In this article:
Overview
If you have a completed bank draft that you still have on hand, or that simply hasn't arrived yet, you can request to reverse it directly in the Wealthsimple app or on web. This is sometimes called cancelling a bank draft: it's the same request. We'll follow up by email to confirm the details before any funds move.
How to request a reversal
- Go to Activity and open the completed bank draft
- Tap Reverse
- Select the reason that best describes your situation
- Optionally, add a message with more details
- Tap Submit request
These steps are the same whether you're using the Wealthsimple app or web.
What happens after you submit your request
Once you submit your request:
- You'll see a confirmation message letting you know we've received it
- We'll email you a form to sign, and in some cases ask for a photo of the draft. Check your spam or junk folder if you don't see it.
- Once you've completed this, our team reviews your request and reverses the funds, then reaches out to confirm. This typically takes 1–3 business days.
- In your activity feed, the bank draft's status updates to Completed / Reversal requested, and the Reverse option is no longer available
Frequently asked questions
How long does it take to process my reversal request?
Once you've signed the emailed form (and provided a photo, if needed), it typically takes 1–3 business days for our team to review your request and reverse the funds.
Can I submit more than one request for the same bank draft?
No, you can only submit one request per bank draft.
What if my bank draft hasn't arrived yet?
You can still request a reversal in the app. Select Delayed in transit as your reason. You won't need to provide a photo, since you won't have the physical draft.
What if my bank draft was stolen, or it was returned to us?
Contact our support team. These situations need a different process than the standard reversal request.
Is reversing my bank draft the same as cancelling it?
Yes. Reversing and cancelling both refer to the same request: getting your funds back for a completed bank draft you still have.
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