Cash Deposit Terms and Conditions
This agreement governs the usage of Cash Deposit (defined below) services offered through the Account. This agreement serves as a supplement to the Wealthsimple Chequing Account User Agreement and the Wealthsimple Investments Inc. Client Account Agreement the terms of which are hereby incorporated by reference, as applicable, except to the extent they are varied herein. By using the Cash Deposit services with your Account, you agree to the following terms and conditions.
General
Cash deposit services (“Cash Deposit” or “Deposit”) refers to the deposit of legal tender for credit to your Account through a partner location.
By using Cash Deposit, you agree to have any associated fee be charged to your Account. Wealthsimple may choose to charge additional fees for services as set out in the schedule below. Not all services may be available to all account types, and the list of services offered is subject to change. Applicable fees will be posted to the Account. Funds deposited from any Cash Deposit may be subject to a hold period. You must obtain a receipt from the partner location following the Deposit and retain a copy of this for your records.
We are unable to issue any refunds for Cash Deposit. Deposits may be withdrawn from your Account using other Payment Instruments and services available through the Account.
Eligibility
You may Deposit bank notes issued by the Bank of Canada, coins issued by the Royal Canadian Mint, and any other legal tender that we deem to be eligible from time to time (collectively referred to as “Eligible Cash”).
In order to use Cash Deposit, you must present the required identification information, to our and our partner’s satisfaction. This consists of the QR code accessible through the mobile Site, along with a valid government issued photo-ID matching your person and the information displayed on the QR code. You may not delegate this responsibility.
The Deposit must meet other eligibility requirements as set out in this agreement.
Safeguarding
You are responsible for ensuring and verifying that any Deposit is authentic, and that it is not a counterfeit or facsimile. You are also responsible for the safeguarding and security of any Eligible Cash intended for deposit prior to its credit to your Account.
Rejected or Returned Deposits
We, or our partners, may, at our sole discretion and without prior notification to you, refuse or return any Eligible Cash deposited into your Account or intended for deposit. If a Deposit into your Account is refused or returned, we may reverse any associated credit applied to your Account. You are solely responsible for any potential fees or charges related to a refused or returned Deposit. The posting of a reversal of a credit or debit to your Account related to a refused or returned Deposit will be considered a notification to you of said refusal or return.
Limits
You understand that Wealthsimple, or our partners, may impose limits, dollar and otherwise, that apply to your use of Cash Deposit including, without limitation, on the amount of Eligible Cash that you are allowed to deposit. These limits are subject to change without prior notice to you and can be viewed on the Wealthsimple website or through the Wealthsimple app. Neither Wealthsimple nor our partner is responsible for any delays, losses or damages caused to you or any other person by the application of these limits or changes to such limits.
Collection and Use of Information
We, our partners, or any other financial institutions may create and retain a record of the transactions in the course of exchanging, clearing, and/or settling the Deposit. This information will be treated in accordance with the Privacy Policy. In addition, we or our partners may require collection and/or disclosure of your personal information, such as your legal name, date of birth, and government issued photo identification , in order to carry out the services. Your personal information will be treated in accordance with our Privacy Policy. We may share this information with our partners and/or other financial institutions in order to process your transactions and comply with regulatory obligations.
Termination of Agreement
We may, at our sole discretion and without notice to you, terminate this agreement if we are made aware of a breach of the terms set out in this agreement. We may immediately suspend your use of Cash Deposit and terminate this agreement if we have reason to suspect that you have used the service for fraudulent, illegal, or money laundering purposes, or if you have, in our sole discretion, misused the service. The limitations of liability set out in the Wealthsimple Chequing User Agreement apply to this agreement and to your use of the service.
Additional Fees, unless otherwise stated:
Rejected or returned Deposit: $10.00