Manage withdrawals from your admin dashboard

In this article:

Overview

The Withdrawals page shows every withdrawal your employees make from their group accounts to an external bank account outside of Wealthsimple. Depending on your plan's settings, you may also need to approve or reject these requests before they're processed.

Tip: Not sure whether your plan requires approval? See Check or change your group plan's withdrawal rules.
Note: This page only shows withdrawals to an external bank account outside of Wealthsimple. Withdrawals to a Wealthsimple account and transfers to other investment accounts (whether at Wealthsimple or elsewhere) follow a separate review process and won't appear here.

Access the Withdrawals page

  1. Log in to Wealthsimple on a laptop or computer
  2. Select the Profile menu
  3. Select your employer name from the menu
  4. Select the Withdrawals tab

Select any withdrawal in the list to see more details about it.

If your plan doesn't require approval

Your employees can withdraw from their group accounts without your review. The Withdrawals page shows a read-only list of all the withdrawals they've made.

If your plan requires approval

Any admin identified as an approver for your plan can review, approve, or reject each withdrawal request before it's processed:

  • You'll get an email each time an employee submits a withdrawal that needs your review
  • A Withdrawal requests item appears under Needs your attention on your admin dashboard
  • The Withdrawals table shows separate tabs for Needs approval, Processed, and Rejected withdrawals (a tab only appears if you have withdrawals in that state)

To approve or reject a request:

  1. Log in to Wealthsimple on a laptop or computer
  2. Select the Profile menu
  3. Select your employer name from the menu
  4. Select the Withdrawals tab
  5. Select a withdrawal, or select multiple withdrawals, then select Approve or Reject
Tip: You can also select the link in the request email to go straight to the Withdrawals tab. From there, you can sort and filter requests, and approve or reject several at once.

Understanding approval timelines

Each withdrawal request has a response window. If you don't approve or reject a request within 15 business days of the original request, we'll automatically process it.

Note: We'll send you a reminder email 2 days after the original request if you haven't responded yet.

Frequently asked questions

Does my plan require me to approve withdrawals?

This depends on the withdrawal rules your organization set up. See Check or change your group plan's withdrawal rules to confirm your plan's current settings, or reach out to your Client Success Manager.

Can I approve or reject more than one withdrawal at a time?

Yes. From the Withdrawals tab, you can select multiple requests and approve or reject them together.

What happens if I don't respond to a request?

If you don't act within 15 business days of the original request, we'll automatically process the withdrawal on your employee's behalf.

Can I see why my employee is requesting a withdrawal or their account balance?

Yes to both. For withdrawals from an RRSP or TFSA group account, the employee is asked to select a reason when they submit the request, and that reason appears in your admin dashboard. You can also view the employee's account balance in the admin dashboard.

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