Looking for a business bank in Ohio? In this guide, we compare Relay, an online banking platform, and First National Bank of Pandora, a traditional bank.
Traditional banks, like First National Bank of Pandora, 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.
Table of Contents
What is Relay?
Relay is a modern digital banking platform designed specifically for businesses. With a focus on automation, integration, and user-friendly interfaces, Relay offers a seamless banking experience that aligns with the needs of today's businesses.
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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From multiple checking accounts to direct integrations with popular financial tools like QuickBooks Online and Xero, Relay aims to simplify financial management. Furthermore, Relay's commitment to the Profit First methodology ensures that businesses can efficiently manage their finances, prioritize profitability, and achieve sustainable growth.
What is First National Bank of Pandora?
First National Bank of Pandora, rooted in Ohio, has a rich history of serving its community with a range of financial services. As a traditional banking institution, it offers a blend of personal touch with modern banking conveniences.
The bank provides a suite of banking products, from checking and savings accounts to lending solutions. With a focus on building long-term relationships, First National Bank of Pandora prides itself on its commitment to the community and its ability to offer personalized banking experiences.
Relay vs. First National Bank of Pandora comparison chart
Features/Services | First National Bank of Pandora | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $0-$12 | $0 |
Minimum Opening Deposit | Not specified | None |
Minimum Balance Requirement | $0-$2,500 | None |
Overdraft Fees | Not specified | $0 |
Money Movement | Wire Transfer: Not specified ACH Payments: $0.25 | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | Thousands | 55,000+ |
Branch Locations | 7 | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews |
Online banking
Relay Online Banking
Relay stands out with its robust online banking capabilities. Designed for the modern business owner, Relay offers a comprehensive online platform where businesses can manage their finances without the need for branch visits.
From viewing transaction histories to setting up automated transfers, Relay's platform is intuitive and user-friendly. Additionally, with features like percentage-based transfers and integrations with popular accounting tools, Relay ensures that businesses have all the tools they need to manage their finances efficiently.
First National Bank of Pandora Banking
While First National Bank of Pandora has its roots in traditional banking, it has made strides in offering online banking services to its customers. Businesses can access their accounts, view transaction details, and manage their finances through the bank's online portal.
However, it's worth noting that certain services, such as opening an account, still require an in-person visit. While the bank provides essential online banking features, it may not offer the same level of automation and integration as some digital-first platforms.
Customer service
Relay customer service
Customer support is a cornerstone of Relay's service offering. Recognizing the diverse needs of businesses, Relay provides a multi-faceted support system. Users can access assistance through various channels, including chat, email, and phone.
This ensures that whether you have a quick question or need in-depth assistance, help is just a click or call away. Additionally, Relay's online knowledge base and resources empower businesses with self-help tools, ensuring they can find answers to common questions without delay.
First National Bank of Pandora customer service
First National Bank of Pandora prides itself on its community-centric approach, and this is evident in its customer service. Businesses banking with them can expect personalized service, especially when visiting one of their six branch locations.
For those who prefer remote assistance, the bank offers support through phone, email, chat, and even traditional mail. This blend of traditional and modern support channels ensures that businesses of all types can receive the assistance they need in a manner that suits them.
Profit-first banking
Relay profit-first banking
Relay is not just another banking platform; it's a tool designed to empower businesses to manage their finances effectively. As the official banking platform for Profit First Professionals, Relay is tailored to support the Profit First method. This approach is all about prioritizing profitability and ensuring that businesses allocate their revenues appropriately across various accounts, such as income, profit, owner's pay, taxes, and operating expenses.
With Relay, businesses can set up to 20 real checking accounts, each with a unique nickname to align with the Profit First categories. The platform also offers features like percent-based transfers between checking accounts and auto-transfer rules, which can automate Profit First allocations on various schedules. This integration of Profit First principles directly into the banking platform makes Relay a standout choice for businesses committed to this financial management approach.
First National Bank of Pandora profit-first banking
While First National Bank of Pandora offers a range of banking services tailored to businesses, it doesn't have a built-in system specifically designed for the Profit First methodology. Businesses looking to implement this approach would need to manually set up and manage their various accounts.
Additionally, each additional checking account comes with associated fees, which could add up for businesses wanting to separate their finances into multiple categories. This traditional banking setup might not be as streamlined for Profit First enthusiasts, but it still provides the foundational banking services that businesses require.
Verdict: Which banking partner is right for your business?
Choosing the right banking partner is crucial for the success and growth of your business. Both Relay and First National Bank of Pandora offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, First National Bank of Pandora offers local expertise and a mix of in-person and online services and banking products.
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 !
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 more
