Large legitimate deposit, entire account frozen. Three layers of support and nobody with authority to resolve anything
Deposited a large, fully legitimate check (family gift) into Wealthsimple to invest. Instead of just holding the check — which I expected — they restricted my ENTIRE account. Couldn't even send an e-transfer from money I already had. Made me late on something urgent for someone else.
Support process: chat agent takes notes → told to call → repeat everything → 15 min hold → transferred to an "account management specialist" → who takes MORE notes, asks the same questions a third time, and forwards it to "the specialist" — a person no customer is apparently ever allowed to speak to. Three layers of support, zero people with authority to actually resolve anything. No case number, no timeline, no document list. Just "under review."
I get that compliance checks on big deposits are required by law. But freezing unrelated funds behind a wall of note-takers treats customers like suspects. Lesson learned the hard way: never keep everything in one institution. One automated flag and your whole financial life is one click from frozen.