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Overview
Use the outgoing transfer lock in the Wealthsimple app or on web to protect your investments from transfer fraud. While the lock is on, we automatically decline every request from another financial institution to move your investments out of Wealthsimple.
The lock is free, optional, and off unless you turn it on. It covers all your Wealthsimple investment accounts at once, and it doesn't freeze anything else. You can still trade, deposit, and withdraw as usual.
Protect your account from transfer fraud
Transfer fraud happens when someone opens an account in your name at another financial institution, using personal and account details stolen through phishing, data breaches, or stolen mail. That institution then sends us a request to move your investments out of your Wealthsimple account.
Because the fraudster never logs in to your Wealthsimple account, your password, passkey, and two-factor authentication won't stop the request. It comes through Account Transfer Online Notification (ATON), the system most Canadian institutions use to move investment accounts. Since it matches your details, it can look legitimate.
We verify every transfer request before we process it, whether or not you have the lock on. The lock adds another layer on top: we automatically decline every outgoing transfer request for your investment accounts, no matter who sends it or what paperwork comes with it.
What the outgoing transfer lock covers
While the lock is on, we decline any request from another financial institution to move your investments out of your Wealthsimple account. This includes full and partial transfers, whether the other institution sends the request electronically or manually.
The lock covers every Wealthsimple investment account you have, including registered accounts like your TFSA, RRSP, and FHSA, non-registered accounts, managed accounts, and crypto accounts.
If we've already received a transfer request when you turn the lock on, we'll complete it. We decline any request that reaches us after the lock is on.
What the lock doesn't cover
The lock only covers transfers of your investment accounts to other institutions. It doesn't affect:
- Trading in your accounts
- Money you move between your own Wealthsimple accounts
- Deposits and withdrawals between your Wealthsimple account and your bank account
- Your chequing account, credit card, or prepaid card
- Crypto you send to an external wallet yourself
- Small amounts left in your account after a completed full transfer, which we send along as part of that same transfer
How to turn the outgoing transfer lock on or off
You can turn the lock on or off in the Wealthsimple app or on web. If you don't see the setting in the app, update the Wealthsimple app to the latest version.
- Log in to the Wealthsimple app.
- Tap the Profile icon.
- Tap the Settings (gear) icon, then tap Security.
- Under Extra protection, tap Lock outgoing transfers.
- Turn on the toggle.
To turn the lock off, turn off the toggle. You'll confirm it's you with your passkey (Face ID or Touch ID) or a verification code.
- Log in to your Wealthsimple profile on a computer.
- Click Login and security.
- Click the Extra protection tab.
- Turn on the Lock investment account transfers toggle.
To turn the lock off, turn off the toggle. You'll confirm it's you with the 6-digit code from your authenticator app.
We'll send you an in-app notification when you turn the lock on or off.
If the lock blocks your transfer
If we declined your transfer because of the lock, we can't release it. To move your investments:
- Turn the lock off.
- Ask the other institution to start the transfer again.
Transfers started at another institution take a few business days to reach us, and sometimes longer. If you turn the lock on during that time, we'll decline the request when it arrives. If you're not sure why your transfer was declined, contact us.
Outside transfer attempt notification
When the lock blocks a request, we'll send you an "Outside transfer attempt" notification in the Wealthsimple app.
If you didn't ask for the transfer, contact us right away so we can review your account. You may also want to change your password. See What to do if your Wealthsimple account is compromised.
Joint accounts
If either owner of a joint account has the lock on, we block transfers out of that joint account and notify both owners. A co-owner's lock only affects the joint accounts you share, not your individual accounts. The notification doesn't say which owner turned the lock on. Only the owner who turned it on can turn it off, so check with your co-owner before you move the account.
Frequently asked questions
Is the outgoing transfer lock on automatically?
No. It's off unless you turn it on. You'll find it in the Wealthsimple app under Security, or on web under Login and security.
Can I turn the lock on or off on web?
Yes. You can turn the outgoing transfer lock on or off in the Wealthsimple app or on web.
What happens to transfer requests if I don't have the lock on?
We verify every transfer request before we process it. With the lock off, requests that pass our checks go through as usual, and we won't send you a notification about them. Turn the lock on if you want us to decline every request from another institution.
I want to transfer my investments to another institution. Do I need to do anything?
Yes, if you have the lock on. Turn it off before you ask the other institution to start the transfer, or we'll decline the request.
My transfer was declined. What now?
Turn the lock off, then ask the other institution to start the transfer again. We can't release a transfer that's already been declined. If you're not sure why your transfer was declined, contact us.
I turned on the lock after my transfer was started. Will it still go through?
It depends on whether the request has reached us. If we'd already received it, we'll complete the transfer. If it reaches us after you turn the lock on, we'll decline it. Transfers started at another institution take a few business days to reach us, and sometimes longer.
Does the lock apply to partial transfers and all my accounts?
Yes. It applies to full and partial transfers, and to all your Wealthsimple investment accounts.
My lock is on, but some money still left my account after a transfer. Why?
If you'd already completed a full transfer to another institution, any small amounts left behind get sent along afterwards as part of that same transfer. The lock doesn't block those, since they belong to a transfer you already asked for.
I share an account with someone. How does the lock work?
If either of you has the lock on, we'll block transfers out of that joint account and let you both know. Whoever turned it on needs to turn it off before a transfer can go ahead. Your co-owner's lock doesn't affect your individual accounts.
I got an "Outside transfer attempt" notification for a transfer I didn't ask for. What should I do?
The lock blocked the request, but please contact us so we can review your account for anything else unusual. You may also want to change your password.
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