What does the upgrade mean?

Stessa is switching banking partners for the Cash Management product and you will need to confirm that you want to upgrade to the new bank, in order for new accounts to be created.

​What happens to my current bank accounts?

Once you upgrade to the new banking partner, your current bank accounts will be closed. Any balances within those closed accounts will be transferred to the new accounts.

If you choose not to upgrade to the new banking partner, then we will automatically close your current bank accounts on or near November 30.
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What happens to my debit card?
If you choose to upgrade your accounts, you will need to re-issue a new debit card to be shipped to your address. Please rest assured that you will have access to your new virtual card immediately if you previously had a debit card.

If you don’t upgrade your accounts, then your physical card will be closed on or near November 30.
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Why is this change necessary?
Switching banking partners will help us introduce frequently requested features that are essential to the evolution of Stessa’s landlord banking services. In recent months, Stessa customers have repeatedly told us that check-writing, enhanced FDIC insurance, and the continued availability of a highly competitive APY are all important considerations.
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Can I opt out of this upgrade?
No. Continuing with the status quo is not an option for existing Stessa Cash Management accounts. All accounts must be upgraded to our new banking partner by November 30. If you choose not to upgrade, your account(s) will be automatically closed on or near November 30. Any remaining account balances at that time will be distributed via checks to the mailing address on file.
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Will my APY change after the upgrade?
After the upgrade, Stessa Cash Management will continue to deliver an APY that is the same or better than your current APY, subject to the terms of service for your new accounts.
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Will my account and routing numbers change?
Yes. New bank account numbers will be issued through our new banking partners. As a result, you will need to update recurring ACH transfers and any other automated processes that rely on your existing account and/or routing numbers.

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Why is Stessa changing banks?

We are moving to a new banking partner that supports check writing and other frequently requested services. Our new banking partner supports check writing and other frequently requested features not available with your existing accounts. The move is also necessary to continue delivering a competitive high-yield APY going forward. We're confident that the temporary disruption you may experience with the upgrade is well justified by the additional benefit
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How do I start the upgrade?

It’s very simple. All you have to do is go through the outlined steps on the screen, agree to the new bank terms, and click on the ‘upgrade’ button.
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​Will I lose access to Cash Management features and functionalities if I do not upgrade?

You will not have 100% access to all Cash Management features and functionalities if you don’t upgrade during the period given to you.

You will not be able to create new bank accounts with the existing banking partners, starting November 1.

You will also not be able to fund accounts. The ability to issue physical cards will also be removed since we will stop supporting the current banking partner soon.
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For any of the closed accounts, you will still have access to the statements and transactions.

How long will the upgrade take?
It varies. It could be a few minutes if you do not have any balances in your bank accounts to at least 2 business days if you have balances that need to be automatically transferred.

Will I be able to use Stessa during the upgrade?
Stessa will be available and accessible during the upgrade. The only feature that you will not be able to use will be Cash Management.
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​How long will the upgrade take if I have a balance?
It may take up to 2 business days for the new accounts to be created and for the funds to be moved to them.

​How long will it take if I do not have a balance?
If the account has a $0 balance, the upgrade may take a couple of minutes to complete.
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Will I still be able to use Cash Management while the upgrade is happening?
Once the upgrade starts, your Cash Management account will be locked. You will not be able to use your Cash Management account until the upgrade is complete.
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What happens to my funds during the upgrade?
Once you begin the upgrade process, you should expect to not have access to your funds for up to two (2) business days. If immediate access to your funds is required, please be sure to choose a convenient window of time prior to November 30 to start the upgrade process. If you have a zero-balance account, the migration should only take a few minutes.
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What will happen to my funds if I do not upgrade?
If you do not upgrade, your accounts will be automatically closed on or near November 30. A check will be mailed out to you, for the remaining balances on the accounts.
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​When will I have access to my funds?
As soon as the upgrade is completed, you will have access to your funds in the new bank accounts.

If you choose not to upgrade, then a check will be mailed out to you after the bank accounts are closed.
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Will my closed accounts with the current banking partner get moved to the new bank?
Closed accounts with the current banking partner will not be moved to the new bank.
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​What will happen to my existing bank accounts with the current banking partner?
If you choose to do the upgrade, then the existing bank accounts will automatically be closed after the upgrade is complete. New corresponding bank accounts will be created with the new banking partners.
e.g. If you have 2 bank accounts currently, they both will be closed and you will have 2 new bank accounts created.
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NOTE: the new bank account and routing numbers will be different from your current ones.

If you do not choose to do the upgrade, then the existing bank accounts will be closed after the upgrade period.
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​What happens if I need to do a transfer or wire once the upgrade has started?
Once the upgrade has started, your Cash Management account will be locked. You will not be able to initiate a bank transfer or wire during that time.

If immediate access to your funds is required, please be sure to choose a convenient window of time to start the upgrade process.
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​What will happen to my current transactions?
All your transactions will be available to you, even on the accounts that have been closed.

You will be able to access them via the kebab (three dots) menu on the Cash Management page or by going to the Transactions page and filtering by the Cash Management account under accounts.

​Will I be notified when the upgrade is complete?
You will get notified when the upgrade starts and when the upgrade is completed.
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​What happens if I have pending transactions and I start the upgrade?
Your pending transactions will continue to get processed on the old bank accounts and once they are cleared, a check will be mailed to you for the amount of the transactions.
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​What should I do if I have pending transactions and I don’t want to do the upgrade?
Depending on when the pending transactions clear, you may either get the money on your account before it’s closed Or if your account has already been closed, then you will receive a check in the mail.

Will I be earning interest during the upgrade?

Once the upgrade has started and we are in the process of transferring your funds, you will not be earning any interest on any balances you may have. After the transfer has been successful, you will start earning interest again with the new bank.

How will I know when my upgrade is complete?
You will receive an email and notification on the Cash Management page once your upgrade is complete.
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How will I know my new bank account numbers?
The new bank account numbers can be accessed by clicking on the eye icon next to your account, on the Cash Management page.

​What happens after the upgrade period is over?
If you upgraded your account, you are good to go the moment the upgrade has been completed. All functionalities will be available to you.

But if you did not upgrade, then after the upgrade period is over, your accounts will be closed and you will lose access to Cash Management.

Do I need to issue new debit cards?
Yes. You will need to issue your physical debit cards for the new banking partner.
If you previously had physical debit cards, you will gain immediate access to the virtual cards on the new accounts created.

How do I view the virtual cards?
You can view your virtual cards, if any, by clicking on the kebab menu (three dots) and selecting ‘Virtual card’ from the menu list.

Can I start my new bank accounts as soon as the upgrade is completed?
Yes - you can start using your new bank accounts as soon as they are made available to you.

What should I do if I get an error message when I start the upgrade?
You can try to go back and retry the upgrade. If that does not work, you can contact our support team at support@stessa.com.

How can I find out the status of my migration as it’s taking a long time?
You can contact our Customer Success team at support@stessa.com and they will be able to provide you with an update.

What happens if my upgrade fails and I am returned back to the Cash Management page?
You can retry upgrading your account. If it continues to fail, please contact our Customer Success team at support@stessa.com.

What should I do, if I am clicking on the Upgrade button, but nothing happens on screen (stays on the same screen)?
Please contact the Customer Success team at support@stessa.com.

I’m missing funds, what should I do?
Please contact the Customer Success team at support@stessa.com.

I have not initiated the upgrade but all my old accounts have been closed and new accounts have been created with the new banking partner.
Please contact the Customer Success team at support@stessa.com.

I have enabled rent collection and it’s connected to one Cash Management account. Will rent collection break after the upgrade? Will I have to update the bank accounts?
Your Cash Management account associated with your rent collection will automatically be updated after the upgrade is completed. Rent payments will get deposited in your new bank accounts going forward.
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​I have not upgraded my bank accounts but I am using rent collection. Will rent collection break?
If you do not upgrade with the new banking partner during your update period, then your accounts will be closed. If you have rent collection enabled and you are using the now-closed accounts, then rent collection will fail. Your tenants' rent payments will fail and you will not be able to collect money.

I am on Sessa Pro and using Cash Management to pay, will my next scheduled payment fail if I don’t upgrade?
After the upgrade period, your Cash Management account will close if you don’t do the upgrade. Your next scheduled payment for Pro will also fail, given that the accounts will be closed.
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​I’m paying for a Pro subscription using Cash Management and completed the upgrade. Will my next subscription scheduled payment fail if I don't change the payment method?
After you complete your upgrade, you will be prompted to update your subscription payment method. You can update your payment method to your new Cash Management accounts.

You will be reminded to do so, 30 days after you complete your upgrade.

Who do I contact if my account is not upgraded properly?

You can contact us at: support@stessa.com

Who do I contact if I have questions about the upgrade?

You can contact us at: support@stessa.com

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