A deposit may get rejected up to five business days after we receive the funds from your bank.
In the case where we have already invested funds from a rejected deposit, you may end up with a negative cash balance in your account. If this happens, you will receive an email from our support team outlining the next steps. You will be given the option to make a new deposit within a small time frame to avoid selling the securities in your account. However, if a new deposit is not made, securities will be sold to cover the negative balance in your account.
To troubleshoot a negative cash balance on Trade, please reference this article.
Below are the most common reasons for deposits to get rejected —
NSF (non-sufficient funds)
In order to ensure your deposit does not get rejected, make sure you have enough money in your bank account to cover the total of your deposit before you submit it. If you do not have enough funds in your bank account, or if funds are added to your account after submitting the deposit request, you will incur an NSF rejection.
We don't charge you anything for NSF rejections, however, your bank may charge you when they occur. Unfortunately, we are not able to reimburse NSF fees charged by your bank if the deposit was made in error.
Invalid account type
You are only able to link a Canadian chequing or savings account to your Wealthsimple profile. Any other account type will result in a rejected deposit.
Note: If your savings account does not have chequing privileges, this can also result in a rejected deposit.
Invalid account information
If you accidentally enter the wrong account number, transit number, or any other piece of account information, this can result in a rejected deposit.
Your deposit may be rejected for reasons other than the few mentioned above. If this happens, please reach out to your bank directly to see if they are able to give you more information about the rejection.