Looking for a business bank located in Michigan? We’re here to compare Relay and Lake Osceola State Bank. Relay is an online banking platform. Lake Osceola State Bank is a community-oriented traditional bank. 🏦
Traditional banks like Lake Osceola State Bank offer both in-person and online services. In comparison, Relay provides a fully digital banking solution that’s built for businesses. In this article, we’ll dive deeper into what each institution provides for your business.
In this article:
What is Relay?
Relay offers modern online banking and money management solutions. 💚 These solutions help small businesses oversee and monitor their cash flow. Relay users can create up to 20 free checking accounts. They can also handle multiple payments from one central 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
The digital-first approach that Relay employs creates a streamlined banking process. It also avoids the most common challenges of traditional banking. With Relay, small businesses also have the option to grow their money. Relay offers savings accounts that earn between 1-3% APY1.
What is Lake Osceola State Bank?
Lake Osceola State Bank is a traditional community bank based out of Michigan. The bank offers three business checking options, plus an additional option for associations and churches. These options include Business eChecking, one of their most popular account options. 💰
The bank offers lending options in addition to checking accounts. There are Business Term Loans, Small Business Administration (SBA) Loans, and business lines of credit.
Relay vs. Lake Osceola State Bank Comparison Chart
Features/Services | Lake Osceola State 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-$6 | $0 |
Minimum Opening Deposit | $100-$500 | None |
Minimum Balance Requirement | $0-$500 | None |
Overdraft Fees | $0 | $0 |
Money Movement | Wire Transfer: Varies by account holder ACH Payments: Varies by account holder | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 400,000+ (Pulse Network) | 55,000+ |
Branch Locations | 11 | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on the balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews | 3.4 Star Rating Average on Google Reviews |
Online and Mobile Banking
Relay Mobile and Online Banking
Users can access Relay through both the Relay mobile app and the Relay website. Both platforms have easy-to-navigate menus that allow for efficient and organized work. Managing money with Relay is easy with additional features. These features include receipt capture via mobile camera as well as virtual debit cards. 💳
Lake Osceola State Bank and Online Banking
Lake Osceola State Bank offers both a website and a mobile app for banking. One feature of its online banking is eDocs, which includes statements and notices accessible online. Both the Lake Osceola State Bank website and app allow for account management and monitoring.
Monthly Fees and Other Charges
Relay Fees
Relay does not have monthly fees, overdraft fees, or minimum balances. The lack of minimum balances allows you as a business owner to free up your funds and allow your business to grow. Relay maintains an affordable and transparent pricing structure for its services. 💸
Lake Osceola State Bank Fees
The most popular Lake Osceola State Bank business checking account does not have associated monthly fees. There is a limit on transactions. The fee for any transaction over the 150/month limit is $0.20.
Accounts Payable
Relay Accounts Payable
All business owners understand how important it is to pay bills on time. Relay includes accounts payable features that make this process easier. An all-inclusive dashboard for managing bill payments makes the process more precise. Also, Relay offers vendor contract savings for future payments and integrations with Quickbooks Online and Xero. 💻
Relay Pro is Relay’s paid tier that offers additional features to its members. These include same-day ACH payments and free outgoing wires. You can also set up multi-step approval rules for easier processing for people on your team.
Lake Osceola State Bank Accounts Payable
Included with Lake Osceola State Bank’s online banking feature is online bill pay. eDocs offers an additional way for account holders to export information to other software. There are also automated payroll services available with business checking accounts. 📲
Verdict: Which banking partner is right for your business?
Choosing the right banking partner for your business is crucial to your success and growth. Both Relay and Lake Osceola State Bank have features that are unique and suitable for business needs. 💵
Relay provides a digital-first approach with seamless integrations and no monthly fees. Lake Osceola State Bank has several business checking options and local community support.
You can simplify finding the right banking solution for your business. First, consider your goals and the type of support you need. Then, choose the right banking platform for you. If you’re ready to sign up for Relay, you can do so entirely online here!
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
