Relay Business Checking Review 2024

Relay’s business checking account is a free account that helps business owners organize their cash flow. For starters, it lets you open up to 20 separate checking accounts under your main account, which can be useful for dividing certain types of income and expenses.

Relay also lets you issue 50 virtual or physical Visa debit cards and set spending limits for team members. If your organization has many employees or contractors, this might be a significant selling point.

Relay Business Checking accounts have no minimum balance requirements to open. You can also withdraw cash from over 55,000 Allpoint ATMs without paying fees, and there are no overdraft fees. The only fees associated with the account are for outgoing wire transfers.

Moving money to and from your account is also simple. Relay accepts ACH payments, wire transfers, check deposits, cash and payments from online processors like PayPal, Square and Stripe. Additionally, you can set up recurring transfers between accounts and recurring payments to ensure vendors are paid on time.

This account includes bookkeeping and accounting options as well. Relay automatically categorizes transactions to provide an overview of your cash flow, refreshing data every three hours, and you can connect your account to QuickBooks or Xero to manage your books and plan for taxes. You can also integrate with Gusto, a payroll and HR solution.

Finally, this account provides up to $3 million in FDIC insurance coverage through Relay’s cash sweep program. Relay works with Thread Bank to provide this service, which automatically insures all excess deposits.