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 Managed Investment & 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 show 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.
We emailed you to let you know that you didn’t upload the right type of document
When you link your bank account manually, we ask you to submit a PDF of a specific bank document. The type of bank document we request is based on the institution that you bank with, and we are unable to accept any other document type.
- Please upload a new supporting document for your bank account based on your bank. If you are unsure of what document to upload, refer to the chart in this article.
- If you’re linking a credit union, we may require additional documentation to manually link your account. This is because some credit unions do not include your full account number on their statements, and instead only include a member number. If this is the case, we will send you an email with additional instructions to follow.