The Ultimate Guide to Deleting Your Wealthsimple Account

Introduction:

Wealthsimple is an investment platform that allows users to save money and invest their money. To use the platform, users can follow some easy instructions for logging into their Wealthsimple account. There are several questions that users might have before getting started with Wealthsimple, and in this article, we'll walk through some of the most commonly asked questions about Wealthsimple.

Removing Bank Account:

To remove your bank account from Wealthsimple, you simply need to go to the “My Account” page and select “Remove Bank Account”. You will then be prompted to provide your bank account information and confirm that you want to remove your account from Wealthsimple. Once you remove your bank account, you will no longer be able to access any of your Wealthsimple data or funds in that account.

Canceling Subscription:

If you wish to cancel your subscription on Wealthsimple, go to the account settings page and select “Cancel Subscription”. This will bring you to a confirmation page, which will ask you to verify that you wish to cancel your subscription. After you confirm your cancellation, you will no longer be charged any fees associated with your Wealthsimple account.

Two Wealthsimple Accounts:

Wealthsimple allows you to have up to two accounts. This is great for users who need to keep separate accounts for different purposes, such as retirement savings and general investing.

Wealthsimple as a TFSA:

Wealthsimple is not a TFSA. If you're looking for a TFSA-specific investment platform, you may want to explore other options that cater specifically to TFSA accounts.

Connecting Bank Account:

Connecting your bank account to Wealthsimple is safe, but it's important to take some precautions. First, make sure that you have a current bank account with a valid routing and account number. Second, make sure that your bank is compatible with Wealthsimple. Third, make sure that your bank account has the correct funding options available.

Withdrawing Money:

Withdrawing your money from Wealthsimple is typically a quick and easy process. However, since Wealthsimple is a robo-advisor, your withdrawal request requires human interaction. As such, Wealthsimple may not be able to process your withdrawal request immediately.

Comparison with Questrade:

Wealthsimple and Questrade are both great investment platforms, but they have some key differences. Questrade is more comprehensive and has more features. Wealthsimple, on the other hand, is simpler and easier to use. Questrade is a better option for users who want to make high-commissions, while Wealthsimple is better for users who prefer low fees.

Canceling Transfer:

Yes, you can cancel a transfer on Wealthsimple. Simply navigate to the “Transactions” tab, locate the transaction you wish to cancel, and click “Cancel”.

Withdrawal Time:

Typically, it takes less than two business days to complete the withdrawal process on Wealthsimple. If you don't receive your funds within this timeframe, be sure to reach out to Wealthsimple customer service for assistance.

Withdrawing Crypto:

Wealthsimple allows you to withdraw crypto from your account, but keep in mind that cryptocurrency transactions are irreversible. Be sure to withdraw your crypto carefully.

Closing Investment Account:

If you choose to close your investment account, your remaining funds in the account will be lost. You may also be subject to penalties if you haven't fully invested your money.

Closing Trading Account:

You can close your trading account by contacting your broker. Your broker may require additional documents or information before closing your account, so be sure to prepare everything ahead of time.

Risk Level:

Wealthsimple is a fee-based investment platform that charges a 0.25% annual management fee and a 0.25% annual asset transfer fee. The company has an A rating from the Better Business Bureau, which is an indication of their good history of customer service.

Wealthsimple for Beginners:

Wealthsimple is a great option for beginners because of its low fees and simple user interface. Using Wealthsimple can be a good way to learn the basics of investing without being overwhelmed.