Are you looking for a business bank in Michigan? This guide will compare Relay to the Bank of Ann Arbor. Relay is a digital-first banking platform. The Bank of Ann Arbor is a traditional bank located in Michigan. 🏦
Like other traditional banks, the Bank of Ann Arbor has several features. It offers a mix of in-person and online services. Modern platforms like Relay offer a fully digital banking experience. Relay tailored this method for businesses like yours.
Let’s explore what makes both Relay and the Bank of Ann Arbor unique.
In this article:
What is Relay?
Relay is a solution to your banking needs. 💚 It offers modern online banking and money management solutions. These options help small businesses oversee their cash flow. Relay users can create up to 20 checking accounts. They can also handle all of their payments from one place.
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 uses creates a smooth banking experience. It also avoids the most common obstacles of traditional banking. Small businesses with Relay also have the option to grow their money. With Relay’s savings accounts, businesses can earn between 1-3% APY1.
What is the Bank of Ann Arbor?
The Bank of Ann Arbor is a Michigan-based traditional bank. It offers both the in-person banking experience and online banking options. Business owners have the choice between two primary checking account types.
The Bank of Ann Arbor also offers lending options. These options include credit cards, business lines of credit, and Business Term Loans.
Relay vs. Bank of Ann Arbor Comparison Chart
Features/Services | Bank of Ann Arbor | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $10-$15 | $0 |
Minimum Opening Deposit | $100-$1,000 | None |
Minimum Balance Requirement | $1,000-$7,500 | 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 | 18 | 55,000+ |
Branch Locations | 17 in-person branches | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on the balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews | 2.9 Star Rating on Google Reviews |
Online and Mobile Banking
Relay Mobile and Online Banking
You can access Relay through its mobile app or its web-based option. These platforms both include menus that are easy to navigate. This allows for efficient, organized work.
Money management with Relay comes with many features. These features include receipt capture via your mobile camera and virtual debit cards. 💳
Bank of Ann Arbor and Online Banking
The Bank of Ann Arbor offers several online banking options. There is both an online banking portal and a mobile app for your phone.
Several features are only accessed via online banking. These features include statements, extended transaction history, mobile check deposits, and ACH/wires.
Monthly Fees and Other Charges
Relay Fees
Relay doesn’t have monthly fees, overdraft fees, or minimum balances. Their pricing is affordable and transparent. You can free up your funds without minimum balances. This allows your business to grow and thrive. 💸
Bank of Ann Arbor Fees
The Bank of Ann Arbor has waivable fees for its Small Business Checking and Commercial Checking accounts. There is also a fee for the Small Business Checking account if you go over your activity limit for the month. There are no activity limits for the Commercial Checking account.
Accounts Payable
Relay Accounts Payable
Paying bills on time and precisely is incredibly important to your business. Relay includes accounts payable features that make this process easier and faster. With Relay, you have access to an all-inclusive dashboard for managing bill payments. Additionally, there are vendor contract savings and integrations with Quickbooks Online and Xero. 💻
Relay’s paid tier, Relay Pro, offers additional features. These include same-day ACH and free outgoing wires. You can also add multi-step approval rules for people on your team. This allows for easier processing.
Bank of Ann Arbor Accounts Payable
The Bank of Ann Arbor allows you to export files into money management software. You can export these files through the Bank of Ann Arbor’s online banking website. Both of its business checking account options offer free business bill pay. 📲
Verdict: Which banking partner is right for your business?
It is important to choose the right banking partner for your business. The right banking solution will provide success and financial growth. Both Relay and the Bank of Ann Arbor have unique features customized to support your business needs. 💵
Relay provides a digital-first approach with seamless integrations and no monthly fees. The Bank of Ann Arbor offers several business checking account options and local community support and involvement.
Finding the right fit for your business involves several considerations. Determine your goals and the type of support you need from your banking partner. Then, choose the banking solution that aligns with your business best. 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
