An authorized transaction is a transaction made with your Wealthsimple Cash card that you made. With authorized transactions, you know when, where, and why you made the transaction.
Wealthsimple can help you dispute an authorized transaction as long as it falls within the guidelines below:
What we can help you dispute |
What we cannot help you dispute |
Product or good was not received |
Unsatisfactory product (such as not liking the taste of your food) |
The product or service was not as described |
Unsatisfactory service (such as receiving a bad haircut) |
Being overcharged |
A transaction older than 90 days |
Receiving duplicate charges |
|
Canceled transaction, but still charged |
|
Canceled subscription, but still charged |
|
Cash was not received at an ATM |
|
Missing refund or credit not processed |
Before starting a dispute
Before contacting Wealthsimple to submit a dispute for an authorized transaction, you must do two things. If you do not do both steps before submitting your dispute, it will automatically be rejected.
1. Get in contact with the merchant
If the merchant can provide a refund or other compensation, you won’t need to contact Wealthsimple. However, if the merchant is unable to resolve your issue, keep notes from your interactions with them. Try to include details like:
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Date and time of purchase
-
What was purchased
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Reference number(s) from the purchase receipt
Save all email or chat correspondence you had with the merchant. Try to get written communication that they will not provide a refund, credit, or any other form of compensation for the transaction made with your Wealthsimple Cash card.
2. Wait 15 days after the transaction
You must wait 15 days before you can submit a dispute, as transactions can be reversed within 15 days of the transaction date.
Note: You can't submit a dispute for a transaction that's still pending. It's possible that the merchant hasn't settled the charge yet. If you want help in the meantime, please contact the merchant directly or contact us after 15 days have passed.
Dispute an authorized transaction
After waiting 15 business days and obtaining written communication from the merchant, follow these steps:
- Open your Wealthsimple mobile app
- Tap the Activity tab at the bottom of the screen
- Select the transaction you're disputing
- At the bottom of the transaction summary, tap Dispute transaction
- Choose a reason for the dispute, then tap Next
- Tap Fill out dispute form and follow the prompts in the dispute form
Frequently asked questions
Does disputing a charge impact my credit score?
No, disputing a charge does not impact your credit score.
Do I still have to pay my bill while the investigation is ongoing?
Yes, as this is a prepaid Mastercard, the amount would have already been deducted from your account when you made the transaction.
How can I check the status of my dispute?
Investigations typically take 90 business days to come to a conclusion, so it is normal to not have an immediate response. Feel free to reach out to our support team for an update.
How can I cancel a dispute?
If you need to cancel a dispute that you’ve already submitted, reach out to our support team.
How long does a dispute take to process?
Once you have completed the Statement of Disputed Transaction form as well as provided our team with the necessary supporting documentation, we will be able to forward this to our payment processor. The review can take up to 90 days. If our team or payment processor requires any additional information, you will be contacted directly.
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