Zelle would be amazing!!!
Amazing and is starting to feel like table stakes now to offer financial services
Peter Sedivec
(310) 462-1343
CA DRE#01908921
peter@makorellc.com
www.makorellc.com
It has been years asking for this from Stessa. Now, the mobile app will no longer mobile deposit checks and I’ve been told by Stessa support that there is no timeline on a fix and no way to mail checks in. I have been trying to deposit a check for almost 3 months (after the 90 days the check expires). Stessa support’s suggestion was to use another bank account to deposit the check. So, I’ve opened an account with Baselane to deposit the check, as well as 7 other accounts with them for our properties and am moving all my banking there.
Stessa was great until a few years ago and has now falling behind with little evidence of continued improvement. Sad to see what started out so great fall off.
Hi Kyle,
Thanks for sharing. Fortunately I haven’t had to deposit any checks but I completely agree that’s a big hole not having ability to deposit checks, especially having it go away with no eta on a fix.
If only they can get the banking offering up to snuff, otherwise they may loose a lot of clients
Peter Sedivec
(310) 462-1343
CA DRE#01908921
peter@makorellc.com
www.makorellc.com
As a financial technology company, Stessa should be bank-agnostic. The platform already connects and loads transactions automatically from any bank, so why require landlords to use Thread Bank in order to access the new Rent Collection functionality? For serious landlords who manage multiple accounts across different banks, switching banks is a major undertaking, and even more problematic when Thread Bank does not offer basic services like Bill Pay or Zelle.
At the same time, the absence of Rent Collection is a significant disadvantage, pushing us to consider other financial technology solutions that can help streamline collections and reduce delinquencies. Since this functionality has already been developed, why not make it available to all users?
100% agree. I will say that I use to mano with Chase and CaptialOne for my properties and biggest downside was lack of interest on business checking accounts. I was always doing the dance of attempting to keep my balances low in my real estate accounts and keep the bulk of funds in interest bearing accounts. Thread has solved that problem for me so I wish they would add bill pay and Zelle. Can’t be a bank these days without electronic payments.
I totally agree people should be able to use rent collection without switching banks. Let’s push for that too
Peter Sedivec
(310) 462-1343
CA DRE#01908921
peter@makorellc.com
www.makorellc.com
Update: It looks like this feature is now enabled! When creating a new lease and selecting “Collect and track rent with Stessa,” you can now connect any bank account. The system uses Stripe as the ACH/card payment processor. I was able to connect my Chase account seamlessly and invite my new tenants.
Does anyone know if this was just rolled out this week, or if it was already available when the new Rent Collection page launched a few weeks ago? Either way, I’m excited to see how it works in practice.
Amazing, thanks for sharing
Peter Sedivec
(310) 462-1343
CA DRE#01908921
peter@makorellc.com
www.makorellc.com
Does ACH payment still free for tenants if you deposit into other banks? Other than Stessa cash management account?
They just sent out an email with this as a new feature, it seems like it’s a $2 fee to ACH to another bank. Super annoying
Even with pro membership? I don’t like to deposit into CM… those monthly withdrawal limits are the deal breakers.
The $2 ACH fee to an external account is standard across most platforms and is typically paid by the tenant. That said, if a tenant prefers to avoid the fee, they can simply pay via Zelle at no cost. Those payments still sync through the external bank feed and update the ledger, so Rent Collection should work seamlessly either way.
I contacted them and they raised all the limits for me. So far it’s been a non issue and pretty sure it’s easy to get them raised to $25k/day. I told them for example that my property tax bill for one property is $13k so when that ach hits a 10k limit won’t work
Peter Sedivec
(310) 462-1343
CA DRE#01908921
peter@makorellc.com
www.makorellc.com
$25k/day is fine but it also comes with $25k/month, which makes 0 sense, are you the same?
Yes, it appears it’s $25k/month too. I guess I haven’t tested that, I think I’m always under since I have multiple accounts with Stessa so per account I’m not needing to pull more than 25k per month.
Peter Sedivec
(310) 462-1343
CA DRE#01908921
peter@makorellc.com
www.makorellc.com