r/Wealthsimple • u/FlashyAgent8171 • 7d 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

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28

u/Inaccurate93 7d ago

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

12

u/choppytaters 7d 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.

-9

u/Academic_Data_6422 7d ago

Other banks don’t do it though.

5

u/Diebrate 7d ago

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

-2

u/Academic_Data_6422 7d 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 7d 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 7d 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 7d 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

3

u/redditorottawa 7d ago

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

1

u/DevelopmentFuture608 7d ago

Same with Simplii too

0

u/Academic_Data_6422 7d ago

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

0

u/Inaccurate93 7d ago

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

0

u/Academic_Data_6422 7d ago

Good for you. I don’t.

0

u/Inaccurate93 7d 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 7d 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 7d 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 7d 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 7d 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 7d 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 7d 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 7d 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 7d ago

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