Can I get my deposit limit raised above $6,000/mo?
@tobyomli1 As far as I can tell, this is not yet documented, so I’m answering this based on my experience so YMMV.
The limits go up as you use an account.
For example, $6k>$15k>$20k>…? over a few weeks of use. Or it could be based on the amount of money going through your account.
Also, it’s per account, not per applicant. So if you have 10 property accounts and one has all of the usage only that one seems to have the limits increased.
I would guess that this is due to KYC (know your customer) requirements.
I have found these limits incredibly frustrating. I have a renter that finally received a property insurance settlement and needs to pay me multiple months of rent ($9k/month). I’ve requested an increase in the deposit limit several times, and they will not approve a deposit limit above $20k, even temporarily, so we can get caught up. I’m not sure Stessa is a good option for landlords who have more than a few properties.