Looking for a business bank in Georgia? In this guide, we compare Relay, an online banking platform, and The First Bank, a traditional bank in Georgia.
Traditional banks, like The First 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 an online business banking and money management platform. Relay’s financial services are designed to help small businesses take control of their cash flow.
Our customers can access cost-effective, convenient business banking solutions anywhere, anytime. There are no account fees, overdraft fees, or minimum balance requirements. Plus, Relay offers percentage-based account allocations and integrations for popular accounting tools.
What is The First Bank (formerly Southwest Georgia Bank)?
Southwest Georgia Bank (SGB), now known as The First Bank, is a traditional banking company that has been serving the Georgia community for years.
The First Bank is headquartered in Hattiesburg, Mississippi, and also maintains operations in Louisiana, Alabama, Florida, and Georgia. They offer a range of business banking solutions, like checking accounts, savings accounts, and commercial loans.
When was Southwest Georgia Bank acquired?
M. Ray “Hoppy” Cole, Jr., the Chief Executive Officer of First Bancshares Inc., led the initiative to acquire Southwest Georgia Bank on April 3, 2020. The First Bancshares, the bank holding company for The First, A National Banking Association, acquired both Southwest Georgia Bank (SGB) and its parent company, Southwest Georgia Financial Corporation.
Relay vs. The First Bank comparison chart
Feature | The First Bank | Relay |
Online Account Opening | ⛔️ | ✅ Create an account in less than 10 minutes |
Number of Free Checking Accounts | 1 (First Free Business Checking) | ✅ 20 individual accounts with unique numbers |
Monthly Account Fees | $0 to $20 (Depends on type of business account) | ✅ No fees |
Minimum Balance Requirement | $0 to $5,000 (Depends on type of business account) | ✅ None |
Overdraft Fees | $36 fee per overdraft (no fee if the transaction overdrafts account by less than $10) | ✅ None |
ACH Payments | 🟡 Cost varies by account type and by account activity thresholds | ✅ Free |
Check Deposits & Incoming Payments | 🟡 Cost varies by account type and by account activity thresholds | ✅ Free |
Mobile Check Deposits | ✅ | ✅ |
Domestic Wires | $15 per incoming transfer, $20 per outgoing transfer | $5 (Free with Relay Pro) |
International Wires | $15 per incoming transfer, $50 per outgoing transfer | $10 (Free with Relay Pro) |
Savings Accounts | ✅ Business First Money Market account | ✅ Automated savings (1% to 3% APY) |
Business Credit Cards | ✅ | ⛔️ |
Accounting Tool Integration (e.g., QuickBooks) | 🟡 (may be offered through Treasury Management services) | ✅ |
FDIC Insured | ✅ | ✅ |
Online banking | Web and mobile app | Web, iOS, Android |
Online Reviews |
Online and mobile banking
Having on-the-go access to your business finances is crucial. Relay offers a robust online banking platform accessible via web, iOS, or Android.
With features like mobile check deposit, real-time transaction alerts, and seamless integrations with popular accounting tools, Relay ensures business owners can manage their finances anytime, anywhere. The intuitive user interface and multi-user access with varying permission levels make it easy for teams to collaborate and manage finances efficiently.
Southwest Georgia Bank offers digital banking solutions, allowing businesses to manage their finances from the comfort of their office or home. They might not have the extensive digital features that newer platforms offer, but they provide essential online services like account monitoring, funds transfer, and bill payments.
Monthly fees and other charges
Relay offers a transparent fee structure. Businesses can enjoy the benefits of 20 individual checking accounts with unique account and routing numbers without any monthly account fees.
There are no minimum balance requirements, no monthly service fees, and no hidden fees. This transparency ensures businesses can budget effectively without unexpected charges.
For businesses looking for traditional banking solutions, The First Bank offers one type of Business Checking account with no monthly maintenance fee. However, certain conditions must be met to waive a service fee.
Still, customers should be aware of the associated fees. Certain account types offered by The First Bank charge by transaction. Other account types charge per transaction once a customer reaches their transaction threshold. If you use multiple bank accounts to budget or manage your cash flow with the Profit First method, these transaction costs can add up quickly.
Accounting integrations
Accounting integrations can save businesses precious time and money. That’s why Relay offers direct integrations with popular accounting software like QuickBooks Online, Xero, and Gusto. This means you can automatically sync transactions, reduce the need for manual data entry, and minimize the risk of errors.
While The First Bank provides essential online banking services, they might not have the extensive third-party integrations that digital-first platforms like Relay offer. Businesses might need to rely on manual data imports or employ other tools to bridge the gap between their bank and accounting software. It's always recommended to discuss available integrations with the bank's representatives to understand any workarounds they might suggest.
Customer support
Customer support is paramount, especially when it comes to your business finances. Relay’s customer support team can assist you via phone, email, or through our online Help Center.
The First Bank offers phone, email, and in-person customer support. For businesses that value face-to-face interactions and personalized service, The First Bank offers this through its traditional banking model. However, it's worth noting that their digital support channels might not be as extensive as online banking platforms like Relay
Making the right choice for your business banking needs
Choosing the right banking partner is a critical decision for any business. It's about more than just fees or features; it's about aligning with a financial institution that understands and supports your business goals.
While The First Bank brings the warmth of community banking, Relay offers a modern, digital-first approach tailored for today's businesses. Both have their strengths, and the best choice ultimately depends on your business's unique needs and preferences.
Assess what's most important for your operations, and remember that the right banking partner can be a catalyst for your business's growth and success.
Ready to sign up for Relay? You can get started entirely online here!
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