Wealthsimple's account guarantee reimburses direct monetary losses caused by unauthorized transactions in eligible personal accounts when the client uses passkeys on every device and meets all security responsibilities. A post in the unaffiliated r/Wealthsimple community drew attention to the guarantee.
Eligible accounts include personal chequing, non-registered and registered trading and managed accounts, crypto, margin, and portfolio line of credit accounts. Credit cards, prepaid cards, business accounts, Wealthsimple Predict, and self-custody wallets are excluded. Card transactions instead follow the applicable card-network protections and dispute process.
The Reddit title is broader than the legal coverage. The guarantee does not cover a transaction the client authorized after being deceived by a scammer, indirect losses such as missed-payment or NSF fees, malware or remote-access incidents, or losses where the client did not meet the terms. Suspicious activity must be reported immediately and no later than 10 days after receiving the monthly statement containing the unauthorized transaction.
Passkeys are not merely an optional security bonus here: Wealthsimple requires them on every device used to access the platform. Subject to applicable law, Wealthsimple can amend, modify or revoke the guarantee at its discretion and may provide any required notice through its platform or electronically.