Are you looking for a business banking solution in Michigan? If you’re looking for a business banking solution, you’ve come to the right place. In this guide, we will evaluate Relay and the United Bank of Michigan. Relay is an online banking platform. The United Bank of Michigan is a traditional community bank. 🏦
Traditional banks such as the United Bank of Michigan come with multiple features. They have a blend of both in-person and online services. Modern platforms, like Relay, are fully digital. Their banking experiences are great for businesses.
Now, let’s see what makes each of these banking solutions stand out.
In this article:
What is Relay?
Relay is a modern online banking platform. 💚 It offers money management solutions that help small businesses. Relay’s users can create up to 20 free checking accounts to manage their business’s cash flow. They can also handle multiple payments from one centralized place.
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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The digital-first approach that Relay takes benefits business owners. It creates a seamless banking experience. It also avoids common obstacles found with traditional banking. With Relay, you can also grow your money with savings accounts. These accounts earn between 1-3% APY1.
What is the United Bank of Michigan?
The United Bank of Michigan is a long-standing traditional community bank. It offers business checking, savings, and lending. There are three tiers of business checking accounts, plus a high-yield business checking account. 💰
The bank also offers online banking features. These include 24/7 website access, email/text alerts, and electronic statements. Besides banking, the United Bank of Michigan supports its local community and grows financial literacy in the state.
Relay vs. United Bank of Michigan Comparison Chart
Features/Services | United Bank of Michigan | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web access | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $7-$100 maintenance fees, $5 paper statement fees | $0 |
Minimum Opening Deposit | $100 | None |
Minimum Balance Requirement | $250-$15,000 | None |
Overdraft Fees | $0 | $0 |
Money Movement | Wire Transfer: Varies by account holder ACH Payments: Varies by account holder | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 1 | 55,000+ |
Branch Locations | 13 branch locations | Online-only |
Interest-bearing accounts | ✅ 0.05-0.30% APY on savings depending on the balance | ✅1-3% APY on savings depending on the balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews | 4.1 Star Rating Average on Google Reviews |
Online and Mobile Banking
Relay Mobile and Online Banking
You can access Relay through a mobile app or website. Both of these platforms have easy access. This allows for work to be efficient and organized. Money management with Relay gives rise to additional features. These features include receipt capture and virtual debit cards. 💳
United Bank of Michigan and Online Banking
The United Bank of Michigan doesn’t have a dedicated app for mobile banking. Instead, they offer online banking through their website. They offer real-time account management through their online option. Email alerts, text alerts, and e-statements are available for account review and notifications.
Monthly Fees and Other Charges
Relay Fees
Relay is incredibly affordable. Their pricing has no monthly fees or overdraft fees. Business owners also won’t run into minimum balances. This frees up business funds to allow your business to grow. 💸
United Bank of Michigan Fees
The United Bank of Michigan has fees for each of its three business checking account options. You can avoid these monthly fees of $7 to $50 by maintaining a minimum balance of $2,000 to $15,000.
There are also service charges if you exceed your maximum number of transactions per month. You can also waive paper statement fees by switching to e-statements.
Accounts Payable
Relay Accounts Payable
If you’re a business owner, you understand the importance of paying bills on time. Relay’s accounts payable features make this process easier. They have a comprehensive dashboard for bill payments. Relay also offers vendor contract savings for future payments. Integrations with Quickbooks Online and Xero are also available. 💻
Relay’s paid tier is Relay Pro. It has additional features such as same-day ACH and free outgoing wires. You can also set up multi-step approval rules for your employees. This allows for easier processing.
United Bank of Michigan Accounts Payable
You can download account information with the United Bank of Michigan’s online banking option. You can download the information in a Quickbooks- or Quicken-friendly format. There are also options for ACH payments, bill pay, and wire payments.
Verdict: Which banking partner is right for your business?
It is important to choose the right banking partner for your business. This is crucial for business success and growth. Relay and the United Bank of Michigan both offer unique features to support business needs. 💵
Relay provides a digital-first banking approach. This includes seamless integrations and no monthly fees. The United Bank of Michigan offers decent business checking account options. It also offers local community support.
Consider your goals when choosing the right banking solution for your business. Additionally, think about what type of support you need. Afterward, choose the banking platform that aligns with your business plan. Click here if you’re ready to sign up with Relay. You can sign up entirely online! 🔗
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
