Overview

If you're having trouble withdrawing funds from your Wealthsimple account, it's often because there's an issue with your linked bank account. This article will help you understand common reasons why a withdrawal might be rejected and what steps you can take to fix it.

Common reasons for a rejected withdrawal

Your linked bank account is closed

If you've closed the bank account linked to your Wealthsimple account, you won't be able to withdraw funds to it.

What to do:

1. Add a new bank account: You'll need to link a different bank account to your Wealthsimple profile. Learn how to link a bank account.
2. Try your withdrawal again: Once your new bank account is linked, you can initiate a new withdrawal to that account.

Your linked bank account is frozen

If your bank account is frozen by your financial institution, any attempted withdrawals to it will be rejected.

What to do:

1. Contact your financial institution: Reach out to your bank and ask them to remove the freeze on your account.
2. Confirm the freeze is lifted: Make sure your bank confirms the account is fully unfrozen before attempting another withdrawal.
3. Try your withdrawal again: Once the freeze is lifted, you can try withdrawing funds again.

Your linked bank account's information is invalid

Sometimes, the information we have for your linked bank account might be incorrect, leading to rejected withdrawals.

What to do:

1. Wait for us to contact you: A member of our support team will reach out to you if we detect an issue with your account information.
2. Provide requested information: We'll ask for more details to verify your bank account. Providing this information quickly will help us resolve the issue faster.
3. Update your bank account information: Once verified, you may need to update your bank account details in your Wealthsimple profile.

Understanding reinvestment after a failed withdrawal

When you make a withdrawal from a managed investing account, we sell your investments to create a cash balance for the amount you'd like to withdraw. If your withdrawal fails for any reason, we'll leave that cash balance in your account for five business days. After this period, we'll automatically reinvest your funds for you.