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How to use cheques
You can use cheques to make a payment or transfer money from your chequing account. Cheques are often used for bill payments, large purchases, or transferring money between two people or entities.
At Wealthsimple, you have two options for using cheques: you can request a single, filled-out cheque directly from the app, which we send to any Canadian address for you, or you can order a full physical chequebook and manage cheques yourself.
Send a cheque with the Wealthsimple app
You can order and send individual cheques directly from the Wealthsimple app for free. We aim to send cheques on the following business day. The cheque will arrive 4-7 business days via lettermail once shipped.
To order an individual cheque:
- Open your Wealthsimple app
- Tap your chequing account
- Scroll left on the actions menu and tap Send a cheque
- Tap Send a cheque again
- Enter the recipient's name
- Select a date
- Use the memo field to describe the reason for the cheque
-
Review your delivery address or tap Send to a different address to enter a different address
Note: You can only send cheques to addresses in Canada. - Tap Next
- Enter an amount to send and tap Next
- Draw your signature and tap Save
- Tap Next
- Confirm cheque details and tap Submit
Sending a cheque from your chequebook
All you have to do to send a cheque is fill in the details and give it to the recipient. We only process the cheque when the recipient deposits it into their account. When they do, we'll deduct the money from your chequing account.
You'll get a push notification to confirm the deposit was completed or rejected.
Check the status of your cheque
You can view the status of a cheque sent with the app immediately after you order it. If you send a cheque from your own chequebook, we don’t have visibility into the status until your recipient deposits it.
After your recipient deposits the cheque, 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 sent with the app:
- Tap your chequing account from which you sent the cheque
Note: Only the cheques ordered from this account will be displayed. - Scroll left on the actions menu and tap Send a cheque
- Select the cheque from the list of ordered cheques
To check the status of your cheque after the recipient deposits it:
- Open your Wealthsimple app
- Tap the Activity tab (clock) at the bottom of the screen
- Tap the Filter menu in the top right corner
- Tap the Accounts menu
- Check your chequing account
- Tap the back arrow in the top left corner
- Tap the Type menu
- Check Withdrawals and tap Done
- Find your recent cheque transaction
- Your cheque status will either be Completed or Rejected
- Log in to your Wealthsimple account
- Select Activity from the top menu
- On the right side under Filters, open the Account menu
- Check your chequing account
- Open the Type menu
- Check Withdrawals
- Find your recent cheque transaction
- Your cheque status will either be Completed or Rejected
Cancel a cheque
You can cancel an ordered cheque using the Wealthsimple app if it hasn’t shipped yet:
- Open your Wealthsimple app
- Tap your chequing account
- Scroll left on the actions menu and tap Send a cheque
- Select the cheque
- Tap Cancel
If you want to cancel an entire chequebook in your possession (if it was lost, for example), please reach out to our support team.
Dispute a cheque
If you receive a notification that we have processed a cheque deposit from your account that you don't recognize, please contact our support team as soon as possible. There's often a very short time period that we can dispute a cheque for you.
If you contact us after 11:59 pm EST on the date the cheque was successfully deposited, we may be unable to return your funds.
Frequently asked questions
Are there any fees when sending a cheque in the app?
No. There is no cost to send a cheque using the app.
Can I edit cheque details after submitting an order?
No. You can't edit the cheque details once you have submitted a cheque order.
What if the recipient never receives the cheque in the mail, or I need to cancel the cheque?
You can contact our support team to request a stop payment on the cheque. After confirming the desired delivery address, you can send another cheque.
Is there any limit on the number of cheques I can send using the app?
There is no limit on the number of cheques that you can order. The maximum amount that can be sent per cheque is $20,000.
What happens if a recipient cashes a post-dated cheque before the date on the cheque?
If the recipient attempts to cash a post-dated cheque before the date written on it, the bank will reject the cheque. It won't remove any funds from your account.
Can I track my cheque delivery?
No. We don’t provide tracking information for standard letter mail.
Why was my cheque rejected?
The most common reason why a cheque is rejected is that you didn't have enough funds in your account at the time it was deposited. If you had enough funds, it could've been rejected for the following reasons:
- You asked us to cancel the cheque.
- You closed your chequing account since sharing the cheque.
If you don't think your cheque should've been rejected, please reach out to our support team, and we'll investigate for you.
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