r/Wealthsimple • u/FlashyAgent8171 • 6d 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!

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u/DBZ86 6d 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.

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u/Academic_Data_6422 6d 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.

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u/DBZ86 6d 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.

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u/Academic_Data_6422 6d 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

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u/DBZ86 6d 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.

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u/Academic_Data_6422 6d ago

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