2/20/2022 Update: Daily limit has been raised from $100 to $200.
2/4/2022 Update: When I asked support this is what they said, “We currently have a gifting limit of $100 purchased daily and $2000 purchased within a rolling six-month period, per household. These values are subject to change. This change was implemented due to some customers taking advantage of our no fees policy, we are in the process of reevaluating our current funding policies and hope to have an update soon.” So, what I had suspected is true and more than likely the limits will be changed “soon”.
Recently Stockpile had increased daily limit on gift card to $1000 and an annual limit of $2000. Now, they have changed it to daily limit of $100 and a 6-month rolling limit of $2000.
This technically means you can do $4000/year which was twice as much as before which itself was twice as much as what they had slightly before that.
They have also put an additional restriction saying the limits are per household but that doesn’t seem to be strictly enforced?
Their FAQ page now reads:
We currently have a gifting limit of $100 purchased daily and $2000 purchased within a rolling six-month period, per household. These values are subject to change. Capital One and American Express credit cards are unable to be accepted for gift purchase, but Visa and Mastercard credit in addition to debit cards would be able to be used to get your investor their gift.
If you would like to exceed these limits, please reach out to our support team at support@stockpile.com
The $100/day limit has also been put on debit card funding within the app (see this faq page).
Closing Thoughts
$100 per day is super duper annoying. And it is misleading since Stockpile’s gift card page still has a $200 button.
These limits, particular $100/day, is too restrictive and I don’t see it lasting long. I mean they are kinda giving a middle finger to anyone who wishes to gift more than $100 stock as gift via their platform. Same thing with anyone who wishes to buy stocks using debit (as opposed to bank account). How many consumers would be okay with only being able to buy $100 worth of stock per day?
If I had to guess these extremely conservative numbers came as a result of hoard of people going to Stockpile in December to spend $2k and again spending $2k in January….all on a credit card.
