To make a deposit, you need to link a bank account to your Wealthsimple profile. If your deposit is pending for more than five business days, there may be an issue linking your bank account.
Below are the most common reasons why we may be unable to link your bank account —
The name on your bank account does not match the name on your Wealthsimple profile
When linking a bank account to your Wealthsimple profile, the name on the bank account must match the name on your Wealthsimple profile. For this reason, you won't be able to link someone else's bank account to your profile.
- If you made an error with your legal name when signing up, or if you have recently changed your legal name, please contact support and we can get this updated for you.
- If the bank account does not belong to you, you will need to remove it and add a new account in your name.
- If you have any pending deposits from a bank account in someone else’s name, please contact support so that we can cancel the deposit and remove the bank account.
You're not linking a chequing or savings account
Wealthsimple is only able to support linking chequing and savings accounts. We are not able to link the following accounts:
- US-dollar accounts
- Corporate or business accounts (unless you’ve set up a corporate account on Wealthsimple Invest & Save)
- Investment Accounts (e.g. TFSAs, RRSPs)
- Line of Credit or Credit Card accounts
- External crypto wallets
- If you have linked an unsupported account, you will need to remove the account, and link a new chequing or savings account.
- If you have any pending deposits from an unsupported account, please contact support so that we can cancel the deposits and remove the bank account.
Incorrect account, institution, or transit number
When manually linking your bank account, you are asked for your institution number, transit number, and account number. If any of these are entered incorrectly, your deposit will not go through.
- Re-link your bank account and make sure the account information you enter matches the details on your supporting bank document.
- Note that if you are linking a credit union account, your statement may only include a 7 digit member number. We need the full 8-12 digit account number in order to link the account to your profile.
- If you have any pending deposits from an account with incorrect information, please contact support so that we can cancel the deposits and remove the bank account.
You are submitting a direct deposit form when manually linking your bank account
When you link your bank account manually, we will ask you to submit a PDF bank statement or void cheque with your full name, full account number, and institution logo. Our back-office reviews the document that you provide to ensure that the information provided matches what’s on the document.
We're not able to accept direct deposit forms as a supporting document when linking your bank account to Wealthsimple. Below, you can see two examples of direct deposit forms –
- Please upload a new supporting document for your bank account. This can either be in the form of a PDF bank statement or a void cheque.
- On Wealthsimple Trade & Crypto, we’ll prompt you to upload your new bank document when logging in to your Trade mobile app
- On Wealthsimple Invest & Cash, you can upload your new bank document here
You’re trying to link your credit union account, but your statement does not have your full account number
Credit unions will sometimes have a member number instead of your full account number. We are unable to accept a document that does not have your full name, full account number, and institution logo.
- If you are unable to obtain a void cheque or a statement with your full account number, we may be able to accept a direct deposit form stamped by your institution in combination with a PDF statement with your member number.
- To submit your secondary document, reach out to our support team for a secure link where you can upload your new document. Please note that both documents must be provided in order to be accepted.