I’m sure there are members using WealthSimple, who have seen the promotion. I personally moved all of my registered funds from other banks and firms in order to get the most of it. At this point, I’m feeling it was a huge mistake, requiring a checking account to receive the funds.
I had already previously looked into registering a checking account with them, the advertised interest rate is appealing. However, the terms and conditions were royally offensive to me. It’s just more data broker BS. To be fair, I’m sure you can say this about any financial institution, especially any under the “fintech” umbrella. But I’m extremely pissed about it, we deserve better than this. The norm needs to be moving in the opposite direction.
I just wanted to vent about it, hopefully get other people planning for their future in the increasingly vain hopes that we get to experience one at all, on board with being enraged by the entire business model of building profiles on everyone and selling them to whomever.
If you have any suggestions for funds that would make good alternatives after I pull everything out of WS, I’d be happy to hear about them. What I don’t want to hear is any self promotion, family-promotion, employer-promotion, or any “oh just buy Dimensional ETFs every week yourself and pay $9.99 to TD every time”.
😠😤😡😾
In order to benefit from their promotion, it requires registering for their checking account, which itself requires agreeing to their terms and conditions, which include language about collecting and selling information like where you shop, or what you buy, or how much you spend. Which, I’ll admit, is likely an issue with every bank. But it needs to become less of an issue, this should not be permitted. We should not be allowing ourselves to be profiled like this.
I fully agree, but you don’t have to use that chequing account. As you wrote it’s not a WS-specific issue and needs industry-wide regulations.