How to use cheques

Cheques can be used to make bill payments, for gifts, or to transfer money between two people or entities. They're often used to transfer large sums of money as they're usually more secure than cash. You can only send cheques, you can't deposit cheques into your Wealthsimple Cash account at this time. 

To send a cheque, all you have to do is fill in the details and give it to the recipient. The cheque is only processed once the recipient cashes it. When they do, the funds will be deducted from your Cash account. You'll get a push notification to confirm it has been completed or rejected, and the transaction will appear in your account activities.

Check the status of your cheque

After your cheque is cashed by the recipient, the transaction will be available In your account activities. The status of your cheque will either be Completed or Rejected. 

To check the status of your cheque:

Why was my cheque rejected?

The most common reason why cheques get rejected is because you didn't have enough funds in your account at the time it was cashed. If you had enough funds, it could have been rejected for the following reasons:

• You requested for us to cancel the cheque
• Your Cash account has since been closed

If you don't think your cheque should have been rejected, please reach out to our Client Success team and we'll investigate for you.

Cancel a cheque

If you want to cancel a cheque or your entire chequebook (if it was lost, for example), please reach out to our Client Success team. 

Dispute a cheque

If you receive a notification that we have cashed a cheque from your account that you don't recognize, please contact our Client Success team by phone as soon as possible (or send us an email the day-of if it's outside of our business hours). There is often a very short time period that we are able to dispute a cheque for you.

If you contact us after 11:59PM EST on the date the cheque was cashed, we may be unable to return your funds.

Order cheques

You're eligible for a free chequebook when your first direct deposit lands in your Cash account. After direct deposit is set up and you've received a deposit, you can order cheques by following the steps below. After confirming your address and ordering your cheques, you'll receive a book of 50 cheques within 10 business days.

If you have already set up direct deposit:

1. Log in to the Wealthsimple mobile app
2. From the Home tab, select your Cash account
3. Tap More
4. Tap Order Cheques

If you don't have direct deposit set up:

1. Log in to the Wealthsimple mobile app
2. From the Home tab, select your Cash account
3. Tap More
4. Select Direct deposit info
5. Follow the prompts to set up direct deposits into your Cash account
6. Once your direct deposit lands, you can follow the steps above to order cheques

Purchase cheques without direct deposit

If you don't want to set up direct deposit in order to receive a chequebook for free, you can also purchase a cheque book for $50 plus tax. Please contact the Client Success team to purchase a cheque book.

Dispose of cheques

You might need to dispose of your cheques if you have old information on them or you closed the account associated with them. One of the most effect ways to destroy cheques is to shred them using a shredder. You can use a home shredder or bring your cheques to a local office supply store that offers shredding services. 

Learn more about disposing of cheques.

Frequently asked questions