If you’re a business owner in Michigan, one of the most important long-term decisions you will make is where to do your business banking. In this guide, we compare Relay, an online banking platform, and ChoiceOne Bank, a traditional bank.
Traditional banks, like ChoiceOne Bank, offer a blend of in-person and online services, and modern platforms, like Relay, provide a fully digital banking experience tailored for businesses. Let's delve deeper into what each institution brings to the table.
In this article:
What is Relay?
Relay is an online banking platform that helps small businesses manage their money and cash flow easily and efficiently. Users can create up to 20 free checking accounts and handle multiple payments from one centralized location.
Banking Built for Business Owners
No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.
Learn more
As an online-only platform, Relay creates a seamless banking experience for its users. Small businesses also have the option to grow their money through savings accounts that earn between 1-3% APY.
What is ChoiceOne Bank?
ChoiceOne Bank is a community bank with 31 full-service branch locations. It also offers customers a variety of digital banking resources.
The bank primarily serves customers located in Kent, Muskegon, Newaygo, Ottawa, Lapeer, St. Clair, Macomb, and Oakland counties in Michigan.
Relay vs. ChoiceOne Bank Comparison Chart
Features/Services | ChoiceOne Bank | Relay |
Open Account Online | ✅ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $0 | $0 |
Minimum Opening Deposit | $100 checking, $50 savings | None |
Minimum Balance Requirement | $100 | None |
Overdraft Fees | $35 | $0 |
Money Movement | Insert fees here Wire Transfer: Up to $35 domestic, $35-$50 international ACH Payments: | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | All branch locations. | 55,000+ |
Branch Locations | 31 | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews |
Online and Mobile Banking
Relay Mobile and Online Banking
Users may access Relay through either a mobile app or a web-based option. Both platforms include menus that are very easy to navigate. When you manage money with Relay, you can access additional features such as receipt capture via mobile camera and virtual debit cards.
ChoiceOne Bank and Online Banking
ChoiceOne Bank offers a variety of online banking services to all of its customers. These include treasury management, deposits, and electronic payments and transactions. While there is no charge for online banking some services, such as stop payments or wire transfers can incur a charge.
Monthly Fees and Other Charges
Relay Fees
Relay account owners don’t encounter monthly fees, overdraft fees, or minimum balances, freeing up funds to make your business grow.
ChoiceOne Bank Fees
Savings: No monthly maintenance fee if the balance is over $100. Need a minimum of $50 to open an account. Six withdrawals permitted per month.
Checking:
Small Business Checking: No monthly maintenance fees. Minimum of $100 needed to open an account. Provides support for checks, deposits, ACH, and POS transactions.
Analyzed Checking: Monthly fee of $10. Minimum of $100 needed to open an account. This checking account enables ACH origination, domestic and international wires, and remote deposit capture.
Accounts Payable
Relay Accounts Payable
Relay’s user-friendly dashboard makes it simple for account owners to manage bill payments. It also automatically saves contact information for vendors. The dashboard integrates with Quickbooks Online and Xero.
With Relay Pro, Relay’s paid tier, additional features include same-day ACH and free outgoing wires. For people on your team, you can also set up multi-step approval rules for easier processing.
ChoiceOne Bank Accounts Payable
ChoiceOne Bank also provides accounts payable services for cash flow management. Their ACH Origination for Direct Deposit allows for mobile payments to employees, vendors, and other payees.
Verdict: Which banking partner is right for your business?
It is very important to choose the right banking partner to maximize the success and growth of your business. Both Relay and ChoiceOne Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, ChoiceOne Bank offers decent business checking account options and local community support.
To find the right fit for your business, consider your goals and the type of support you need. Then, choose the banking platform that aligns with your business plan. And if you're ready to sign up for Relay, you can !
Banking Built for Business Owners
No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.
Learn more
