Frequently asked questions about Relay Banking
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What is Relay?
Relay is a no-fee, online business banking, and money management platform designed to help small businesses take control of their cash flow. With Relay, you can:- Organize income, expenses, and reserves using 20 accounts, including two savings accounts with 1.00%-3.00% APY
- Issue up to 50 physical or virtual Visa® debit cards
- Send and receive ACH transfers, wires, and checks
- Print third-party checkbooks with your Relay account and routing number
- Deposit and withdraw cash at Allpoint ATMs
- Collect payment from tools like Stripe, Square, Shopify and more
- Use auto-transfer rules to move cash between accounts automatically
- Give team members and financial advisors secure, role-based banking access
- Get personalized customer support by email
- Each Relay account is FDIC insured up to $3M through Thread Bank and covered by the Visa® Zero Liability Protection Policy.
Can I set up checking accounts and Relay Visa® debit cards on my own?
Yes! Once your account is approved, you can create up to 20 accounts online with just a few clicks of your mouse. Set up accounts to earmark income for day-to-day operating expenses, payroll, taxes and more. You can automate the transfer of income into each checking account using dollar amounts or percentages.
Physical or virtual Visa® Debit cards can also be created online by you. Assign cards to the business or a specific team member. Physical cards can be shipped to any US or international address, arriving in 8-10 business days. Virtual cards can be used as instantly as they are created. You can set daily and monthly spending and ATM withdrawal limits for each card, as well.
Who can bank with Relay?
U.S. corporations, LLCs, general partnerships and sole proprietors. Relay supports business owners who are citizens and residents of over 200 countries around the world, including the United States, Canada, the United Kingdom, Australia, and many others—as long as the business has an operating presence in the U.S. However, if you are a citizen of one of the countries listed here Relay will not be able to serve your business.
Are there any industries or business types that cannot bank with Relay?
Relay is unable to support any business that deals with provisioning and exchanging cryptocurrency, the sale of firearms or weapons, credit repair, privately owned ATMs, money services, unlawful internet gambling and cannabis sales.
What devices and operating systems are Relay compatible with?
You can use Relay on any web or mobile browser! You can also download the Relay mobile app onto your iPhone or Android.
Where can I withdraw cash using my Relay Visa® debit card?
You can deposit and withdraw cash from any Allpoint ATM for free. There are over 55,000 Allpoint ATMs across the United States.
You can also use any ATM anywhere without getting charged a fee by Relay. However, the owners of out-of-network ATMs will likely charge you a withdrawal fee.
Does Relay offer savings accounts?
Relay offers 2 savings accounts per business. Savings accounts earn 1.00%-3.00% APY depending on how much you keep in each reserve account:- 1.00% APY for balances under $50k
- 1.50% APY for balances between $50k and $250k
- 2.00% APY for balances between $250k and $500k
- 3.00% APY for balances over $1M
Can I invite my business partner, team members, or spouse to access my Relay account?
Absolutely! You can use role-based permissions to provide colleagues and advisors with the exact level of access they need to help with bill payments, debit card management, bookkeeping and more. Each invited user will have their own login credentials, protected by two-factor authentication—to keep your banking account and money safe.
Des Relay provide monthly bank statements?
Yes! Monthly statements are made available in each Relay account. You can download or email forward statements in the following formats: PDF, CSV and OFX.
Can I use Relay to send and deposit checks?
Checks can be deposited in your account using the Relay mobile app (available on iPhone and Android).
You can write checks from the Relay web and mobile applications, and Relay will send them to the recipient on your behalf. You can also print third-party checkbooks with your Relay account and routing number. To access third-party check writing, you must fund your Relay account with a minimum of $100.
We recommend using digital payment like ACH or wire if possible. They’re cheaper, faster and better for the environment!
Are the deposits I send to Relay FDIC insured?
Yes! Deposits up to $3,000,000 per business are insured by the FDIC through an insured cash sweep program managed by Thread Bank, Member FDIC.