Wealthsimple offers an instant line of credit service that lets customers borrow using their Wealthsimple account balances as collateral, often at lower interest rates than typical home equity lines of credit (HELOCs). The rates start around 4.45%, and customers don't pay big upfront fees or complicated charges, just interest on what they borrow. This makes it easy and affordable to access funds when needed, without ongoing subscription fees or complicated billing. So if you're seeing charges from Wealthsimple related to this, it's likely interest on the line of credit you used.
Difficulty
12345
678910
Easy
Medium
Very Hard
The process to cancel a Wealthsimple subscription or profile, such as for HELOC, is relatively straightforward and can be done through their app or website by following clear steps. The main difficulty lies in having to first cancel deposits, withdraw funds, and cancel outstanding orders before being able to delete the profile, which adds some time and effort but is not overly complex.
Estimated Time
On average, it takes
15 minutes
00
00
minutes to cancel a HELOC subscription.
How to Cancel HELOC: Step by Step
If you purchased through Wealthsimple:
- Log in to your Wealthsimple mobile app.
- Tap the Profile icon at the top right of your screen.
- Tap the Settings (gear) icon in the top right corner.
- Select the Automations menu item.
- Tap on Recurring investments.
- Select the recurring investment you want to cancel.
- Tap Pause or Cancel recurring investment.
- Follow the prompts to confirm your changes.
Tip: Ensure you pause your recurring investment at least 24 hours before your next scheduled investment.
Tips & Tricks for Canceling HELOC
- Document every communication by keeping detailed notes and recordings if possible of all calls and messages with the HELOC provider.
- Use firm but polite language emphasizing your intention to cancel and that you expect confirmation of cancellation immediately.
- Request escalation to a supervisor or manager if the initial representative resists cancellation or provides confusing instructions.
- Call early in the billing cycle to avoid being charged for the next period after cancellation.
- Send a formal cancellation letter via certified mail stating the cancellation request and keep a copy as proof.
- Mention consumer protection laws or company policies on cancellation to reinforce your rights and the seriousness of your request.
- Be aware of and challenge any hidden fees related to cancellation by requesting detailed fee breakdowns.
- Use online forums to find provider-specific contacts or email addresses that are known to handle cancellations swiftly.
- Avoid using generic customer service channels initially as frontline agents might be trained to retain members; escalate instead.
- Leverage complaint platforms or regulatory bodies for escalation if company refuses to cancel after your request.
- Prepare for persistence and repeat calls as cancellation might require multiple attempts.
- Use timing to your advantage, such as calling on slow business days or end of day when staff are more willing to comply.
HELOC Customer Service Info
If you need assistance, here's how you can get in touch with HELOC's support team.
Cancel HELOC Script
Script
Copy
Dear Wealthsimple Team,
I hope this message finds you well. I am writing to request the cancellation of my subscription. Unfortunately, due to recent changes in my financial situation, I can no longer maintain my current membership.
I appreciate the services provided, but I believe it is necessary for me to terminate my subscription at this time. Please confirm once my request has been processed.
Thank you for your understanding.
Best regards,
Frequently Asked Questions
Wealthsimple's HELOC (Home Equity Line of Credit) does not have a traditional membership, subscription, or billing cancellation policy as it is a credit product. To close or cancel the HELOC account, customers typically need to pay off the balance and contact Wealthsimple directly through their support channels. For specific guidance, contacting Wealthsimple support is recommended.
To cancel your HELOC subscription with Wealthsimple, you need to have access to your account which typically requires your password since cancellation involves account management tasks. Wealthsimple does offer phone support (1-855-255-9038) and 24/7 chat support, but they do not specify cancellation without account authentication. If you have forgotten your password, you can reset it here: https://my.wealthsimple.com/app/password/reset.
- Monthly account or maintenance fees (e.g., $6/month) that add up and become annoying.
- No intention to use the HELOC, so prefer to close it to simplify finances.
- Moving or selling the home soon, prompting closure of the HELOC.
- Availability of better or alternative financing options without monthly fees.
- Discharge fees and legal costs associated with closing the HELOC, sometimes leading to reconsideration.
- Lien on the property title concerns or if already protected by a mortgage.
- Non-resident challenges, leading banks to force closures.
- Frustration with bank policies such as account blocking for fraud alerts.
Wealthsimple's HELOCs are currently only offered in combination with a Pine mortgage, not as standalone products. While there are no lender fees like origination, application, or processing fees, breaking a fixed-rate mortgage linked with the HELOC incurs a penalty equal to the greater of the interest rate differential or three months' interest. Adjustable-rate mortgages have a three months' interest penalty for early breakage. There do not appear to be gimmicks or lock-in tricks preventing cancellation, but be aware of these mortgage break penalties and that HELOCs alone cannot be canceled since they are tied to a mortgage. Users can typically cancel the mortgage portion subject to these fees but should expect penalties if done early.
Before cancelling your Wealthsimple HELOC subscription, be aware that you will lose access to the line of credit tied to your home equity. Any outstanding borrowed balances will need to be repaid in full, and cancelling may affect your financial planning strategies that rely on the HELOC, such as leveraging investments (e.g., the Smith Manoeuvre). Additionally, cancelling means you will no longer benefit from potentially tax-deductible interest on borrowed funds used for investment purposes. It is important to fully withdraw and settle your balance before submitting a cancellation request through Wealthsimple support.
- Your full name
- Your account or HELOC loan number
- Address of the property used as collateral for the HELOC
- Date of your cancellation request
- Written statement/request to close the account or HELOC, including acknowledgment you’ll no longer have access to the credit line
- Your signature (if making a written request)
- Settled balance (ensure the account balance is $0, or specify how the remaining balance will be repaid)
- Proof of identity (may be required for verification)
- Confirmation that all pending transactions and auto-deposits are canceled
- Contact Wealthsimple support if your account was never funded or fully opened
- Record of your request (keep a copy or use certified mail for written requests)
- Follow up to confirm the account/line is closed and the lien has been removed
We've actually written a step by step guide on how to get a refund from HELOC. Check it out!
The Easiest Way to Cancel HELOC
If you’re frustrated trying to cancel your subscription, membership, or bill from HELOC—or if you didn’t even realize you were being charged—Chargeback can help. Chargeback is a personal subscription manager that automatically detects hidden, recurring charges like Netflix, Hulu, and hundreds of others. With one click, we can cancel unwanted subscriptions, flag suspicious billing, and even initiate refund requests on your behalf. No more waiting on hold or navigating confusing help pages. Just connect your bank or email account, and we’ll take care of the rest.
Start reclaiming your money today with Chargeback
What Are Some Alternatives to HELOC?
WEALTHSIMPLE*HELOC, WEALTHSIMPLE HEL, HEL LOC INT, HEL INT CHARGE, WEALTHSIMPLE LOAN PMT, HEL PAYMENT, HELOC DRAW, HELOC REPAY, LINE OF CREDIT CHARGE
Editorial Note: These articles reflect the opinions of Chargeback's writers. Everyone's situation is unique; therefore, it is important to conduct your own research and note that our self-help tools are not guaranteed to help with any specific problem.
.svg)
.svg)
.svg)
.svg)
.png)
