Ok, I’ve got to VENT on some seriously poor practices by Thread bank that Stessa apparently support and isn’t pushing back on. Ok, here’s the punch list
- I have a monthly recurring payment for internet that is direct paid from Stessa account. The payment failed Feb 28th after working for 6 months with no issue. When I contacted Stessa support they told me that the reason it failed was that my name wasn’t listed as the beneficiary on the debit. See below, this is the screenshot sent from Stessa to me. The beneficiary listed is the account #, makes sense. Stessa told me I need to contact the provider and tell them to put me as the Receiving Entity Name. Of course if I use Chase or CapitalOne account no issue. Stessa/Thread have to resolve this
- I had one tenant accidentally mess up paying rent, their funds weren’t in the right account and so it generated an “insufficient funds” and the rent got returned. This might be the first time with Stessa anyone for this account has had a payment returned. Guess what happened? I was told because of this one payment failure, that my processing time now has been bumped to 5 days. One tenant messes up and all my rents take 5 days to clear. Stessa’s published policy is 2-5 days for payments to clear for PRO subscribers. Every other service I’ve used (Zelle, Venmo, Cash) my payments clear in 1-2 business days and I don’t pay a single $ for those services. Help me understand that
- Last big one is I had a tenant that is using BILT to pay. Apparently BILT lists Stessa as a partner. For some reason that payment had an issue and this is the feedback Stessa gave me as the reason “A “check truncation entry return” refers to an ACH return code (typically labeled as “R11”) which signifies that a check that was electronically deposited (converted to a digital image) could not be processed successfully, meaning the funds were not transferred due to an issue like insufficient funds, invalid account information, or a suspected fraudulent transaction; essentially, it means the check was returned unpaid”. That’s fine, things happen. What’s NOT OK is what happened as a result of this. My account was FROZEN, meaning any other banking, payments, etc failed, until I contacted Stessa for them to unlock my account. This also triggered rent collection to be turned OFF for the entire property. Help me understand that? One tenant makes a mistake and your LANDLORD account gets locked, you can’t pay your bills or access your money and other tenants are NOT able to pay RENT.
That last one is the straw that broke me. To me this is unacceptable as banking services. If you’ve had any of these things happen to you please chime in? My PRO subscription just renewed and while I am LOVING Stessa I plan to not renew next February and move back to CapitalOne and Chase for banking services that are solid and won’t have these issues. I love the integration Stessa has done, but one tenant should NOT be able to have such a big impact to the LANDLORD or any other tenants!!