Very useful Info! Thanks. What is the commission charged by the ATM for withdrawing money? And, can the money be transferred to another bank? Such as Citibank?
Good to know about that downside! I haven’t encountered that yet since I’m new and rarely deposit checks. Im very excited to about the savings account.
Great video. I'm just starting a business and not the accounting type at all. With that said your review of the features of Relay has me sold and you have a new subscriber!
Welcome! I think they have some really great features for people who don’t love numbers and accounting but still want to make sure their business is actually profitable. I like numbers and it’s still helped me make massive leaps in my own business.
Hi there! That’s actually not true. Relay does allow you to open accounts as a Sole Proprietor and plenty of people have done so. Hope this helps! Thanks for watching!
Hello I love your video, so informative! Would I be able to send money from my personal account to my business account to get started with my inventory for my business?
Ooh what have you seen? I haven’t seen many but I’m sure they are out there. I’ve really liked it for the automated features so far but i haven’t used all the features.
@@PenniesNotPerfection I have 14 businesses and 4 funds that are all affiliated…but a few require escrow accounts, and as a registered investment advisor, I’m thinking I will need separate accounts for each client. Also will need separate accounts per asset. I read profit first and would like to implement that. I think if relay could support 20 accounts per business entity, it should be fine for most of them, but I don’t think it would work for the investment advisory company or real estate fund where each major asset purchase requires a new entity. Will I be able to visualize all the various entities in relay, or would I have to have a separate sign-in for each entity? That would be a pain. I’m not sure it would work for me since I need a lot of accounts.
Yes like I said in the video Relay is an online business banking and money management platform… BUT all money you deposit is FDIC insured through Thread Bank.
Unfortunately I see a lot of those comments for online banks. But I try to remember that the only ones complaining online are usually the ones that have had a problem and thousands or millions of other people have been fine. It’s similar to my video I made about how I’ll never ever use Wells Fargo again and actively discourage people from using them - plenty of the comments were from people who were like “I’ve never had an issue.” So it’s definitely worth considering. You could always open an account and try out the features and contact customer service as a customer to see how they respond vs what people online say. Your experience might be the same or it could be different! A trial or test run is always a good idea before you move all your money over anyway and it’s what I do with new banks!
Relay Bank Sucks Balls. BBB rating is F (Thread Bank). Read that again F! Customer service is pathetic and frustratingly slow. Avoid at all costs unless you love frustration and stress with your money.
Thanks for sharing your experience! Can you share more about your specific situation? Have you had good customer service with another option? I’ve had a great experience so far but haven’t needed in depth customer service help. I’m starting to wonder if any bank has good customer service.
💵 Try Relay (get $50 when you add $100 to a new account with my link) ➝ penniesnotperfection.com/relay/
How do you add money to your relay bank
Does the link still work?
Great video! This is exactly what I was looking for a business banking account without all the fees!
Glad it was helpful! I've really enjoyed Relay personally.
Very useful Info! Thanks. What is the commission charged by the ATM for withdrawing money? And, can the money be transferred to another bank? Such as Citibank?
I cannot wait until they add invoicing... that would be amazing.
Honestly it’s the one feature I think they are missing that will help a lot of us! I know it’s in the pipeline to add eventually.
Very helpful video :) I’m just opening my business
Glad it was helpful! Congrats on starting your business! 👏👏
I have Relay and I like it. One other downside is it can take 10 days for deposited checks to clear. Love the new savings account option as well.
Good to know about that downside! I haven’t encountered that yet since I’m new and rarely deposit checks. Im very excited to about the savings account.
Great video. I'm just starting a business and not the accounting type at all. With that said your review of the features of Relay has me sold and you have a new subscriber!
Welcome! I think they have some really great features for people who don’t love numbers and accounting but still want to make sure their business is actually profitable. I like numbers and it’s still helped me make massive leaps in my own business.
Does this integrate with Cashapp and Venmo? And can we use our EIN?
I just wanted to comment to say you’re really good with people. I’m not sure how you responded so calmly to some of these people lol
Ha, well thank you!
does Relay have Tap to Pay and can you add the card to your apple wallet to tap to pay?
FYI, Relay requires you to be LLC or Corp. Novo allows Sole Prop to open an account.
Hi there! That’s actually not true. Relay does allow you to open accounts as a Sole Proprietor and plenty of people have done so.
Hope this helps! Thanks for watching!
Same with Bluevine, must have a LLC. Can’t use your DBA alone and no invoices. 😞
Hello I love your video, so informative! Would I be able to send money from my personal account to my business account to get started with my inventory for my business?
I just started with this and, yes you can!
Is it safe to use share the account with your SSn in said account
Another wonderful video 👍
Thank you! Cheers!
Great video. Do you know if it works well with Stripe or Paypal?
It should! I don’t use stripe currently but it works fine for me with PayPal.
Great job
Thanks!
do they have funding?
Hey thanks for this review! I signed up using your referral link and just got my sign up bonus. Hoping you got yours too!
Awesome! I hope you enjoy it! It’s honestly changed everything in my business behind the scenes. 💕
I want to join this bank but I've seen a lot of negative reviews
Ooh what have you seen? I haven’t seen many but I’m sure they are out there. I’ve really liked it for the automated features so far but i haven’t used all the features.
They shut people's accounts down and not giving people their money.
I am starting a new online business and they rejected me, I don’t know why they are stopping new businesses to open a business account with them…
Do you have an actual business yet? Any revenue? I'm not sure what the criteria is if you haven't started.
Yes, I have an LLC, no revenue yet as I am starting…
I don’t think relay will work for my business because from what I have researched, it looks like you can only have 20 accounts with them.
They do have a limit... how many are you looking to open?
@@PenniesNotPerfection I have 14 businesses and 4 funds that are all affiliated…but a few require escrow accounts, and as a registered investment advisor, I’m thinking I will need separate accounts for each client. Also will need separate accounts per asset. I read profit first and would like to implement that. I think if relay could support 20 accounts per business entity, it should be fine for most of them, but I don’t think it would work for the investment advisory company or real estate fund where each major asset purchase requires a new entity. Will I be able to visualize all the various entities in relay, or would I have to have a separate sign-in for each entity? That would be a pain. I’m not sure it would work for me since I need a lot of accounts.
Do they work with PayPal?
I use PayPal and relay. What would you want it to do besides transferring money in and out?
Relay is not a real bank, be very careful depositing your money here
Yes like I said in the video Relay is an online business banking and money management platform… BUT all money you deposit is FDIC insured through Thread Bank.
It's FDIC insured right?
i really wanted to use these guys but i seen to many red flag no customer service warnings from people
Unfortunately I see a lot of those comments for online banks. But I try to remember that the only ones complaining online are usually the ones that have had a problem and thousands or millions of other people have been fine. It’s similar to my video I made about how I’ll never ever use Wells Fargo again and actively discourage people from using them - plenty of the comments were from people who were like “I’ve never had an issue.” So it’s definitely worth considering.
You could always open an account and try out the features and contact customer service as a customer to see how they respond vs what people online say. Your experience might be the same or it could be different! A trial or test run is always a good idea before you move all your money over anyway and it’s what I do with new banks!
Actually novo has no major bad juju lol and they are online they just not up to novo standards
Relay Bank Sucks Balls. BBB rating is F (Thread Bank). Read that again F! Customer service is pathetic and frustratingly slow. Avoid at all costs unless you love frustration and stress with your money.
Thanks for sharing your experience! Can you share more about your specific situation? Have you had good customer service with another option?
I’ve had a great experience so far but haven’t needed in depth customer service help. I’m starting to wonder if any bank has good customer service.
@@PenniesNotPerfection why did you switch from Novo? Novo looks much more flexible with option for Sole Proprietorship to open an account.