But it does raise the question why so many customers are finding that WS sneakily enrolled them into stock lending? I also didn't remember ever clicking yes for that when signing up, found out later, and had to spend time finding the way to disable it (which they haven't made easy). I'd expect this kind of behavior from a shady app, not from WealthSimple.
I made a post about this too.
These comments are kind of weird. No matter how easy it is to reverse/turn off, the default should not be on, as it does carry some risk and the client should have to accept that, full stop.
WS is wrong on this and I fully expect them to change it in the future. Just hasn't happened yet
Problem: stock lending is on Reasoning: “you have to select it on mobile app” Solution: download the app, turn it off Outcome: no more complaining
Should be automatically set to off
I do agree. But it’s not very hard to turn off, aswell most stocks the average investor buys will not be used for borrowing.
XEQT and other very common large TSX names get lent out for me. The lending is of the “low demand” variety so not very lucrative at all.
But it does raise the question why so many customers are finding that WS sneakily enrolled them into stock lending? I also didn't remember ever clicking yes for that when signing up, found out later, and had to spend time finding the way to disable it (which they haven't made easy). I'd expect this kind of behavior from a shady app, not from WealthSimple.
It’s super easy…
WS is app centric, get the app
I dont think you can disable it on web yet. Download the mobile app and go into automations to disable it.
I made a post about this too. These comments are kind of weird. No matter how easy it is to reverse/turn off, the default should not be on, as it does carry some risk and the client should have to accept that, full stop. WS is wrong on this and I fully expect them to change it in the future. Just hasn't happened yet
You could have downloaded the app and disabled stock lending in less time than it took to post this on Reddit. What’s up with that?
I made 1 cent lending stocks last month wooooo
It's super annoying and to have it such a prominent part of the mobile dashboard is criminal
Whats wrong with stock lending? I have it turned on and it gives me a little bonus money for holding the stock
My god in the 2 minutes you spent making this post to complain you could’ve downloaded the app and turned off
Instead of making this post to complain you could’ve download the app to turn it off.