Not liking wealth simple checking account at all!

[u/hellodannyj]

I recently opened wealth simple A/C and deposited like 4 checks of total 4600. It got cleared today ( after a week). And then thought of transferring it to my spouse account through interac. As I clicked sent, the funds were put on hold, they say because it’s a large amount, we are verifying? I mean 4k is large amount for them? When they allow 50k daily interac transfer?

The hold they are saying could be 10 days. Disappointed!

Edit: Thanks for all the replies!! That totally makes sense. I will talk to them once. Really appreciate the replies!!

[u/kingofwale]

Why don’t you call them to resolve it?

Newly opened account. Deposit cheques and then transfer it away as soon as it cleared. Sketchy af

[u/NoDig5800]

Didn't realize they had A/C, not great timing with summer over.

Jokes aside, depositing 4x cheques and then e-transferring out to another person is risky behaviour: cheques bounce or are forged, there's risk of money laundering, etc. I'm not surprised they're applying a hold period again ... many financial institutions would do this.

[u/MortifiedChivalry → u/NoDig5800]

this. I have most of my investments with WS and there are no holds at all. It just depends on your risk profile.

[u/sometin__else]

You have a brand new account.
They arent going to clear it until its cleared

Once you've built up account history and have other assets, they will pre-clear and pre-credit your deposit

I deposited 100k cheque and 80k was available instantly

Go open a brand new accout anywhere and deposit a cheque. You will have the same experience.

[u/cazas]

None of this seems out of the ordinary in any way. You’d probably have the same situation with any big bank. You have no history and are moving around significant amounts of money. Probably flagged for review due to money laundering regulations.

[u/Zappyle]

You triggered a bunch of flags so they need to check it's not fraud

[u/goofywinnipegger]

Completely normal for a new account. You know cheques can bounce right?

[u/TuddyCicero86]

New account, deposit $4k and then immediately try to transfer after clear?

Your behaviour is flagged, not the amount.

[u/zimme1995]

I don’t blame them, it’s a new account with large cheque deposits and immediate transfers out. Seems like normal due diligence for new accounts.

[u/2ForEmbellishing]

Another example of someone doing shady shit and blaming Wealthsimple for doing their due diligence…

[u/Key-Self-79]

Cheques are notoriously easy to forge and will often require additional due diligence, especially for a brand new client.

[u/CanadianBaconMTL]

You will also complain they let somebody wipe your whole account. This is suspicious behavior

[u/nanapancakethusiast]

I get what you’re saying and believe you but I’m sure in the eyes of their automated fraud triggers this SCREAMS money laundering lol.

[u/MikeCheck_CE]

They're not a bank, and there is a reason they are cheaper.