I’ve really enjoyed using Relay! I wanted to used the Profit First method and had a hard time finding a bank that wouldn’t charge for each account in some way. It is SO easy to set up a new account with Relay and there are no fees. Most of my issues since switching to Relay have come from differences with my last bank, so it’s been more of an adjustment on my part than necessarily problems on theirs. The few things that have been a little difficult are: checks take 8-10 days to deposit, I can’t access my “pending” balance until it fully deposits (this was a feature with my old bank but not sure if that is an industry standard), and checks aren’t available with their accounts (not a huge deal but has caused some creative thinking on my end in a few situations). Overall, I would definitely recommend Relay! Their customer service is great and it’s so easy to use. And it’s free!
After learning the Profit First system for e-commerce of setting up multiple accounts for each segment of the business and putting in certain percentages of each payout into inventory, expenses, owners comp, profit etc - I found Relay to be a perfect bank for this system. I was able to open multiple accounts online easily and quickly to implement the system which has had a positive impact on my business. I recommend Relay for any business. In addition they also have a great support team for any questions.
Not friendly for new businesses. Good though, if you are switching business banks.
I run a small business, and I decided to try Relay due to their services and low fees compared to the bigger banks. Now, I understand there’s a lot of concerns about a lot of documents, forms and personal forms you need to upload, and the process taking weeks (which is true, but not a problem to me). However, one of the screening requirements ask for a business bank statement from a previous bank. Now why would Relay ask for a previous business bank statement if that’s the whole reason I’m applying for a BUSINESS Bank account? Unfortunately, they do not take personal bank statements that has business activity, so I guess my only recommendation would be that Relay is probably a good bank if you already own a business bank account and are looking to switch, but it seems they are unfriendly and un-eager to help and support new businesses.
You cannot post lower than 1 stars but Relay doesn't even deserve that. This is a company that needs to be banished from offering banking services or in anyway managing funds of others. We have had numerous false and misleading statements abiout funds we attempted to wire. We were informed that wire was sent and the funds were deducted from our account but they were never received by the receiving bank. After three days of trying to get a response, we finally received an email, no call allowe apparently, that the wire had not been processed yet. Then they go and ask for the same information that we provided when we opened the account. Many emails form them about sorry for the delay but the wire was processed and again, nothing ever arrived. This is not a company any business should trust with their funds. Stay away! Don't put any funds with Relay you can't afford to lose completely.
Relay has a good idea, but the security for the accounts is not good at all. I had almost 13k hacked out of my accounts in Relay in about a 30 minute period of time. All of my settings were set to a daily limit, but the hack exceeded those limits. I also had settings for no transactions out of the USA. The hack consisted of multiple transactions in Switzerland. It took several calls to Relay to even acknowledge the problem. Relay says it could take up to 90 days to rectify the situation, but I am not confident that I will ever see the 13k again. They say it is a Mastercard Debit Card issue, but it started with Relay. They seem to be passing the buck. Their recommendation was for me to call them back in 90 days if I haven’t received the funds. It has already been 30 days and I haven’t heard anything. Stick to your local bank… Seriously…
This is the worst experience I’ve ever had with a bank.. these held my money for over two weeks and still haven’t released my money.. everyday I call them and they tell me it’s a spot check once your account becomes more active we spot check to make sure everything is on the up and up., I been spot check before it never takes two weeks usually it’s just a day., I don’t know if they short on staff or what or they just playing games with my money.. so far my 800 number have been cancelled because I can’t pay my bills my customers are upset because I can’t start the job they paid me for because these people are holding my money. If you a small business owner and every counts go somewhere else I’m just sharing my terrible experience with this bank.,
I opened my account because I saw it was endorsed by Profit First. I opened my accounts, and did a test transfer of $100. After all of the paperwork I was initially asked to provide when opening my account I was asked to provide more to prove that I owned the account I was transferring from. Ok, a little inconvenience. I did that and it was successful. I then tried to transfer all money into thier bank which got rejected. I came to find out that the ACH limits are absurdly low. 1000/day 5000/month. I followed their process to request an increase and was promised a response in 3 business days. It has now been 7 business days and no one can give me an answer other than apologizing and “looking into it”. As I looked into other’s experiences I found I was not alone. The red flags are going off left and right. I decided that this was not the bank for me. I went to transfer my money back only to find that they have frozen my account! This is so ridiculous. In hindsight I’m glad that all my funds didn’t transfer as I fear I would have lost them as well. I’m worried for other profit first fans that they may get stuck in a similar situation.
First off, it takes a little while to get approved, but it‘s well worth the wait. Be ready to provide lots of documentation to be approved. Need to be a real business. Once you’re in, wow. The features are fantastic, lots of options. Everything is so customizable you set everything up in whatever way is the most effective for your business. The app itself and features are also modern, intuitive, and extremely simple to use. Not your typical bank’s app. Speaking with customer service during setup was also pleasant and easy. This is the 3rd bank I’ve used for business and it’s by far the best. Azlo was good but they shut down, NBKC should be shut down as everything about them is horrendous.
⭐️ I had high hopes for Relay Financial, but unfortunately, my experience has been far from satisfactory. Recently, they froze my account without any prior notification, leaving me in a state of confusion and frustration. What's even more disappointing is the complete lack of effective communication from their team. Every representative I spoke to repeated the same unhelpful script and failed to address my concerns. While I initially liked some of the features Relay offered, the unreliable communication and suspicious behavior have made me rethink my choice. A trustworthy financial service should prioritize transparent and clear communication with its users. In this aspect, Relay has proven to be a letdown. At this point, I would rather opt for a local, well-known bank that I can rely on, rather than dealing with the uncertainty and inconvenience caused by Relay's actions. It's truly disappointing when a potentially good service falls short due to poor customer support and questionable practices. Proceed with caution if you're considering Relay Financial.
I do not want to even get into there bogus policy if you file a dispute by the time the claim is processed, your livelihood would be destroyed! The main incident that turned me completely off is my using my PIN that I created to withdraw money from my bank account resulting in them freezing my account for almost 24 hours and then gave me a very hard time after I verified it was me who made the transactions . The only reason why they released my money is because I recited the law and how my rights were violated and threatened to file a civil suit with my attorney. Literally after that email was sent , my funds were released in less than 1 hour after they held my money hostage for 24 hours with NO legitimate explain! Totally felt scammed and violated . Their hours of operation is not convenient at all. Their customer service is terrible when you are complaining about their errors. It was a nightmare and very embarrassing ! I work too hard for anyone to control my money .
Relay has been awesome for my business banking. My account was approved quickly and it was easy to set up multiple accounts (following the Profit First method). Support has been amazing and super responsive, they even took the time to do a zoom call with me to look at an issue I was having (ended up being a setting on my phone causing the issue and they worked on a fix for it).
Relay has been a great solution for my business banking needs. Initially, I don’t think they anticipated such a quick following, and it was felt on the service side- that has since been ironed out. My only gripe currently is for the length of time it takes to clear a check. Cash flow is pretty important for small businesses and a six day turnaround is completely unnecessary in 2022.
I have banked at over 5 banks in the last 10 years. I found 1 or 2 excellent banks only to be bought out and ruined :/ So far relay has been amazing! I wish they had a personal side so I could have only 1 bank. The app is great, but I wish I could switch from one business to another in the app like I can on my computer.
I don’t know how this can be used for business banking. The only way to deposit checks is via the mobile app, and it has a low limit not suitable for business. The product team has to white list each check above the limit which takes over 3 weeks and a lot of back and forth. Outside of that, each check deposit takes 7 days to clear. Not a good business account
At first I was worried about opening online business account without a physical branch, but 6 month after using the bank. I can’t guarantee you won’t find a better bank than relay. Every feature seems so easy to use. Long May it continue..
Stay far far away from this bank! If I could give negative stars I would. With only my second deposit transaction with this bank they have frozen my cards, and account. They have still yet to deposit my money even after submitting a signed copy of the invoice that matches the check. Along with a copy of a photo ID. They are now asking for information that has absolutely nothing to do with banking. Basically trying to force me to start up social media accounts that I do not need just to prove my transaction. BEWARE BEWARE!!!!
Too many error codes when submitting deposits. App can get glitchy when submitting mobile deposits. It will give an error message in the middle of a deposit and then your mind thinks it didn’t capture it, but you lol at the checking account and it’s deposited. Or it will do this but deposit with actually capturing the back side of the check… Can be a bit frustrating.
Super fast importing for budget purposes and transacting for business. App & website need improvement for better functionality, neither will allow you to schedule transfers if account balances are less than transfer amount when it’s a future effective transfer. User should more control, people know where their money is, no one is going to willingly incur fees from NSF.
This financial service is perfect, for $30 a month you get free wire transfers and the same day ACH, you can have virtual cards and many useful features. But I have fears as this happens with many good companies they start hiring wrong people for the compliance department and those new people start make appearances of work by getting your accounts frozen, blocked, or asking for some stupid documents to verify transaction even though you ve been the client for a while… Or they get sold to a big bank… I hope it won’t happen here because the service is really great!
I love lots of things about this bank. I love that you can have multiple accounts, multiple cards, adjust daily spending limits easily, etc. I don’t love that there were several unauthorized charges on my account and the best response I received was from Raneel that told me because it had been TWO business days, they couldn’t return my money or look into it further. Absolute trash. I work hard for my money. I expect protection from my bank.
The App in general is ok. However there is nowhere in there to see future planned transfers from one account to another. So balancing a checkbook and savings needs to be done manually outside of the App. Making it useless to me. The Help Desk is horrible and usually takes at least a week to even respond and maybe a month to answer your question if they ever answer it. I am looking for a better bank to go with.
I was looking to setup a new business account with Relay, however, they required a number of things that were creepy and invasive. They required 2-3 months of my personal financial records to approve an account for my LLC. They also required links to my social media and online presence. Why would they need that to setup my account? It’s stalker behavior. I imagine it’s so they can build a personal profile of me and sell my data more effectively. No thanks.
I’ve had a great experience with Relay.. very user friendly and easy to add accounts, virtual debit cards, etc.. I’ve also had a great experience with customer service. They’v been very quick to answer my questions and provide support! Big fan here!
I’m sure I’m not the only one to request this but could we please see an update to the system where we have Zelle as a sending payment method. I think having zelle and being able to use it through the app and such would be the icing on the cake. Really would love to see that happen.
Just use it. Forget banks. This is 1000% easier. The ach function alone has saved me dozens of hours and the profit first compatibility is doing more for my business than anything else could.
A bit slow, some additional features would be nice.
The bank itself is a good service. I think the app needs some help, including speeding up the app in general none gets tired of the spinning circles. Also, it would be nice to be able to filter searches so that I can see what all my pending transactions are in a list.
If you are planning on using the profit first business method, this is the bank for you. Easy to use and setup was quick and super user friendly . 5 stars!!
Are use relay with QuickBooks Online. The billpay module works as good as other similar standalone apps. Scan depositing of paper checks also works well… My wish is that they would sync back to QuickBooks. Great support
It is pretty easy to create an account with relay. Their were a couple hiccups in the account creation but the platform is smooth on desktop and mobile. It syncs up nicely with accounting platforms as well.
Relay is a super cool, clean and intuitive CANADIAN ( yeah Canada!)online banking solution for my small business. It’s smart and easy to use! Very much recommend!! Marie S. Bloomfield Hills, Mi
What bank would reject a new customer? Called customer service to explain to me the reason to tejecting and can't even disclose that. This bank is a joke. Don't even try applying. I even applied twice and got my application rejected. Avoid a bank like this that only will waste your time.
They withhold all checks deposited for 7days. I have never had this with any other bank. Very disappointed that they do this and will not be depositing checks with them anymore. Just be aware of this as I have spoken with them and it is their policy.
Relay is great to have if you have no other options. It takes 7 to 8 business days for checks to clear no matter how long you have been a customer, unlike other banks1 to 3 business days.
I’ve tried to move money in and out of Relay for weeks and all the transfers are declined. I can’t get money out!! Terrible. I’ve emailed customer service and nothing. The app is fine but the bank is horrible.
This poor excuse for a bank is a guaranteed way to lose your money. Customer service is non-existent other than canned responses. The staff are slow and negligent with banking procedures. A business account with Relay will end up costing you in the end.
I have been waiting for ~1 week now for my account to be approved. They keep saying it is under review and that all the docs are uploaded and good. They just won’t approve it. Can’t get a hold of anyone on the phone or email
Relay is a no-fee, online business banking and money platform that puts you in complete control of your cash flow. The banking basics… and beyond Robust business banking features without the usual fees, branch visits or paperwork. • Bank without account fees or minimum balances that tie up cash flow • Open up to 20 individual checking accounts • Issue 50 virtual and physical debit cards • Send and receive payments via ACH, wire or check • Collect payments from tools like PayPal, Stripe, Square and more • Get hands-on help whenever you need it Cash flow that’s as clear as day Always be on top of what your business is earning, spending and saving. • Apportion income to expense and reserve accounts (like operations, payroll and taxes) • Organize spend using dedicated debit cards (like travel and marketing) • Get ultra-detailed transaction data that takes the grind out of expense tracking • Simplify and speed up bookkeeping with direct QuickBooks Online and Xero integrations Banking that’s better because it’s done together Work with financial advisors and team members without compromising security or convenience. • Invite your accountant, bookkeeper or team members to Relay • Control what each invited user can do and see in your bank account • Safely share banking data and monthly statements • Delegate financial management tasks like paying the bills Plus, Relay’s security features provide peace of mind. Logins are protected by two-factor authentication and biometric security, and you can feel safe knowing that you’re FDIC insured up to $250,000 per business. Learn more at relayfi.com.
