Looking for a business bank in Texas? In this guide, we compare Relay, an online banking platform, and Falcon International Bank, a traditional bank.
Both Relay and Falcon International Bank offer a range of services tailored to the needs of businesses. Traditional banks, like Falcon International Bank, offer a blend of in-person and online services, and modern platforms, like Relay, provide a fully digital banking experience tailored for businesses. Let's delve deeper into what each institution brings to the table.
In this article:
What is Relay?
Relay is a modern, digital-first banking platform designed specifically for the needs of businesses. Unlike traditional banks, Relay focuses on providing a seamless online banking experience tailored to the unique challenges and requirements of today's entrepreneurs and small businesses.
With features such as Profit First integration, multiple free checking accounts, and integrations with popular accounting tools, Relay aims to simplify and enhance the banking process.
The platform is built with the understanding that businesses require more than just a place to store money; they need a banking partner that can support their growth, provide financial insights, and integrate seamlessly with their operational workflows.
Whether you're a sole proprietor, an LLC, or a corporation, Relay offers solutions that are both efficient and effective.
What is Falcon International Bank?
Falcon International Bank is a Hispanic-owned, Laredo-based community bank. It is not a credit union. It was founded in 1986 and primarily focuses on South Texas, with branches in Zapata, San Antonio, McAllen, Austin, Buda, Del Rio, Brownsville, Eagle Pass, and more.
There are even representative offices in Mexico, in cities like Guadalajara and Monterrey. It’s privately held by the Gutierrez family and run by president Gilbert Narvaez, Jr. The website is available in Spanish for native Spanish speakers.
It is FDIC-insured and offers financial services including business banking like business checking accounts and savings accounts, commercial loans, real estate development loans, and more in addition to certificates of deposit and foreign exchange services.
Features/Services | Falcon International Bank | Relay |
Open Account Online | ✅ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅ Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $0 | $0 |
Minimum Opening Deposit | $100 | None |
Minimum Balance Requirement | $0 | None |
Overdraft Fees | $45 | $0 |
Money Movement | Wire Transfer: Not specified ACH Payments: Not specified | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 24 | 55,000+ |
Branch Locations | 19 | Online-only |
Interest-bearing accounts | ✅ Varies by account | ✅ 1-3% APY on savings depending on balance |
Business Credit Cards | ⛔️ | ⛔️ |
Online Reviews |
Profit First banking
Relay recognizes the importance of the Profit First methodology for businesses aiming to prioritize profitability and financial health. Our platform is designed to seamlessly integrate with the Profit First system. With the ability to create up to 20 individual checking accounts with unique account and routing numbers, businesses can easily allocate funds to different accounts, such as profit, owner's pay, tax, and operating expenses.
This feature simplifies the process of managing and distributing funds according to the Profit First percentages, ensuring businesses can effortlessly prioritize their profits and maintain financial discipline.
While Falcon International Bank offers a range of banking services tailored to businesses, there isn't specific information available about their adoption or implementation of the Profit First methodology. Businesses interested in this approach might need to set up and manage their Profit First system manually when banking with Falcon International Bank.
Monthly fees and balance requirements
Relay believes in transparent and straightforward banking. That's why our platform does not charge monthly account fees. We understand the importance of minimizing costs for businesses, and by eliminating monthly fees, we aim to provide a more accessible and cost-effective banking solution for our users.
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 moreOne of the standout features of Falcon International Bank is its no-fee policy for business accounts. This means businesses don't have to worry about monthly maintenance fees eating into their funds. Additionally, there's no minimum balance requirement, giving businesses the flexibility to manage their funds without any constraints.
Customer support
At Relay, we prioritize our customers' needs and concerns. Our dedicated customer support team is always ready to assist, ensuring that businesses have a smooth and hassle-free banking experience.
With various support channels available, including in-app chat and email, we ensure that our users receive timely responses and solutions to their queries. Our commitment to excellence in customer service sets us apart in the digital banking landscape.
Customer support is a cornerstone of Falcon International Bank's commitment to its clients. They offer multiple channels of communication, including phone, email, and in-person assistance, ensuring that businesses have access to timely and effective support when they need it.
Their team is trained to address a wide range of banking inquiries, ensuring that clients receive the guidance they need.
Verdict: Which banking partner is best for your business?
Choosing the right banking partner is crucial for the success and growth of your business. Both Relay and Falcon International Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, Falcon International Bank offers a traditional banking experience with a local touch.
To find the right fit for your business, consider your goals and the type of support you need. Then, choose the banking platform that aligns with your business plan. And if you're ready to sign up for Relay, you can !
