Why does Wealthsimple need my banking information?

Great question! There are a few reasons why we need your banking information. One is that when you withdraw funds from your Wealthsimple account, we need somewhere to send your money. Secondly, the Canadian government needs us to verify I.D. and we use your banking information to do it. We did some research and found this is the simplest option that meets the government's criteria, because it doesn't require you to be physically present or to visit a lawyer.

And lastly, connecting your bank account with Wealthsimple allows you to easily transfer money between the two. We highly recommend setting up automatically recurring deposits to get in the habit of saving regularly.

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