Looking for a business bank in Ohio? In this guide, we compare Relay, an online banking platform, and North Valley Bank, a traditional bank.
Traditional banks, like North Valley 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.
Table of Contents
What is Relay?
Relay is more than just a banking platform; it's a financial partner for small businesses. Designed with the modern entrepreneur in mind, Relay offers up to 20 checking accounts, 50 virtual or physical Visa debit cards, and seamless integrations with popular financial tools like QuickBooks Online and Xero. With no hidden fees, Relay is committed to transparency, empowering businesses to take control of their finances with confidence.
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
What is North Valley Bank?
North Valley Bank is based in Southeastern Ohio and caters to businesses in the area. It has robust offerings ranging from personal to business banking and has branches across the region in cities like Zanesville, Buckeye Lake and Mount Sterling. It was originally established in 1904 as The Bank of the Corning Company, a traditional bank.
Relay vs. North Valley Bank comparison chart
Features/Services | North Valley Bank | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web and Android Mobile App | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $0-$20 | $0 |
Minimum Opening Deposit | $100 | None |
Minimum Balance Requirement | $0-$5,000 | None |
Overdraft Fees | $30 | $0 |
Money Movement | Wire Transfer: $15-$20 ACH Payments: $.10 to $30 | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | Not specified | 55,000+ |
Branch Locations | 9 | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews |
Additional banking services
Relay's additional features
Relay's features are tailored for growing small businesses. Customers gain access to enriched transaction data, providing specific vendor details for transactions, payment information, and customer stats. This aids in faster account reconciliation. Relay also offers flexible domestic and international payment options, FDIC Insurance, branch-free account setup, and integrations with accounting tools like QuickBooks Online and Xero. Relay's focus on the Profit First methodology ensures businesses can manage their finances efficiently.
North Valley Bank's additional services
North Valley Bank offers a range of services beyond just checking and savings such as merchant services, business loans, credit lines, and treasury management services. Products include business credit cards, commercial real estate loans, and equipment financing.
Multiple checking account budgeting
Relay's multiple checking accounts
With Relay, businesses can set up to 20 accounts and 50 virtual or physical Visa© debit cards. This allows for precise allocation of funds for various purposes like debt repayment, savings, and taxes. Relay's system ensures businesses can get a clear picture of their finances instantly.
North Valley Bank's multiple checking accounts
North Valley Bank offers multiple business checking account options tailored for different business sizes and needs. These accounts might come with varying fee structures, benefits, and features. It's essential to understand the specifics of each account type, the associated costs, and the benefits they offer to ensure they align with your business's financial needs.
Wire transfer options
Relay's wire transfers
Relay offers transparent and cost-effective wire transfer options. Outgoing domestic wires cost $5, and international wire transfers are priced at $10. Receiving both domestic and international wire transfers is free. Relay's transparent fee structure ensures businesses can easily calculate the costs associated with wire transfers.
North Valley Bank's wire transfers
North Valley Bank might offer a range of wire transfer services, including domestic and international transfers, but is not transparent about them on its website. The fees associated with these services can vary based on the type of account you hold with the bank and other factors. It's crucial to understand the bank's fee structure for wire transfers, any associated benefits, and the speed and reliability of their service.
Monthly and incidental fees
Relay's fees
Relay prides itself on its transparent fee structure. There are no hidden fees, and the costs associated with various services are clearly outlined. This ensures businesses can budget effectively without worrying about unexpected charges.
North Valley Bank's fees
North Valley Bank, like many traditional banks, has a range of fees associated with their services. These include monthly maintenance fees, transaction fees, cash deposit fees, and withdrawal fees. It's essential to understand the complete fee structure of the bank, any conditions under which fees can be waived, and any additional charges that might apply based on your usage.
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 North Valley Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, North Valley Bank offers a local touch for those in the Southeastern Ohio region.
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
