Making me REALLY uncomfortable. Not just because they are trying to earn profits off people being stupid. That part is fine; every FI does it. I am concerned about potential vulnerabilities and information flows stemming from this partnership.

KamWest said
…

If I charge a travel package for 4 people and it has medical insurance etc, are all 4 travelers covered or is it just the card holder.
…

Depends on who the four people are. Could be no medical coverage if none of them is the cardholder, cardholder's spouse, or a dependent, unmarried child living in the same household.

See the Certificate of insurance.

If I charge a travel package for 4 people and it has medical insurance etc, are all 4 travelers covered or is it just the card holder.

Same with baggage claims, car rental insurance etc.

Are all persons covered for this service or just the card holder.

Technically even the airport lounges

Anyone have experience with this?

Zero commission is a thing at Questrade and NB, possibly others. Big banks stopped charging on selected key products. So its not just that. I am Gen X, don’t actively trade and they didn’t get to >100bn in assets by attracting nominal amounts.

How they present their data is one of my major issues with TDDI. I have to go through each of my gazillion accounts individually, and its way too cumbersome each time.

With WS at the end of the month I get everything downloaded to my Google Sheet in the right format with distributions and transactions from all accounts taking their rightful place. And it takes just a few clicks. Took a bit of effort to set it all up but wasn’t particularly difficult either. Questrade lets you see and download transaction data across accounts as well, so its not unique to WS.

Not sure about actual statements, but they certainly let you download all the content in spreadsheet format.

mordko said
Match offers and IPads have been offered by several (most?) other FIs. WS is still growing much faster.

Transfer charges will be banned in 2026 which is going to be a substantial financial benefit to WS vis-a-vis big 5.

Hi, where u see the new transfer charges being banned for brokerages ?

WS charging zero dollar commission is a big attractive factor for a lot of gen Z etc, which are actively trading / investing very nominal amount.

One area I continue to complain about is the inability to download a copy of the full monthly statement in other format other than pdf...

everhopeful said
The real test is going to be how much loyalty WS can have. It is easy to gain assets when doing match offers or handing out iPhones or Macs, etc but when those offers dry up how many will stick around?

To their credit, WS doesn't even charge to transfer registered investments out (yet, unlike $150 with practically everyone else) but there will be a point in which Power Corp focuses less on growth and more on income.  

It's the features that makes the difference, for instance...

Simplii keeps stripping, no credit card notifications, takes 2 days when you pay Simplii Visa to come out of account. Manual mail in cheque to attach account etc.

WS, everything just works, I pay the Visa and in 2 seconds it's actually paid. I can claim my Visa rewards at any time and deposit to any account. I get a failed notification if someone uses the wrong expiry date charging my card.

The list with WS just keeps going, so yes it's nice to have the perks but the features will keep me there.

WS has slowly become my main bank and I was noting that to myself the other day.

That said I am generational but not confident enough to give them all my money. Smart people will always spread into multiple financial institutions.

Transfer charges will be banned in 2026 which is going to be a substantial financial benefit to WS vis-a-vis big 5.

I think they designed a nice environment for their customers. Makes it hard to leave once you are hooked. This is the first year clients started using WS as their main chequing/credit account which makes it harder to leave. And they do reward us for sticking around

Also, WS will be adding more services faster as they have just got another cash injection. I think they’ll be fine as long as service standards can be maintained with such fast growth. That’s the main risk, imho. Also, interesting to see if Questrade can provide stronger competition now that they are a bank.

To their credit, WS doesn't even charge to transfer registered investments out (yet, unlike $150 with practically everyone else) but there will be a point in which Power Corp focuses less on growth and more on income.

MK: The big banks do an important job in Canada and they’re not going anywhere anytime soon. However, Wealthsimple is now among the top five institutions in the country for net deposits. Last year, we did about $20 billion or so in net deposits. This year, we’ll do about $40 billion. That probably puts us in the top three. When you think about the share of flows that Wealthsimple is capturing in terms of new money being invested, new investment accounts being opened, we’ve opened 35 per cent of all (First Home Savings Accounts) since the investment account was introduced a couple years ago.

It takes time to bring change, but if you look at where Canadians are choosing to open their next investment account or place their next investment dollar, they are overwhelmingly choosing Wealthsimple and so it’s going to take us some time, but we’re pretty excited about the scale.

But... (there is always a but)

The damn courier stood in front of my door, tossed it like it was a piece of trash, took a picture and then kicked it.

I saw it on camera and can't believed the trash they hire as delivery drivers.

To check if you have been granted access to apply for a new credit card, follow these steps:
Navigate to the Accounts section on the home page.
Select Add or move account at the bottom of the list.
Choose Open a new account > Credit card.
If you see the option to Apply for the card, you've been granted access and can proceed with the application.
Feel free to check your app periodically, and if you don't see anything after two weeks, please reach back out, and we can look into this further.

Thanks!

KamWest said
Haha, I pay cash at Costco, one of the rare places that still accepts it.

No I only buy what I and my family needs. But travel, flights, rental cars, hotels, insurance, expenses all add up crazy fast for a larger family.  

$75k a month for family expense is indeed crazy....

weird story, but none of my biz lol

JohnnyCash said
Hmm, $75,000/month, that's $900,000/year, let's just round it up to a million.   

I must have underestimated the impact of inflation on Canadian families. One has to assume that most of Kam’s expenditure is in Canada, and he is spending cash at Costco so this $900K in US Visa spending is just the tip of the iceberg.