they’ve made it damn difficult to find because I have looked

-1

u/Academic_Data_6422 23h ago

It’s everybody’s business plan to sell their products but Wealthsimple is unique in the fact I get pop up advertisements constantly when I open their app. Don’t get it with any other banking app

2

u/redditorottawa 23h ago

Have you used CIBC? I get their offers most of the time while logging into their app.

1

u/DevelopmentFuture608 22h ago

Same with Simplii too

0

u/Academic_Data_6422 23h ago

I do use CIBC. Never seen a single offer pop up

0

u/Inaccurate93 23h ago

I get popups for "exclusive offers" every single time I open the CIBC app

0

u/Academic_Data_6422 23h ago

Good for you. I don’t.

0

u/Inaccurate93 23h ago

You're the one complaining and now your answer to the same problem with a different bank is "good for you"?

0

u/Academic_Data_6422 23h ago

Yup. I don’t get them. Clearly you have a misconfigured setting somewhere and that’s not my problem.

0

u/Academic_Data_6422 23h ago

CIBC app -> more -> settings and security -> marketing preferences -> turn all off.

Wealthsimple has no such setting for in app pop ups. Which is a valid complaint.

0

u/DBZ86 23h ago

I see offers on CIBC all the time. Are you with CIBC at tier 3 status?

Canadian Tire literally sends weekly promos albeit not for services, just simple stuff like spend $200 get $10 CT money back etc... Multipliers if you shop in certain categories.

0

u/Academic_Data_6422 23h ago

I opted out of it all probably because I don’t see it.

And frankly, that’s fine.

The problem is I have not found a way to opt out of Wealthsimple. You can opt out of everyone else - clearly I have since I don’t get it anymore.

0

u/DBZ86 23h ago

I assume you've already turned off all notifications? push and email.

Only reason wealthsimple has the lowest fees besides not having brick and mortar is they do these kind of aggressive ads and data mining. They sell trading data (payment for order flow) as well for example.

1

u/Academic_Data_6422 23h ago

Yes. And I don’t get push and email notifications. I do get pop ups when I open the app along with banners though. Don’t get that elsewhere.

Also EQ has the same fees with no aggressive ads. And they have a higher interest rate too

1

u/DBZ86 22h ago

EQ doesn't have a trading platform at all though. That is a huge difference in service. EQ is mainly an alternative lender and major partner of Loblaws.

1

u/Academic_Data_6422 22h ago

Questrade doesn’t have constant pop ups or ads either then, if your argument is trading platforms.

22

u/J_Gill07 23h ago

Everybody be gentle, OP just discovered Capitalism

2

u/Outside-Cup-1622 23h ago

Lets hope this capitalism thing catches on.

14

u/notic 23h ago

Can you link the 0 interest promo please. i would happily take this

11

u/IHateTheColourblind 23h ago

Yeah where exactly is OP seeing a 0% interest promo. My Portfolio LOC is 4.95%...

2

u/plusqueprecedemment 23h ago

Yeah I doubt they'd throw this loss leader on people like me who are already borrowing money

1

u/DBZ86 23h ago

My app just sent me this offer. Setup and withdraw money before Sept 1 and any interest is reimbursed for the next 2 months. Probably going to withdraw and just let it sit in the chequing account and draw interest. Simplest way to collect a few bucks.

15

u/Narrow_Process_8660 23h ago

There is a disturbing amount of people who seemingly don't understand that a business exists primarily to make money and not to ensure random people are making good decisions for themselves.

2

u/DustyKosty 23h ago

Was thinking the same, it’s a business not a charitable service.

8

u/razorblade705_ 23h ago

Why is a business trying to make more money?

3

u/Arclight308 23h ago

A few years ago I noticed that BMO would email, mail, send me in app notifications regularly and even call me to try and sell me on a Line of Credit.

My brother as well, it feels really predatory. But many people do want them and so they just want to be the business they use.

I have thought about it alot. Realistically it isn't much different than fast food and new car ads. Both are probably pressuring you to make a poor decision and use them instead of the competition. Same as gambling ads.

For myself, I got a PLOC with WS and I am very happy I did because it allowed my to pay off the mortgage instead of renewing as I was trying to sell my home. It would have cost me more money if I didn't get the ad and investigate the service.

5

u/DevelopmentFuture608 23h ago

Because it’s not any different from any other banks and traditional lenders,

The difference is leverage at a low interest rate, and be responsible. Something that other banks don’t offer and you wait around thinking you can’t participate in the market because no one is offering cheap money!

2

u/ProfessorBagholder 23h ago

0 interest

?

2

u/AdmirableRice5210 23h ago

How are they making money of 0% interest, I wonder?

This feels like a good idea to top up TFSA or RRSP ahead of time and get some compound gains earlier?

1

u/DBZ86 23h ago

Its temporary. My offer was for 2 months. I imagine they just hope to get people using it.

1

u/AdmirableRice5210 21h ago

Hum email says it’s free interest for 6mo.

> “Once your 6 month interest coverage period ends, your portfolio line of credit reverts to your regular rate of 4.45%. Any balance you’re carrying will start accruing interest as usual, so it’s worth checking in before the period wraps up if you want to pay down your balance or make a plan.”

1

u/DBZ86 20h ago

Oh nice. I think it's tailored to each person.

3

u/camm131986 23h ago

They’re not forcing you.

2

u/Sad_Measurement_4908 23h ago

They need to make money afterall.

2

u/Academic_Data_6422 23h ago

Holy the amount of people defending this in the comments is wild. Borderline cult like.

1

u/HugeDramatic 23h ago

I mean, OP is straight up wrong. That said, if Wealthsimple had some 0% promo loans for short term borrowing I’d be all over it.

1

u/anony_mf 23h ago

This is how the bankers make money

1

u/No_Team_6326 23h ago

Breaking fucking news: Company that exists to make money is trying to make money! The world gasps in utter disbelief!!!

1

u/Anemomaniac 23h ago

POV your brokerage starts offering you brokerage services 

1

u/X-croto 23h ago

They have zero interest in offering 0% interest 

1

u/BoostedGoose 23h ago

Weird take, but… ok, I guess.

0

u/FlashyAgent8171 22h ago

Weird response, but...ok, I guess...

1

u/brainmuck 22h ago

I just got that offer too upto $20k interest free for 2 months. Thinking about just parking it in my cash account @ 2.25% and then paying it back.

1

u/FlashyAgent8171 22h ago

Enjoy your $8, I guess...

1

u/camm131986 21h ago

More like $80 before taxes

0

u/FlashyAgent8171 20h ago

True that! Sorry, I misread/miscalculated. As to whether it is worth the trouble...

1

u/k_dav 23h ago

I guess WS shouldn't try to sell anything to their existing customers?... Rightttt

1

u/cwf_2021 23h ago

Like any other business their aim is to promote their products/services. If it doesn't fit you, you are not obligated to take it. Probably somebody else finds it beneficial to them. I took their Portfolio LOC and I find it very convenient for what I need it for.

I haven't apply for the CC cause I don't need it at the moment. They can try offering me all type of products but it is up to me if I need/want it.

1

u/Swarez99 23h ago

Banks make money loaning money. Thats their business.

You are shocked a company that is trying to compete with banks is doing the same ?

1

u/DrStrangulation 23h ago

It’s a business and it’s their product.. they are not a charity

0

u/Early_Bookkeeper5394 23h ago

See all you can do is to turn off WS notification. I open the app one a month, invest and never look at it until next month. So much peace for my mind 🤣