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Relay Business Banking: 2024 Review

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Relay is a financial technology company that offers FDIC-insured business banking accounts through Thread Bank. Relay previously partnered with Evolve Bank and Trust, and as a result, some features, including cash deposits and savings accounts, are only available as part of the so-called “Relay 2.0.” This refers to accounts opened in 2023 or existing accounts that have been converted to a Thread-enabled service.

With no minimum balance requirements, transaction limits, overdraft fees, and the ability to deposit cash at AllPoint ATMs compatible with free deposit wire transfers, Relay's Free Checking is NerdWallet's Best Business Checking Account One of the.

Relay's premium account, Relay Pro, includes same-day ACH availability and free outgoing wire transfers, as well as Accounts Payable features such as the ability to automatically import invoices from QuickBooks Online and Xero . Relay Pro costs $30 per month.

Relay also offers high-yield business savings accounts that are insured up to $2.5 million by the FDIC through its Insured Cash Sweet program. Relay's savings account has no monthly fees or minimum balance requirements, but it does have a tiered interest rate structure. To qualify for the best rate, you must have a balance of at least $1 million.

  • Under $50,000: 1.00% APY.

  • Between $50,000 and $250,000: 1.50%.

  • Between $250,000 and $1,000,000: 2.00% APY.

  • Over $1 million: 3.00% APY.

Relay's Business Savings Account does not include checks, debit cards, or ATM access. The only way to get money in and out is through internal transfers using a relay checking account. His ACH transfers to the seller's or another bank's account are not allowed. All Relay Business Checking customers can open up to two savings accounts.

Relay Business Banking is ideal for small business owners who:

  • You need multiple bank accounts for your business.

  • You use QuickBooks Online or Xero and want to integrate your banking and cash management services.

  • You need a business checking account and a high-yield business savings account.

Need a business checking account that earns interest itself? Consider Bluevine Business Banking. Like Relay, Bluevine is a financial technology company with FDIC-insured accounts with no monthly fees and unlimited free trades.But that account also earns income

2

% on balances up to $250,000. (Terms of use apply.)

Relay Financial Business Banking Overview

relay standard

Monthly fee:

$0.

Minimum deposit amount:

$0.

AP:

none.

transaction:

Unlimited.

Cash deposit:

Fee-free cash deposits through compatible AllPoint ATMs. Up to $1,000 per transaction. Up to $2,000 per day.

Bonus:

none.

How to open a Relay Business Checking Account

You can open a Relay Business Account online or via the Relay mobile app (Android or iOS). First, create an account and provide the required information and documentation (more on this later).

Once your account is established, you can open and set up your business account and make your first deposit via ACH or international wire transfer. Once your account is funded, you can deposit your check via mobile deposit.

What you need to open an account

To open a Relay Business Account, all beneficiaries must provide the following information: This includes any person holding at least his 25% stake in the business, as well as certain executives such as the chief executive officer, chief financial officer, chief operating officer, and/or the company's financial officer. will appear.

  • Government-issued photo ID.

  • Passport or social security number.

  • Personal address and phone number.

  • Company address and phone number.

  • email address.

You may also need to upload certain business documents with your application. Click on your business entity type to see the required documents.

What’s great about Relay Business Check?

Fee-free cash deposits: Relay Business Check allows you to make fee-free cash deposits through compatible AllPoint ATMs. Cash deposit limit is $1,000 per transaction, up to $2,000 per day. This feature is only available to customers who opened their Relay account in 2023 and to existing customers who switched to Relay 2.0.

Supports multiple accounts, cards: Business owners can open up to 20 checking accounts and issue up to 50 virtual or physical debit cards. You can also invite team members, assign roles and permissions, and set spending limits. This makes Relay ideal for medium-sized businesses and fast-growing startups.

Built-in bookkeeping features: Relay is designed as a bank account and cash management service. We offer direct integration with QuickBooks Online and Xero, so you can seamlessly sync your transaction data with your accounting software. Relay Pro offers additional bookkeeping features, including the ability to set up approval workflows for invoice payments and automatically import unpaid invoices from QuickBooks or Xero. You can also connect your Relay account to PayPal, Stripe, Square, and Venmo.

Automatic transfers to your Relay Business Savings Account: Relay makes it easy to save for large business purchases or build an emergency fund. You can set up rules within your business checking account to automatically transfer a set amount or percentage to your Relay business savings account. This earns you between 1.00% and 3.00% APY depending on your balance.

If your business has multiple accounts in Relay, you can also use automatic transfer rules to move funds from one Relay business checking account to another.

Insufficient relay business checks

Limited customer service hours: Relay only provides telephone support Monday through Friday from 9:00 AM to 5:00 PM Eastern Time. However, much of the banking business takes place outside of traditional business hours. If you run into any issues after hours or on weekends, Relay offers email support. The company says its goal is to respond the same day, if not within hours, but that may not be enough in an emergency. For extended support with an online business account, consider American Express Business Checking, which offers 24/7 customer service.
Deposited checks are held for a long time: Funds deposited by check (via Relay's mobile app) are held for 6-7 business days before being available in your account. This long hold can be incredibly disruptive to a company's cash flow and is one of the main complaints noted in Relay customer reviews. Other business accounts are much faster to deposit funds. For example, Grasshopper Business Checking, another online account, aims to make check deposits available within one business day, and if it takes longer than that, at least during that time. It states that it will give you access to the first $225 of your deposit.



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