Relay vs. First Chatham Bank: Which is Right for Your Business?

Looking for a business bank in Georgia? In this guide, we compare Relay, an online banking platform, and First Chatham Bank, a traditional bank.

Traditional banks, like First Chatham 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?

• What is First Chatham Bank?

• Relay vs. First Chatham Bank comparison

• Online banking

• Customer support

• Profit First banking

• Making the right choice for your business banking needs

What is Relay?

Relay is an online banking platform that streamlines business banking and cash flow management. Small business owners can manage their money anywhere, anytime, with our fully digital services. 

Relay offers features–like direct integrations with QuickBooks Online and Xero–that make it easy to manage your cash flow. Plus, Relay customers don’t have to worry about hidden costs–like account fees, overdraft fees, or minimum balances. 

What is First Chatham Bank?

Founded in 2002, First Chatham Bank is a family of banks that offer a mix of in-person and digital services. Headquartered in Savannah, Georgia, First Chatham serves the coastal community through eight physical branches. 

First Chatham Bank primarily serves local residents and businesses through in-person operations. However, the bank also offers mobile banking features and business banking services–like checking accounts, savings accounts, and lending services.

Relay vs. First Chatham Bank: Comparison Chart

	Relay	First Chatham Bank
Account Fees	None	$0-10 per month
Minimum Opening Deposit	None	$50
Free Visa Debit Cards	Up to 20	Not available with all accounts
Minimum Daily Balance	None	May range from $1,000 to $2,500
Customer Reviews	4.6 stars (Source)	2.3 stars (Source)

Online banking

Small businesses need convenient, cost-effective ways to manage their money. And that’s where online banking platforms come into the picture. 

Online banking platforms can provide small business owners with the security and flexibility they need for day-to-day money management tasks. And, with recent financial technology advancements, there’s no shortage of online business banking platforms to choose from. 

Here’s what you need to know about the online business banking services offered by Relay vs. First Chatham Bank. 

Relay’s online banking

Our platform is designed with the modern business in mind. With a user-friendly interface, businesses can easily manage their finances, make transfers, integrate accounts with accounting tools, and much more. 

Relay provides a seamless experience in which businesses can easily schedule vendor payments, automate transfers, and stay on top of spending. These account features help businesses focus their efforts on business operations instead of clunky banking logistics. 

First Chatham Bank’s online banking

First Chatham Bank offers online banking services for basic business needs. Their platform offers account monitoring, funds transfers, and bill payments. These services cover the essentials, but businesses that require advanced features might find these services a bit limiting.

Customer support

If you’re shopping around for business banking services, remember to look at customer service reviews. After all, when a problem arises, you need to know your banking platform can help fix it. 

Relay’s customer support 

We’re here to help your business every step of the way. That’s why our Customer Experience team is available 7 days a week via email, and by phone from 9 am to 8 pm ET, Monday through Friday.

But don’t just take our word for it! You can check out our 4.6-star Trustpilot rating and read some of our 1,360+ customer reviews. 

First Chatham Bank’s customer support 

First Chatham Bank offers customer support through various channels-–like phone, in-person, and email. Their approach emphasizes in-person interactions and phone support. 

Their support services might appeal to businesses that prefer a more personal touch. But if your business isn’t local to the Savannah area, in-person support might be unrealistic. 

Profit First banking

If your business follows the Profit First method, you need an online banking platform that supports this approach. With the Profit First system, business owners allocate funds to different accounts (like Profit, Owner's Pay, Taxes, and Operating Expenses). This cash flow management structure helps ensure a business becomes and remains profitable.

First Chatham Bank and Profit First

First Chatham Bank offers a range of business banking services, but these services aren’t tailored to the Profit First method. The Profit First method instructs businesses to have multiple checking accounts for allocations. However, many of the business checking accounts offered by First Chatham Bank require minimum opening deposits or charge monthly service fees. 

If your business follows the Profit First method, these fees could add up quickly. 

Relay and Profit First

Relay is the official banking platform for Profit First Professionals. Our services are designed to help business owners take charge of their cash flow. 

With Relay, businesses can open up to 20 individual checking accounts for free. That means you can open your Profit First accounts without service fees or minimum balance requirements. 

Relay also offers features like percent-based transfers between accounts and auto-transfer rules to help automate Profit First allocations. Simply schedule allocations when it works for you and your cash flow! 

Making the right choice for your business banking needs

There’s no shortage of business banking platforms to choose from. But finding the right fit boils down to finding the platform that supports your needs. 

Consider things like your communication preferences, in-person and online service offerings, and pricing structures. Then, consider which option aligns with your business’s needs and financial goals. 

Both Relay and First Chatham Bank offer unique services for different business needs. If you’re looking for a local, in-person bank, First Chatham may be right for you. But if you’re looking for a modern online banking and money management platform, Relay may be the better choice.