11:37 pm
October 21, 2013
6:04 am
September 11, 2013
7:25 am
April 6, 2013
It is not part of the account agreement. But, Wealthsimple says the necessary beneficiary information is disclosed to the banks in their response to a question in Understand how CDIC coverage works in your Cash account:
How are my funds split between the partner banks that you are using?
The funds are split to maximize your eligible CDIC coverage.
Note: We work with several tier-1, CDIC-member, regulated Canadian financial institutions to hold your deposits in trust. CDIC’s coverage limit applies separately to each deposit category at each member institution, so even if you bank with our bank partners, you’ll have CDIC coverage in both places. We provide our banking partners with the relevant reporting information concerning beneficiaries in line with our CDIC reporting obligations. Beneficiary information is based on account holder information so please make sure your information is up to date. You can learn more about how CDIC coverage works on their website.
Wealthsimple also says that there would be no overlap with the CDIC coverage of accounts a Wealthsimple Cash Account holder may directly have with the same banks. That's consistent with those trust accounts being in Wealthsimple Payments Inc.'s name and not in the name of any of the Wealthsimple Cash Account holders.
No way for Wealthsimple Cash Account holders to verify on their own. Even if the bank were known, a disclosed beneficiary of a bank account is not entitled to info about the bank account from the bank. The beneficiary needs to go through the trustee who is the bank account's holder.
7:56 am
April 27, 2017
WS should be well positioned to rip the benefits of Open Banking… I assume.
https://www.theglobeandmail.com/business/article-what-is-open-banking-canada/
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