Hello recently according to a promotional offer, I decided to put some money into a Wealthsimple managed investing account. However when specifying how much, I accidentally entered too many zeros. Later they sent me an email about having insufficient funds, but I was busy so I only noticed it the next day. Combined with the fact that it takes time to gather and transfer funds I was not able to get the money before the bank denied the transaction.
Later they told me because they had to sell my stake, I was suddenly indebted 400 dollars! This seems unreasonable to me:
With Wealthsimple trade, for quantities larger than 1000, you need to wait a couple days for the funds to be verified. But with managed investing, Wealthsimple can hold you accountable for however much you enter on the screen immediately? Lord knows if I'd accidentally entered another few zeros I'd be destitute!
Additionally, this was for my TFSA account for which I don't have that much room, but Wealthsimple put no checks on. Is it really proper that this managed investing part has so few checks compared to manual investing? It's literally just one click and a 2-factor.
I have reached out to my bank who said they can help provide info if Wealthsimple asks for it but its Wealthsimple's prerogative to handle the matter, especially since it was from a savings and not a credit card. However, I don't feel like Wealthsimple has much sympathy. I was busy with studies last week so I could only get around to it now. When I called them they told me resolution center would send me an email.
The email they sent me said this:
"We may attempt to recover this amount by moving or liquidating assets in your other Wealthsimple accounts to cover this balance as per terms noted in your account agreements see “Elimination or Reduction of Indebtedness” clause.". Previously, the lady also froze my assets and threatened to give my name to a debt collection agency.
Can Wealthsimple can do this, and is there any way for me to have my debt forgiven? Thanks!