I am new to Stessa and trying it out to see how it goes. Primarily I am looking at it for its bookkeeping, accounting, and banking features.
Overall, the Cash Management Account features are fantastic that the balances earn interest, wires are much cheaper than traditional banks, ACHs payments and collections are free and so on. My only worry is that Stessa is not a bank and wondering how it works. Are these accounts held at Blue Ridge legally? Legally I meant, is it Blue Ridge or Stessa that is ultimately responsible for these accounts and the money?
When the account is opened, do we receive any communication regarding the account from Blue Ridge? I am surprised to see that there is so little information on this site about these issues and the customer service hasn’t been helpful in this regard either so far.
This should get answered asap since this is a key question. I saw that the account is FDIC insured, so it should be a legitimate bank, but someone at Stessa needs to respond to this. Great question for sure!
Waw! this doesn’t inspire confidence in opening accounts with Stessa. A question of this importance is ignored for this long and they want us to trust them with the real money? Also, once money is moved in, it doesn’t sound like I can get the service I need if I get into any kind of issue with transactions etc.
I spoke to the bank…they said we have to speak to Stessa and they do not hold the funds nor do they insure them…I asked again…“So are the funds in a Stessa Cash Management account FDIC insured”…they told me multiple times for every question to speak to Stessa. We are not given an account or online access to Blue Ridge.