Cash Management Accounts
How do I open a new cash management account?
It's easy, login into your Stessa account and click "Cash Management" in the main navigation bar. Proceed to apply for a new cash management account and follow the on-screen instructions. You can apply 100% online with no wet signatures required. Once you've answered all required questions, you'll receive a message indicating the status of your application and any required next steps.
How many cash management accounts can I open?
You can open an unlimited number of cash management accounts via Stessa Cash Management but are limited to a maximum of three (3) unfunded accounts.
Do Stessa cash management accounts accrue interest?
Essentials is a free plan and Pro is a premium plan. Annual Percentage Yield (APY) of 2.55% on deposit accounts for new Essentials users signing up; 2.55% for Essentials users opening deposit accounts as of February 6, 2023; 3.85% for Essentials users opening deposit accounts prior to February 6, 2023, which will be reduced to the 2.55% APY, effective April 1, 2023; and 4.55% for Pro users is accurate as of February 6, 2023. APY for the account may change at any time, before or after the account is opened. No minimum balance or opening deposit required. Fees could reduce earnings on the account.
Can I open a cash management account in the name of my LLC or corporation?
Yes, this is a big advantage of using Stessa Cash Management instead of a traditional bank. The simplicity and ease with which you can open an account in the name of your LLC or other business entity is a big improvement over most banks' offerings. Depending on the nature of your entity, you may be required to submit additional documentation, but it can all be done online. Just make the proper selection on the first page of the account application and you'll be on the right track.
Can I open an account for each rental property or portfolio that I own?
Yes, this is one key way in which Stessa Cash Management helps rental property investors stay organized. When you maintain a 1:1 relationship between bank accounts and properties, keeping track of your income and expenses is easier, faster, and less confusing.
What are the benefits of having separate bank accounts for each property?
Once you've set up separate cash management accounts for each property, you can then link each account directly to each property. This reduces the likelihood of accounting mistakes and helps put your income and expense tracking on auto-pilot within Stessa. With separate accounts, most investors find that their financial reports are more accurate and there's less manual work to do on the Transactions page.
Can I open a savings account?
Savings accounts are not currently available but we may add this option in the future. Please use the Wishlist to voice your support for making savings accounts available on Stessa Cash Management.
Are Stessa's cash management accounts FDIC insured?
Yes, Stessa banking services are provided by Blue Ridge Bank, N.A.; Member FDIC. FDIC insurance covers funds in deposit accounts, including checking accounts. Deposits are insured up to at least $250,000 per depositor. You'll find more information on FDIC insurance and other Blue Ridge Bank disclosures at the following address: https://www.mybrb.com/disclosures.html
What is the physical address for Blue Ridge Bank?
You will usually need to list a physical address for incoming wire transfers to your Stessa cash management account. Here's the correct address:
Blue Ridge Bank
17 West Main Street
Luray, VA 22835
Why do I have to provide my social security number and verify my identity when applying for a Stessa cash management account?
Federal Know Your Customer (KYC) regulations require that all US banks perform due diligence on new customers before providing banking services. Among other purposes, these rules are in effect to prevent money laundering and various other financial crimes.
How long does it take to get approved for a new account?
Some applications are approved instantly while others require additional documentation and/or follow-up. It all depends on what information is submitted with the initial application and what type of account is being requested. If you don't receive immediate approval, keep an eye out for a follow-up email detailing the next steps.
How do I connect my new cash management accounts to the Transactions page in Stessa?
Simply visit your External Accounts page and select each new Stessa cash management account from the drop-down menu next to the relevant property name. This will establish a 1:1 relationship between the cash management account and the property so that your transactions will be automatically matched to the right property.
Where can I find my routing and account numbers?
Routing and account numbers are available on the main Stessa Cash Management page. Just hover your cursor over the small eye icon next to the last four digits of your account number. The full routing and account number will then become visible.
How do I fund my new cash management accounts?
There are two primary ways to fund your Stessa cash management accounts and one additional way:
Use the Move Money page to set up an online transfer from an external bank account. Note that external accounts must be linked to Stessa and enabled for transfer via the External Accounts page prior to making the transfer request.
Wire funds directly into your Stessa cash management accounts. Stessa does not charge a fee for inbound wires but your external bank may charge for outbound wires. Check with your external bank directly before proceeding.
Initiate an ACH transfer from another bank or institution into your Stessa Cash Management account.
Can I deposit funds into these accounts at a physical bank?
No, funds cannot be deposited via bank branches or ATMs.
Can I withdraw funds via an ATM?
Yes, but fees will likely be charged by the owner of the ATM.
Can I mail a check to deposit funds into these accounts?
No, checks cannot be mailed but we do offer mobile check deposits on the Stessa mobile app.
How to successfully deposit a check on the mobile app?
Mobile deposit checks must contain “Mobile deposit at Stessa” under the endorsement.
How do I transfer funds between Stessa Cash Management accounts?
Use the Move Money page to instantly transfer funds from one Stessa Cash Management account to another.
Do Stessa Cash Management accounts support sending or receiving funds via Zelle?
No, Zelle is not supported at this time.
How do I direct my tenants to pay rent into the correct account(s)?
Rent collection is supported on Stessa, please review the details here.
Are there any fees associated with these bank accounts?
Outbound domestic wires incur a $5 fee. International wires are not supported.
What are pending transactions? How do they impact my available balance?
The Move Money page will show incoming funds as "Pending" until completed. You can also check your Transactions page to confirm that funds have been pulled from the source account. Once your funds arrive, you'll see an additional transaction appear detailing the outbound side of the transfer.
How do I report suspected fraud on my account?
If you suspect fraudulent activity in your Stessa Cash Management account, report it immediately by clicking the blue circle at the lower right once logged into Stessa (or use the "Support & Help" option on mobile) to open a new support conversation.
How do I cancel or close a bank account?
Open a new support conversation by clicking the blue circle at the lower right once logged into Stessa (or use the "Support & Help" option on mobile) and request that a particular cash management account be closed. We'll reach out to coordinate all details related to permanently closing the account.