Looking for a business bank in Texas? In this guide, we compare Relay, an online banking platform, and Inwood National Bank, a traditional bank.
Traditional banks, like Inwood National 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 here to revolutionize your banking experience. Relay is designed specifically for modern entrepreneurs. We’re not like a traditional brick-and-mortar bank—our platform combines banking and money management in one place.
Relay makes managing your money easier and less stressful, giving you a smooth experience that puts you in control of your finances. We offer more than just small business checking; we're here to help you take control of your finances.
What is Inwood National Bank?
Inwood National Bank is a community bank based in North Texas with over 50 years of experience in banking and financial services. The bank provides a range of products and services including personal and business banking, mortgages, loans, and wealth management solutions. Inwood National Bank is committed to building long-term relationships with its customers by providing personalized service and tailored financial solutions to meet their unique needs.
Headquartered at 7621 Inwood Rd, Dallas, Texas, the bank has 13 locations in communities including Dallas, Commerce, Desoto, Denton, Duncanville, Garland, Richardson, Rockwall, and the Fort Worth Metroplex.
Relay vs. Inwood National Bank comparison chart
Features/Services | Inwood National 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- $15 | $0 |
Minimum Opening Deposit | $100 - $2,500 | None |
Minimum Balance Requirement | $0 - $2,500 | None |
Overdraft Fees | $35 | $0 |
Money Movement | Wire Transfer: $8 - $15 domestic, $50 international ACH Payments: From $.15 | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 13 | 55,000+ |
Branch Locations | 13 | Online-only |
Interest-bearing accounts | ✅ Varies by account | ✅ 1-3% APY on savings depending on balance |
Business Credit Cards | ⛔️ | ⛔️ |
Online Reviews |
Relay business banking features
Relay offers a range of business banking features tailored to meet the requirements of today's businesses. When you choose Relay, you can leave worries about hidden fees and cumbersome paperwork behind.
Here's an overview of what we have to offer:
Flexible Account Management: With Relay, you can easily manage your finances using 20 different accounts, including two savings accounts with competitive APY rates ranging from 1-3%.
Various Payment Options: Relay has you covered for payments, whether you want to issue up to 50 physical or virtual Visa® debit cards, or send and receive ACH transfers, wires, and checks.
Convenient Cash Handling: You can smoothly deposit and withdraw cash at Allpoint ATMs and collect payments from popular platforms like Stripe, Square, and Shopify.
Automated Cash Transfers: Use auto-transfer rules to effortlessly move money between accounts, ensuring it's always where you need it.
Collaborative Banking: Relay enables secure, role-based banking access for team members and financial advisors, offering a collaborative approach to financial management.
Dedicated Support: If you have questions or need assistance, our personalized customer support is just an email or phone call away.
Safety and Security: Rest easy knowing that each Relay account is FDIC insured up to $250,000 through Thread Bank and comes with the added security of Visa®’s Zero Liability Protection Policy.
And the best part? Relay's savings accounts offer competitive interest rates without any hidden fees. Relay is designed to support small businesses like yours.
Inwood National Bank business banking features
Online Services: Inwood National Bank offers online banking services, allowing you to handle your banking needs without visiting a branch. They also offer mobile banking for on-the-go access.
Customer Support: The bank provides customer support through phone number, email, and in-person branch services.
FDIC Insurance: Inwood National Bank is a Member FDIC bank, providing security and peace of mind for your deposits.
Fees and Requirements: The bank has a variety of monthly fees depending on what type of business account you have with them.
ATM Access: Customers have access to 13 ATMs with no ATM fees at its 13 branch locations.
Business Services: The bank serves businesses and offers interest-bearing/savings business bank accounts. They also offer credit cards for businesses and lending services.
Online Reviews: The bank has a 3.3-star rating on Yelp.
Bill Pay and Checking Accounts: The bank offers built-in bill pay features and there’s no limit to the number of checking accounts you can have.
Additional Relay offerings
Relay is a banking platform designed with the modern business owner in mind. Here are some of the features that make us stand out:
Customizable Account Management: With Relay, you can enjoy unparalleled flexibility in managing your finances. Instead of being restricted to predefined account types, Relay lets you choose how to organize your money. You can earmark funds for specific expenses or set up savings accounts – whatever works best for your business.
Automated Savings with Competitive Interest: Relay allows your money to work for you. The platform provides savings accounts that not only help you set aside funds but also earn you a competitive interest rate of 1-3% APY.*
Role-Based Banking Access: Collaboration is the key to success in today's business world, and Relay understands this. You can grant role-based banking access to team members and financial advisors, ensuring that everyone has the right level of access.
Seamless Integrations: Relay is designed to integrate seamlessly with popular accounting tools like QuickBooks, Xero, and Gusto. This ensures that your financial data is always in sync and accessible from your preferred tools.
No Hidden Fees: Relay prides itself on transparency, ensuring that there are no hidden fees. Whether it's account management, ACH transfers, or debit card issuance, Relay offers a clear fee structure.
Support for the Profit First Method: Relay is the official banking platform for Profit First Professionals. With features like percent-based transfers and auto-transfer rules, Relay makes it easier for businesses to implement and maintain the Profit First method.
Additional Inwood National Bank offerings
Inwood National Bank, firmly rooted in the heart of Texas, delivers a mix of classic banking services and modern solutions designed for businesses. Here's a quick overview of what Inwood National Bank has to offer:
Wire Transfers: Inwood National Bank offers wire transfer services, facilitating the swift electronic transfer of funds between banks.
Online Banking with Bill Pay: The bank provides an online platform that not only allows customers to access their account information but also facilitates easy bill payments.
Cash Management: Inwood National Bank offers cash management solutions, designed to help businesses optimize their cash flow and manage their finances efficiently.
Safe Deposit Boxes: The bank offers secure storage solutions through safe deposit boxes, ensuring that valuable items and documents are kept safe.
24-hour Telephone Banking: Inwood National Bank offers a 24-hour telephone banking service, allowing customers to access their account details and perform transactions anytime via phone.
Night Depository Services: For businesses that operate outside regular banking hours, the bank offers night depository services, ensuring secure after-hours deposits.
Treasury Services: Inwood National Bank provides comprehensive treasury services, offering a suite of financial solutions tailored to meet the unique needs of businesses.
Lending Services: The bank offers personal, business, and real estate loans.
Verdict: Which banking partner is right for your business?
Choosing the right banking partner is important for any business looking to up its finance game. Relay and Inwood National Bank each bring something different to the table.
Relay offers a digital-first approach and has a range of features customized for modern businesses while Inwood National Bank offers a traditional bank experience with local expertise.
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 get started entirely online here!
