Relay vs. Bank of Marin: Business Banking Comparison & Guide

Searching for a bank for your business in California? We've compared the primary differences between Relay and Bank of Marin to help you choose the best business bank account.

In this article:

• What is Relay?

• What is Bank of Marin

• Relay vs. Bank of Marin comparison chart

• Additional financial services from Bank of Marin

• Additional banking features from Relay

• Relay vs. Bank of Marin: What’s best for your business?

What is Relay?

Relay is an online business banking and financial management platform dedicated to helping small businesses manage their cash flow transparently, free from hidden fees.

It offers a range of features, including:

• Organizing income, expenses, and reserves with up to 20 different checking accounts, and two savings accounts with APY of 1-3%.

• Issuing up to 50 virtual or physical Visa® debit cards.

• Facilitating ACH transfers and wire transfers.

• Depositing and withdrawing cash through Allpoint ATMs across the U.S.

• Collecting payments from platforms like Stripe, Square, Shopify, and more.

• Automating cash transfers between accounts through auto-transfer rules.

• Providing role-based banking access for financial advisors and team members to enhance security.

• Offering personalized customer support through email and phone.

Additionally, Relay ensures that each account is fully FDIC insured through Thread Bank, with the added benefit of coverage under the Visa® Zero Liability Protection Policy.

What is Bank of Marin?

Bank of Marin, established in 1990, is based in Novato, California. It holds $2 billion in assets and an equal amount in deposits, making it a large financial institution. The bank operates as a traditional brick-and-mortar establishment, offering in-person services alongside its online and mobile platforms. Despite its size and extensive offerings, Bank of Marin considers itself a community bank with a focus on serving local businesses in Marin County and the Bay Area.

In terms of financial products, Bank of Marin presents a wide selection, including both personal banking and commercial banking products including money market accounts, CDs, IRAs, and credit cards. The bank offers a reasonable savings rate compared to the average, and provides a no-monthly-fee option for those seeking a straightforward checking account for daily use. This array of offerings allows customers to manage both checking and savings under one roof, potentially benefiting from higher interest rates on deposits while maintaining convenient access to funds.

Relay vs. Bank of Marin comparison chart

More banking features from Bank of Marin

💼 Treasury Management: Enhance financial oversight with streamlined cash management, payables, receivables, and information reporting services.

💳 Small Business Credit Cards: Choose from a variety of Visa business credit cards offered by the bank.

🤝 Loans and Lines of Credit: Secure credit lines and small business loans to support your business finances.

📱Mobile Wallet: Easily add your Bank of Marin Visa debit cards to Apple Pay, Samsung Pay, or Google Pay for safe and convenient on-the-go payments.

📊 Wealth Management and Trust Services: The bank provides a range of services to help you protect your wealth, optimize your taxes, and handle the complexities of estate planning.

💼 Lending Services: The bank offers personal, business, and commercial real estate loans.

🤝 Personalized Customer Service: Access helpful service via email, phone, or in person with a branch manager.

💸 Payroll Services: Bank of Marin does not offer payroll services directly, but partners with Sure Payroll, their recommended payroll service provider.

🌍 International Banking Services: Bank of Marin offers services for international banking, including foreign exchange services, foreign currency exchange, and international ACH transfers.

More banking platform features from Relay

At Relay, we are firm believers in the digital future of banking. Our primary focus is on crafting online business banking solutions that simplify your business finances. 

Here are some distinguishing features that set us apart:

📊 Transaction Insights: Relay offers an extensive overview of your cash flow, providing in-depth vendor details, payment specifics, and customer data. This streamlines the process of clarifying purchases and reconciling accounts.

🌎 Diverse Payment Methods: With Relay Pro, you gain access to same-day ACH payments and unlimited wire transfers, both domestic and international, complete with transparent fee structures. Moreover, Relay facilitates wire transfers in your recipient's local currency, reducing foreign exchange costs.

📜 Safety Protocols: While Relay operates as a technology platform rather than an FDIC-insured bank, we prioritize the security of your funds. Every business account benefits from FDIC insurance through our partner banks like Thread Bank. Additionally, Visa's Zero Liability Protection adds an extra layer of security against card theft.

👨‍💻 Digital Onboarding: Our modern online banking platform allows for effortless account setup, departing from the traditional brick-and-mortar banking experience.

🧾 Seamless Software Integration: Relay seamlessly integrates with platforms such as QuickBooks Online, Gusto, and Xero, offering efficient and precise account management for your accounting team.

✅ Unified Account Access: Relay simplifies the management of multiple business accounts under a single login, making it easy to switch between accounts.

💷 Profit-First Banking: At Relay, we make implementing Profit First accounting a straightforward process, including the zero-balance approach. We understand that many business owners rely on spreadsheets, mental calculations, and guesswork for their daily financial management, and we provide you with the tools to change that. With Relay, you can gain insights into your business's finances in seconds rather than hours.

🖥️ Automated Transfer Mechanisms: Our auto-transfer rules automatically move funds between your different accounts based on the rules you establish.

🔒 Advanced Security Options: Relay offers role-based permissions, allowing you to determine team member access levels, set expenditure limits, and remotely manage account activities.

Relay vs. Bank of Marin: Which one is right for your business?

The decision between a traditional banking institution like Bank of Marin and a digital-first platform like Relay can be pivotal for your business's financial trajectory. Both offer unique advantages, with Bank of Marin providing the familiarity and physical presence of conventional banking, while Relay brings innovation, tailored features, and a focus on small business needs to the table.

In today's fast-paced business environment, having a banking partner that aligns with your operational style and growth aspirations is paramount. Whether you value the in-person consultations of a brick-and-mortar bank or the digital convenience and specialized tools of an online platform, your choice will play a significant role in your business's financial management.

While many businesses grapple with cash flow challenges, Relay is designed to be a beacon of clarity and support in this area. Explore further to see how Relay can redefine your business banking experience. And if you're still weighing your options, consider how Relay stands in comparison to other major providers, like Bank of America and Chase.

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.

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