Payment Instruments Terms and Conditions

This agreement governs the usage of Payment Instruments (defined below) offered through the Account. This agreement serves as a supplement to the Wealthsimple Cash 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 a Payment Instrument associated with your Account, you agree to the following terms and conditions.

Payment instrument (“Payment Instrument” or “Instrument”) refers to any material or document that can be evidenced as an instruction to facilitate a payment and may include methods such as, but not limited to, cheque, certified cheque, electronic instrument, money order, or wire transfer as available through your Account as part of the Services. By requesting an Instrument through the Site, you agree to have any associated fee for the request 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 Instruments may be subject to a hold period. 

By providing an Instrument to a payee, you are warranting that you have the Funds available to cover the transaction amount. It is your responsibility to ensure that you have sufficient Funds available to cover the amount of the payment.

You are responsible for ensuring and verifying that any Instrument is processed, accessed, sent, received, and accepted as intended without delay. You are also responsible for safeguarding any Instruments associated with your Account, and must notify us immediately if you become aware that any Instrument associated with your Account may have been lost, stolen, or otherwise compromised. We are not required or obligated to verify that an Instrument has been issued by you if we have not received notification from you of a potential loss, theft, or unauthorized use/replication of Instruments made available to you.

We may, at our sole discretion and without prior notification to you, refuse or return any Instrument deposited into your Account or intended for deposit by the bearer of the Instrument. If an Instrument deposited 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 Instrument. The posting of a reversal of a credit or debit to your Account related to a refused or returned Instrument will be considered a notification to you of said refusal or return.

We, our banking partners, or any other financial institutions may create and retain a digital representation of the Instrument in the course of exchanging, clearing, and/or settling the payment. This information will be treated in accordance with the Privacy Policy. This digital representation may be treated as if it were the original Instrument. We may choose to make the digital representation available to you through the Site and/or at your request. In addition, we may require collection of your personal information, such as your signature, 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.

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 this Service 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 Cash User Agreement apply to this Agreement and to your use of the Service.

Additional Fees, unless otherwise stated:

  • Ordering New Cheque Book: $50.00

  • Payment Instrument rejected or returned due to insufficient funds in the Account: $45.00

Stop payments: $15.00