Dispute a pre-authorized debit
A pre-authorized debit allows a third party to withdraw an authorized amount of money from your bank account when a payment is due.
Wealthsimple can help you dispute an incorrect or unknown pre-authorized debit transaction. Below you can see what kinds of transactions we can help you dispute, and what kinds we cannot.
What we can help you dispute
What we cannot help you dispute
Pre-authorized debit transactions where no agreement was ever signed.
A transaction where you had unsatisfactory service.
Pre-authorized debit transactions where the amount debited is different from what was agreed upon.
A transaction for a service that you forgot to cancel.
Pre-authorized debit transactions that took place after an agreement was canceled.
A transaction older than 90 calendar days.
Pre-authorized debit transactions that you were not notified about.
Before starting a dispute
Before starting a dispute, you should make sure that the debit from your account was incorrect. We have included some troubleshooting tips below to help you make this distinction:
If you don’t recognize the name of the company that debited funds from your account
Some companies will bill you under a different name than what you are familiar with. This can often be the case when a company is owned by a parent company. To verify this, we recommend that you look for the following:
- Check to see if the amount debited matches a transaction that you recently made
- Search online to see if the name seen has any correlation to the name that you were expecting
If you believe the amount is higher than it should be
If you believe the amount billed to you is higher than it should be, consider looking into the following before submitting a dispute:
- Check your portal to see if you received any notice that you may have missed
- Check to see if you missed a previous payment
If you recently signed up for a free trial
Often, free trials need you to include payment information to sign up. Once your free trial ends, you are then automatically opted-in to start using the paid service at full price. If you recently signed up for a free trial that you do not want to pay for, make sure to cancel your subscription.
Submit your dispute
To start the submission of a dispute, you will need to reach out to our support team. When reaching out, please make sure to include the following information:
- The date of the transaction you want to dispute
- The name of the company that billed you for this transaction
- The reason you are disputing the transaction
Once we get this information from you, we will send you a Reimbursement Claim Form for you to complete and sign. After signing this form, Wealthsimple will begin processing your dispute on our end.
It can take up to two weeks to resolve a dispute. If you are looking to check on the status of your dispute, you can reach out to our support team.
Dispute a direct deposit
If there is a direct deposit transaction that you believe is incorrect, you can reach out to your sender directly to begin a dispute.