Relay vs. Pacific City Bank: Which is better for your small business?

In this comparison guide we look at Relay and Pacific City Bank’s business bank accounts, so you can make an informed choice when selecting a small business bank in California.

In this article:

• What is Relay?

• What is Pacific City Bank?

• Relay vs. Pacific City Bank comparison chart

• Additional financial services from Pacific City Bank

• Additional banking features from Relay

• Making the right choice: Relay vs. Pacific City Bank

What is Relay?

Relay offers an online business banking and financial management platform dedicated to assisting small businesses in managing their cash flow transparently, free from hidden fees. 

With Relay, you'll find a range of valuable features:

• Efficiently organize your income, expenses, and reserves using up to 20 different accounts, including two savings accounts with competitive APY rates of up to 1-3%.

• Gain the flexibility to issue up to 50 virtual or physical Visa® debit cards.

• Seamlessly handle ACH transfers and wire transfers.

• Conveniently deposit and withdraw cash through Allpoint ATMs located across the United States.

• Simplify payment collection from various platforms like Stripe, Square, Shopify, and more.

• Automate cash transfers between accounts with ease by setting up auto-transfer rules.

• Enhance security by assigning role-based banking access to financial advisors and team members.

• Enjoy personalized customer support, available through both email and phone.

Each Relay account is fully FDIC insured through Thread Bank, providing an extra layer of confidence, along with coverage under the Visa® Zero Liability Protection Policy.

What is Pacific City Bank?

PCB Bank, a Californian-based community bank, primarily serves the Korean-American community and ranks as the third-largest Korean American Bank, following the Bank of Hope and Hanmi Bank. Established in 2003 in Los Angeles, California, it expanded to eight states. In 2007, Pacific City Financial Corporation was founded, making PCB Bank its wholly-owned subsidiary.

With 12 branch offices and eight loan production offices in various locations, including Lynwood, Bellevue, Denver, Chicago, Annandale, Atlanta, Orange County, and Bayside, PCB Bank caters to small to medium-sized businesses, offering diverse loan products. These include real estate loans, small business loans, trade finance loans, auto loans, residential mortgage loans, and SBA loans. The bank collaborates with local leaders to enhance community life by providing financial services and diversified business models.

Relay vs. Pacific City Bank Comparison

More banking features from Pacific City Bank

💼 Business CD: Offers competitive interest rates, allowing businesses to maximize their deposits.

💰 Cash Management Services: Secure solutions including remote deposit, ACH origination, wire origination, and Positive Pay, an anti-fraud service.

🔗 Wire Services: Facilitates both domestic and international transfers with an added Wire Notification service for transaction alerts.

🏢 Commercial Loans: A variety of tailored products such as commercial real estate loans, business term loans, and lines of credit.

🌐 Trade Finance: Specializes in international services like Letters of Credit, Standby Letters of Credit, and D/A & D/P processing.

🚗 Auto Loans: Financing options for various vehicles with competitive rates, catering to a wide range of customers including international students.

🏡 Home Loans: Expertise in both home purchases and refinancing, guiding customers throughout the loan process.

📱 Mobile Banking: Manage accounts on-the-go with features like account balance viewing, bill pay transactions, fund transfers, and mobile check deposits.

📈 SBA Loans: Support for small businesses through the U.S. Small Business Administration 7(a) and 504 loan programs, catering to diverse financing needs.

More banking platform features from Relay

Here at Relay, our vision is firmly rooted in the digital evolution of banking. We are dedicated to offering online business banking accounts that simplify your financial operations. Discover some of the exceptional features that set us apart:

📊 Transaction Insights: Relay provides an in-depth view of your cash flow, furnishing comprehensive vendor information, payment details, and customer data. This simplifies the process of understanding purchases and reconciling accounts.

🌎 Diverse Payment Methods: With Relay Pro, you gain access to same-day ACH payments and unlimited wire transfers, both domestically and internationally, all with transparent fee structures. Relay also facilitates wire transfers in your recipient's local currency, reducing foreign exchange costs.

📜 Safety Protocols: While Relay functions as a technology platform and not an FDIC-insured bank, we prioritize the safety of your funds. Each business account benefits from FDIC insurance through our partner banks such as Thread Bank. Additionally, Visa's Zero Liability Protection adds an extra layer of security against card theft.

👨‍💻 Digital Onboarding: Our modern online banking platform simplifies the account setup process, diverging from the traditional brick-and-mortar banking experience.

🧾 Seamless Software Integration: Relay seamlessly integrates with platforms like QuickBooks Online, Gusto, and Xero, ensuring efficient and precise account management for your accounting team.

✅ Unified Account Access: Relay simplifies the management of multiple business accounts under a single login, making transitions between accounts effortless.

💷 Profit-First Banking: At Relay, we've made implementing Profit First accounting straightforward, particularly the zero-balance approach. We understand that many business owners rely on spreadsheets, mental calculations, and guesswork for their daily financial management. With Relay, you can gain insights into your business's finances in seconds rather than hours.

🖥️ Automated Transfer Mechanisms: Our auto-transfer rules automatically move funds between your different accounts based on the rules you set.

🔒 Advanced Security Options: Relay offers role-based permissions, allowing you to define team member access levels, set spending limits, and remotely manage account activities.

Making the right choice: Relay vs. Pacific City Bank

In the realm of business banking, the choices you make can have long-lasting implications. Relay, with its innovative, digital-centric approach, is designed for businesses that value flexibility, transparency, and seamless integration. Its features are tailored to meet the dynamic needs of today's businesses, especially those that are tech-savvy and looking for a banking experience that aligns with the digital age.

On the other hand, Pacific City Bank has its roots deep in community banking, emphasizing personal relationships and a localized approach. For businesses that value face-to-face interactions, community ties, and a bank that understands local market nuances, Pacific City Bank stands out as a strong contender.

As you contemplate this decision, consider not just your immediate needs but also the long-term vision for your business. Which platform aligns with your growth trajectory? Which one offers the kind of support and services you'll need a year or even five years down the line?

And while Relay and Pacific City Bank both offer compelling advantages, it's always a good idea to have a broader perspective. Consider comparing these platforms with other industry leaders like Bank of America, Wells Fargo, and Chase to ensure you're making the most informed decision for your business's financial future.