What is Overflow and how does it work?
Overflow is the newest way to automate your investment contributions. Decide how much cash to keep in your bank account and once a month we'll automatically move any extra into your Wealthsimple account.
To get started, connect your chequing or savings account to Wealthsimple, and set a balance for how much cash you want to keep in your bank account. Let's say you decide to keep $2,500 in your chequing account. Once a month, we'll check your account and move any cash that's over your limit. So if there's $2,700 in your account, we'll automatically transfer $200 to your Wealthsimple account.
Is there a limit on my Overflow deposit? Can I skip it if I need more cash on-hand?
Great question! Absolutely, there are two ways you can limit your monthly Overflow.
You'll be sent an email reminder on your balance check date (by default, it's the 18th of every month). That email will give you the option to skip that month's deposit, if you want to keep more cash on-hand.
You can also add a maximum to your monthly Overflow. Let's say you have $25,000 and the account balance you've set is $10,000. This puts you at $15,000 Overflow deposit. You can set a $5,000 maximum per month, so when we automatically move your cash, we'll only move a maximum of $5,000, even if you have more than that in excess.
What happens if I don't have extra money in my account when it's checked?
Nothing happens. We only move money that is over the balance that you set.
How do I know Overflow is secure?
We use state of the art security to protect your data. We encrypt all information transmitted between your browser and our web servers. We use it to keep your account information safe including passwords and personal information.
What do you do with my bank information?
Your bank login credentials are never stored with us. Using the same encryption as your bank, your transactional and personal data is securely encrypted with both hardware and software encryption.
Why do you need my financial information?
We check your balance twice a month to check for any excess above the balance you set. The first check is to send you a reminder email two days before the Overflow deposit, and the second balance check is to ensure that your balance between the email and the scheduled deposit hasn't changed. If your bank account falls under the excess in those two days, we won't make an Overflow deposit.
How do you access and use my bank account balance?
Overflow accesses your linked bank account on a monthly basis. We use this information to check if you're over the balance you check and deposit the excess amount into your Wealthsimple account. We do not, and will never, sell your transaction data.
Can I set a maximum withdrawal amount?
Yes! By default, if you don't skip your Overflow, we'll deposit whatever cash is in excess. However, if you want to set a monthly maximum, you can add a limit in your settings after you turn on Overflow.
Can I choose the day Overflow checks my balance?
Yes, by default the balance check is set on the 18th of every month. But if you want to change it to a more specific date, you can do that by going to Overflow Settings after setting up Overflow.
What if my banking institution isn't listed for Overflow?
We hope to support more banks soon, so keep an eye out. That said, you can still take advantage of Wealthsimple!
How often does my Overflow get deposited?
Once a month, on the 18th. But you can also change it to whichever day you prefer after setting up your Overflow.
We'll check your account on the day and send you a reminder email that we'll be making an Overflow deposit. If there is extra cash in your bank account and you didn't skip, we'll automatically move it over to your Wealthsimple account.
What banks do you support for Overflow?
We currently support TD Canada Trust, RBC, CIBC, Bank of Montreal, Scotiabank and Tangerine.
What accounts can I deposit my Overflow in?
You can deposit into any of the following Wealthsimple accounts:
- Spousal RRSP
- Joint Smart Savings
Right now, you can only enable Overflow on one of your Wealthsimple accounts. Let us know if you'd like that to change!
Can all Wealthsimple clients use Overflow?
For now, only Canadian clients are able to turn on Overflow. That said, we hope to make Overflow available to all of our users in the future.
How much does it cost?
There is no additional cost for Overflow, just Wealthsimple's standard fees. We charge a 0.5% management fee on investment accounts below $100,000. If you deposit $100,000 or more, you'll be upgraded to Wealthsimple Black and pay a management fee of 0.4% on investment accounts.
Note that we do not charge any fees for Wealthsimple Cash. You can read more about this here.