Stessa--new cash management feature

[Ashlee Andrews]

Does anyone use Stessa for collection of monthly rental income? What program do you use for rent collection? (automatic late fee generated program)

[Josh Davidson]

The interest rate is very appealing. To the question of safety, the accounts are FDIC insured which covers my deposits. Risk of Stessa/Roofstock going under could happen and I could temporarily lose access to my money but I wouldn't lose any funds.

However, I have the following issues:

1. Maximum ACH and debit card daily limit of $1,500. So if I need to pay a vendor more than that, what...I have to may daily payments? So if I need a big repair or a new furnace or roof or a renovation project...how can I pay them? Wire transfer??? Good luck getting your local contractor to accept a wire or give you their bank account info so that you can send an ACH. It's impractical and comes off as unprofessional.

2. No bill pay and they don't support checks. I hate checks, but I still run into the occasional vendor that doesn't accept ACH transfers, debit/credit cards, Venmo etc. This account literally gives me no way to pay them.

3. Maximum DEPOSIT limit of $15k/mo. This doesn't work for me unless I split each building into a separate account which adds unnecessary complexity.

I can see using this account as a savings account to stash security deposits or other short term cash but not as a checking account to run my business.