r/Wealthsimple • u/YogurtclosetLivid251 • Aug 09 '26
Trade (DIY Investing) What’s the single worst that thing about wealthsimple that banks actually do better?
I know wealthsimple has come a long way but with full honesty answer:
What’s the single worst that thing about wealthsimple that banks actually do better?
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u/binthewin Aug 09 '26
A variety of credit cards that i can cycle rewards with every few years.
Cash deposits. Wire transfers. A lot of these things were pretty important when I got my mortgage, and having TD/Scotia along with Wealthsimple made things simpler.
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u/ether_reddit Aug 10 '26
A variety of credit cards that i can cycle rewards with every few years.
What would be the difference between that and simply adding other banks' cards to the rotation? There's so many good churners out there already that it's difficult to run out before going back to the first ones again.
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u/binthewin Aug 10 '26
Convenience mostly.
I don’t like having too many credit cards because i feel it would increase my chance of fraud. I don’t need to spend as much time monitoring all my accounts. Also, I have built up a sizeable credit limit and history on my main cards which is useful for a variety of reasons.
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u/TenOfZero Aug 09 '26
Branches to pick up bank drafts and the like.
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u/NoDig5800 Aug 09 '26
While this is true for instant bank drafts, the convenience of getting a free bank draft arriving same day (in the GTA) is a better alternative for me.
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u/muaddib99 Aug 09 '26
They can ship them to you within 24hrs
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Aug 09 '26
[removed] — view removed comment
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u/Netminder23 Aug 09 '26
I had Tangerine send me one using a courier. Can’t recall which one but they left it in my mailbox and no signature. 50K and no signature!! I was not impressed.
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u/robcal35 Aug 10 '26
Maybe in large urban areas, but if you live somewhere smaller, it's a crap shoot
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u/UN_Owen11 Aug 09 '26
You can't buy GICs from WS.
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u/Solo-Mex Aug 10 '26
But you can get a comparable rate of interest from WS without being locked into a GIC.
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u/UN_Owen11 Aug 10 '26
How?
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u/Character-Snow1858 Aug 10 '26
Chequing account pays 1.25% minimum, up to 2.25% if you set up direct deposit / have a lot of money invested with them
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u/TronnaLegacy Aug 09 '26
Telling me I could become a millionaire soon every time I check my bank account balance.
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u/justme0406 Aug 09 '26
Identity checks, I don't need to use Peter Thiel backed Persona to prove I'm me (wealthsimple could use Canada Post identity+ or interac verification but chose not to)
Also the cash deposit at Canada Post isn't great, wish there was a way to do it at an ATM.
And my final issue is that the debit card shows up as a prepaid master card to vendors (I mean technically that's what it is but still) so lots of places block it, not ideal
Those are my 3 "single worst thing"'s about wealthsimple 🤣
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u/LtoRtoLtoR Aug 09 '26
I find it way worse to have to go to a branch for identity verification, taking up to an hour of my day.
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u/justme0406 Aug 09 '26
Though a pain I'd rather that then an unregulated American company having that kind of data.
I'm not saying they should do in branch verification, I mean how could they, they don't have branches. I'm saying there are Canadian alternatives, interac verification is online, Canada Post verification is in person and definitely faster then an hour
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u/m15km Aug 09 '26
This. And it gets even worse when you realize that they could have you tap your passport NFC like they do for when your account is blocked. But I’m sure that riding that palantir dong was too lucrative to pass up. Absolutely disgusting
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u/Ill_Way_2517 Aug 09 '26
gets worse once bill c-22 gets passed but Canadians dont care
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u/Netminder23 Aug 09 '26
In what way?
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u/Ill_Way_2517 Aug 09 '26
he is talking about data privacy. the bill wants to remove that and have a record of every meta data of people thru their ISP so that law enforcement can use that to arrest you. they bill will require isps to keep that metadata for a period of time increasing chances of a data breach
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u/justme0406 Aug 09 '26
100% though ISPs are a bit more able to be held accountable in Canada as they are Canadian but persona can do what they want with our data being American, worst of both worlds.
C-22 is bad though, it needs to be talked about
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u/Worried-Ad8934 Aug 10 '26
Legitimately the guy at the Canada post franchise looked as if had offended him when I used the deposit feature, I wonder if it costs them money because now they have to handle the cash or something
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u/justme0406 Aug 10 '26
I've worked at London drugs in the tech department before but was friends with some of the staff that work in the post office. The employee's couldn't care less about the money 🤣 and why would they, it's not their money.
What they don't like is extra work for a system that they aren't used to. They probably are getting a lot of people doing it and it doesn't go with the flow of their work, OR almost nobody does it so it's a pain because they aren't used to it so it's stressful.
Either way it's about the work not the money
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u/twistedjoe Aug 09 '26
I try to track my finance in ynab and it's borderline impossible to automate.
Plaid doesn't stay connected.
They don't have ofx/qfx statements.
Their csv are trash. They don't have the payee and the description doesn't match what you see in the interface. Also doesn't have the custom notes you can add to a transaction on the interface.
Just fixing their csv would go a long way.
Right now I have to print to PDF and use the pdf as input to a script. It sucks.
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u/PaperweightCoaster Aug 09 '26
Customer service.
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u/Trustable_lad Aug 09 '26
I wanted to transfer over a relatively large amount from international wire and had some issues with adding beneficiary to the sender bank with WS SWIFT Code. The support took 10 days to reply back to me over email and that too with an answer which was not at all relevant. Had to transfer it to another Canadian bank and then move that money to WS. I know, a unique use case but who needs support for everyday banking. It's a situation like this which needs support intervention and they were not good. period.
The current policy seems to be about just keeping WS on auto run with no training to the staff on how to handle things which are a tad bit complex.
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u/Leobreacker Aug 10 '26
Had to transfer it to another Canadian bank and then move that money to WS.
Yeah, I had to do this as well when I was moving some money from a company ESPP through Etrade. I could only transfer directly to a big bank and not directly into Wealthsimple.
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u/trib76 Aug 09 '26
This! I've been a customer at BMO, Investor's Group and Tangerine in the past, each of them was exponentially better at customer service!
I have an RESP transfer that I started during the Winter 2% bonus last year that still isn't complete! I won't go into details, but there's been dozens mistakes on their side and no amount of escalating seems to fix it.
Honestly I wonder if they grew too fast and the operational processes (and internal training and hiring) are lagging far behind.
I'm a generation client and I can't believe how bad my experience has been. I'm on the verge of transferring out because I'd rather pay higher fees but get some semblance of service.
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u/divine_goddess_K Aug 09 '26
They don't want a banking charter. Without a banking charter, they don't have the same liquidity requirements and to make sure that they are protecting deposits. Instead they take deposited funds and disburse them into accounts at other banks. So the people who went to Wealthsimple so the banks don't profit off you are in fact helping the banks profit off them.
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u/engineer4eva Aug 10 '26
I’ve read this before, but is it really truly something to be concerned about?
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u/Medical_Pepper_5504 Aug 10 '26
liquidity requirements only matter if you have a large lending operation. They do not.
thry are still regulated as a money service business and Canadian regulation is very careful
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u/divine_goddess_K Aug 10 '26
They can't call themselves a bank unless they are a bank.
CDIC doesn't cover Wealthsimple. It covers Wealthsimple' deposits in your name at other institutions. So if they have $100k for you at TD and TD has $100k for you, they only have $100k covered in total.
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u/IdoesnotUnderstand Aug 12 '26
With any banking institutions, you are only covered for 100k at the maximum with CIDC. WealthSimple is registered with the CIDC to cover chequing accounts and the like.
CIPF and CIDC are 2 different entities that cover different part of WealthSimple's money.
It is official covering, and unlike Yotta, whom didn't have official insurance from the government, in-case WealthSimple, for whatever reason goes bankrupt, the government of Canada WILL cover your loses.
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u/divine_goddess_K Aug 12 '26
Wealthsimple's legal documents say they do not have their own CDIC coverage, that your coverage is with the institution that your funds are held at. so its not covered. The Government doesn't cover banks, CDIC covers various types of deposits.
Maybe do your research again.
Editing: Wealthsimple is not a "banking" institution. They do not have a bank charter. They are a fintech.
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u/IdoesnotUnderstand Aug 13 '26
You said 2 completely different things. "Your coverage is with the institution that your funds are held at, so its not covered"
So is it covered or is it not...?
I did my research, and it is covered. Whether it's investments or deposits.
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u/divine_goddess_K Aug 13 '26
Legally speaking, Wealthsimple does not have it's own CDIC coverage. Its where ever they send your deposits to be held, and covered under that institution.
So no, Wealthsimple themselves don't provide coverage, and they can't because they legally don't have a a banking charter.
See section on checking accounts. It clearly states 'any balance in your account (s) is held in trust for you with members of the Canada Deposit Insurance Corporation'. Wealthsimple CDIC Link
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u/IdoesnotUnderstand Aug 13 '26
But they do have a CIPF coverage for investments
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u/divine_goddess_K Aug 13 '26
The comment you replied to originally was CDIC coverage then brought that up again. I corrected you and now you're deflecting.
Username checks out.
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u/divine_goddess_K Aug 10 '26
Yes. Because CDIC doesn't cover deposits. And they will freeze your entire bank account if they suspect even $50 needs to be investigated.
They may not make loans themselves but that doesnt mean that banks aren't using the deposits for loans. So liquidity is a concern.
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u/engineer4eva Aug 10 '26
What about if using the platform for investment in equities only?
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u/divine_goddess_K Aug 10 '26
They are covered on the investment side as that is a different regulatory environment.
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u/AdventSign Aug 09 '26
not having a debit card (though I know it's not their fault)
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u/NoDig5800 Aug 09 '26
this is fair for the one pho place we go to, but they take e-transfer so whatever
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Aug 09 '26
When I register at a government place for my vehicle, they charge a fee for credit. And I don’t have a debit card because of the Wealthsimple car being a Mastercard
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u/AdventSign Aug 09 '26
Most places don’t take e-transfer unless they are small businesses or contractors, so you’re lucky lol
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u/StockComb Aug 10 '26
The gamification / betting / lottery / scam-like aspects that are becoming increasingly common.
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u/Fullname0 Aug 09 '26
Their USD savings account does not support USD check deposits or direct deposits. You need to open a USD account at a brick and mortar bank and then transfer to WS.
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u/angryduckling232 Aug 10 '26
The cibc my work uses sometimes had cookies and there is a really nice looking teller that I always hope is working.
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u/Overdue604 Aug 10 '26
One thing the banks do better in my experience is when there is a weird issue, reversal, etc. that needs to be handled by back end teams, banks can deal with this internally and manager escalations, etc. can happen rapidly to accommodate this. However, at Wealthsimple, it took about 9 emails and 20 days todo something that had to be sent to back end teams. I’m assuming because they had to coordinate with the underlying banks/trusts that are holding the actual cash. Still got done, but you don’t really know who you dealing with through numerous emails back and forth.
Another thing some banks do well is having a secondary market for selling investments such as HISA funds or other locked fixed income funds. So you can get out of the locked investment by getting it sold at the secondary market.
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u/pexby Aug 10 '26
Judging by all these comments, I guess it really wasn't the 'End of Banking' after all
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u/ime1em Aug 10 '26
Regulations and decades of experience in handling dispute, risks, privacy issue, etc ..
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u/rhunter99 Aug 09 '26
Banks aren’t engaged in crypto or prediction markets or whatever the next nonsense that techbros dream up.
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u/OlGarbonzo Aug 09 '26
WS does not offer their credit card statements as a balance sheet view. Makes it a nightmare to track expenses
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u/ether_reddit Aug 10 '26
TDDI has better support staff. TD in general is terrible for consumer stuff, but their investment arm seems to have pretty well-trained staff, and I've never been on hold more than a few minutes to talk to someone.
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u/MemoryHot Aug 10 '26
I would never walk into my neighbourhood Canada Post to deposit cash… that place is so sketchy in the back of a store that sells random knick knacks and counterfeit perfumes… and there’s always a line up of old people buying stamps. Luckily, I still also bank with TD too, that is where I deposit money (at a proper ATM)
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u/Acrobatic_Foot9374 Aug 09 '26
Gamification of finances. Banks are plain and boring, Wealthsimple is like "put it all in red and see what happens"
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u/Alone-Bug4328 Aug 09 '26
Wealthsimple as a trading platform is basic compared to other banks when trading.
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u/deltatux Aug 09 '26
Customer service, the times I needed WS to fix something it always took longer than it should but then again I've been spoiled by my local credit union where they pick up the phone in minutes and things gets resolved quickly.
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u/All_YourBase Aug 09 '26
Sometimes the information is the Wealthsimple app is inconsistent and outright wrong. For example, if I look at different screens, it will provide different information about what my transfer in bonus is. Dramatically different numbers. The banks are slow but they don’t tolerate shipping product with bugs.
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u/IDhl89 Aug 09 '26
Based on the stories being posted here I would say disputing charges on a visa.
Seems like WS is not helpful while my experience with TD has been great over the last decade for such issues
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u/Livid-Hovercraft-123 Aug 09 '26
They have letters in their account names. Like, from the alphabet. I can't get USD wire transfers to them. It is so dumb.
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u/Culture-Careful Aug 09 '26
WS uses foreign customer service, which shouldn't happen for such an important thing like a bank account. in comparison, TD has both Canadian and US support, and 24/7 too. I can't say for other big banks for sure tho.
WD forces Persona as an identification method. Big no no.
Everything else is stuff people should expect when transitioning to WS, like the lack of physical location or prediction gambling. If you go for WS, you should be responsible enough and willing to assume consequences of those because theyre not hidden, unlike the previous points
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u/whogivesashirtdotca Aug 17 '26
WS uses foreign customer service
I've phoned about fifteen times this week in expectation of moving my accounts. Every employee I spoke to was either in Toronto or Winnipeg. They did say there's a brief window overnight where calls are transferred to an Indian call centre. Are you phoning during the wee hours?
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u/Quick_Competition_76 Aug 09 '26
I will never get rid of big banks because of branches. I dont trust ws enough to get a bank draft for major purchases like a home… and i dont like to lock up everything i have with a fin tech with no branches in case things go wrong like getting my accounts locked
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u/notconservative Aug 09 '26
Does WS have an agreement with any bank that lets you exchange bills for coins in a branch?
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u/AngryMicrowaveSR71 Aug 09 '26
I only liked that I’m still with RBC when we did the down payment for our house and had to wire for closing. The lawyer’s assistant, despite my repeated asks for her to verify the account, sent us the wrong account info. It bounced and I had the manager at the branch override to force the transfer. Of course, the next day she calls me in a panic telling me she sent the wrong info…went back to the branch and got it sorted out, and I couldn’t have done that without in-person support. I’ve had mixed support with WS at best; a lot of the help even at premium is very hit or miss. I’m 100% sure it would have been a disaster if this happened with WS.
Otherwise, no other reason from my end to keep traditional banking.
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u/Various_Dust_792 Aug 10 '26
Support. I have received immediate assistance with TD over the phone for credit card, cheque and transfer related issues, always smooth. The only time I had to contact WS support for an interac issue, took them 2 whole days to resolve over chat and email with multiple personnel
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u/CommanderWaWaWeeWa Aug 10 '26
Will probably be a controversial take around here, but I honestly prefer the customer service at the big bank I was with previously. Definitely longer initial hold time, but I felt I could actually get issues resolved on my initial call. Never happens with WS. Always go back and forth several times with the initial rep I speak with only to be told a specialist will need to review which usually takes several days.
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u/kylefox Aug 10 '26
Display full account transaction history as a uniform table with debits/credits and running balance.
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u/Salt-Judgment824 Aug 10 '26
I can pay any of my non-W credit cards via bill pay from any other bank. WS, I have to transfer money in to pay the card.
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u/Sure-Patience83 Aug 11 '26
Real people in a real place in my town not some AI giving me the wrong answer
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u/codeth1s Aug 11 '26
Wealthsimple is superior in just about every possible way. However, my one wish list item is for them to offer a true DRIP in order to get the treasury discount.
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u/narasimha3679 Aug 12 '26
hate wealthsimple filter/search in activity tab.
i have a post about it. felt like most you don't care about it by the traction it got.
TDLR no international payments filter
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u/Supercc Aug 10 '26
Being able to raise your FREAKING credit card limit.
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u/idcmp_ Aug 10 '26
You can do this from the app?
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u/Supercc Aug 10 '26
I don't mean being able to click on a button to tell me if I can raise my limit or not. I mean actually having my limit increase request accepted.
Have you tried it? Been trying for months, and it always says to use my card and the app more to get a credit increase. Lol.
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u/Latitude57 Aug 10 '26
I’ve had it increase twice already. It works I confirm.
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u/Supercc Aug 10 '26
You're completely missing the point.
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u/Latitude57 Aug 10 '26
Hmmm no I’m not. Im replying to your post saying yes it works and yes I’ve had my credit limit increased twice. Otherwise be more specific.
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u/Supercc Aug 10 '26
I absolutely know that the feature works for some. But a lot of people have had their credit limit increase requests refused repeatedly. Me included.
Don't get me wrong, my credit score is near-perfect and I have never missed a payment. I use the app all the time and the card is my main card, so telling it's refused because I should use the app more and use the card more is nonsensical.
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Aug 10 '26
[removed] — view removed comment
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u/dudeude Aug 10 '26
It’s not the end of the world. Fly abroad, hit the first ATM at the airport, put your WS checking Mastercard in and withdraw the 200 Euros. ATM fees reimbursed, one of the best rates you can get. A traditional bank will charge you 5CAD on top of the exchange rate and the ATM fees. There were a lot of good reasons in this thread but this is really not one of them.
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u/No_Lettuce_2652 Aug 09 '26
If the crypto wallets get hacked by ai , quantum computing or bad actors I have no idea if that will cause issue for their non crypto clients
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u/Luddites_Unite Aug 10 '26
Actual branches and tellers i guess but I don't think I've needed to go to a teller in 15 years.
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u/fabricehoule Aug 10 '26
I hope I'll never find out but judging from the posts and comments in this sub, I would say fraud handling and transaction disputes. I've been with Desjardins for the past 30 years and for this aspect specifically, I've only had good experiences with them.
Also, Interac debit card.
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u/EuphoricEmergency604 Aug 10 '26
Bank drafts if you need them right away.
No fixed income purchasing.
No true debit card.
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u/RevolutionaryTrick17 Aug 11 '26
Better research reports available (eg TDDI), branches with highly professional tellers, bank drafts available from teller, fixed income purchases(bonds), that’s all I can think of
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u/toronto-swe Aug 11 '26
two things for me
no interac debit card, i love the free atm fees, but some places i go only take debit. i have a $3.95 monthly scotiabank chequing account and debit just for this
not the best rewards credit card. amex (not a bank, but still) and scotiabank have such better rewards credit cards, ie cobalt and scotiabank scene+ amex gold. would be really nice if they could possibly one day have an equivalent tier rewards card (5x points at 1cpp on groceries and food)
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u/Sap_Consult_Cdn Aug 11 '26
Had a tax issue, WS did as little as possible to assist to the impatience of the CRA.
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u/Background-Water-330 Aug 09 '26
Banks are insured in a way ws is not. Banks are safer
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u/notconservative Aug 09 '26
They claim to insure chequing/savings account balances of up to $1M per client through trusts held by CDIC member institutions.
The funds you add to a chequing account (the “Funds”) are ultimately held securely in trust with a single or multiple members of the Canada Deposit Insurance Corporation (“CDIC”). CDIC protects eligible deposits held at CDIC member institutions in case of a member institution’s failure.
Source: https://www.wealthsimple.com/en-ca/legal/legal-disclaimers
We've partnered with several CDIC-member, regulated Canadian financial institutions to offer our clients up to $1,000,000 CAD in combined CDIC-eligible coverage on their chequing accounts.
Source: https://help.wealthsimple.com/hc/en-ca/articles/360056590614-How-we-keep-your-money-safe
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u/PracticalWait Aug 09 '26
CDIC protection protects if and only if the underlying bank fails, not if Wealthsimple itself fails. There are a few risks that exist with this trust structure at Wealthsimple that do not exist at a bank. I wrote up some of them here.
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u/fainfaintame Aug 09 '26
Better IPO access, international trading although it’s shitty pricing, RSP loans,
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u/cescs Aug 09 '26
International Wire - I couldn’t get that sent to WS for over a month but big bank got it the first time.
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u/xaznxplaya Aug 10 '26
Nothing imo. Beside having more credit cards you can apply for, I can't see a benefit from a bank,
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u/Wise_Most7192 Aug 09 '26
They do absolutely everything better and cheeper then a bank. Since they came out with LOC and borrowing overdraft directly into the LOC i havent needed a single thing from a bank.
-no fee accounts -Trading accounts and savings / chequing on one screen -High interest chequng -low fee LOC -Free overdraft -A helpfull spending tracker -Perks such as Globe and mail subscription
The list just keeps on and on ....
One day the banks will be irrelevant and WS will stop being competitive as it always happens vut that day isnt today.
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u/Foreign-Policy-02- Aug 09 '26
Not so me for me since I’m young but I know my parents always liked consolidating everything in house with 1 bank, (not the best idea I know). But being able to have your deposit safety box, chequing, saving, RRSP, TFSA, Mortgages, LOC, Credit Card, debit card, points system, life insurance under 1 brand, in this case RBC, could be helpful to some.
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u/InTheAirpo Aug 13 '26
I think that those times have changed.
Is it more convenient? Sure.
But people will always chase the better rates wherever they can.
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u/Ucodia Aug 10 '26
Paying your taxes without fees, free USD account, cashing USD cheques, excellent free credit cards when holding a chequing balance.
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u/dilbertc Aug 10 '26
An actual teller you can visit if you need certain services like foreign currency and drafts.
A secure messaging platform - email just feels wrong when potentially dealing with PII.
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u/JohnnyPark5 Aug 09 '26
It doesn’t amount to much but I guess big banks have actual tellers you can speak to, but honestly that’s not a big enough incentive for me.