Looking for a business bank in Georgia? In this guide, we compare Relay, an online banking platform, and Vinings Bank (now Georgia’s Own Credit Union), a traditional bank.
Traditional banks, like Vinings 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 a modern online banking and money management platform that puts small businesses in complete control of their cash flow. Relay’s digital-first approach creates a seamless banking experience without the inconveniences that sometimes come with traditional banks.
With up to 20 free checking accounts, SMBs can easily consolidate payments in one place. Businesses can also save for larger expenses or future goals by opening up to two savings accounts that earn 1-3% APY1.
What is Vinings Bank (now Georgia’s Own Credit Union)?
Vinings Bank, now known as Georgia’s Own Credit Union, is a Georgia-based financial institution that serves Georgia's business community.
Georgia’s Own Credit Union offers a range of business banking services, like business checking and business savings accounts, treasury management, and SBA loans.
Relay vs. Georgia’s Own Credit Union comparison chart
Features/Services | Georgia’s Own Credit Union | Relay |
Ideal Fit For | Georgia-based businesses | US-based small businesses |
Online Account Opening | ⛔️ | ✅ |
Number of Checking Accounts | 🟡 (For most business owners, only 1) | ✅ (20 individual checking accounts) |
Monthly Account Fees | Varies (up to $20) | No monthly fees |
Minimum Balance Requirements | Varies (up to $10,000) | No minimum balance |
Overdraft Fees | Up to $35 per overdraft | No overdraft fees |
ACH Fees | $32.00 monthly Service Fee for unlimited transactions, $31.00 Implementation Fee, $30.00 Return Item Fee)
| Free ACH payments |
Check Fees | Up to $99 annual credit for check order | Free check deposits and incoming payments |
Domestic Wire Fees | $15 per incoming transfer | $5 or Free with Relay Pro |
International Wire Fees | $50 per incoming transfer | $10 or Free with Relay Pro |
Same-day ACH | ✅($32 monthly fee) | ✅ (Free with Relay Pro) |
Interest-bearing Business Accounts | 🟡(only available with Preferred Business Checking and Corporate Plus Checking) | ✅ (1% to 3% APY on savings accounts) |
Number of Debit Cards | 🟡 (1 debit card per account holder) | ✅ (Up to 50 virtual or physical) |
Business Credit Cards | ✅ | ⛔️ No |
Accounting Integrations | ✅ (QuickBooks Online) | ✅ (QuickBooks Online and Xero) |
Banking Platforms | Web, Mobile | Web, iOS, Android |
Online Reviews | 1.3 Star Rating on Yelp | 4.6 Stars on Trustpilot |
Online and mobile banking
Relay’s online banking
Relay's user-friendly platform and mobile app help business owners manage their finances from anywhere, anytime, ensuring they're always in control. That means you can reconcile transactions, send payments, or simply check your balance whenever you need to.
Georgia’s Own Credit Union online banking
Georgia’s Own Credit Union offers a range of online tools to help businesses manage their finances. Their online banking platform lets businesses handle various banking tasks without visiting a branch.
Customers can use the Georgia’s Own Credit Union mobile app to check balances, transfer funds, deposit checks, and more. However, some services–like opening accounts–require in-person visits.
Monthly fees and other charges
Relay’s fee-free banking
Relay prides itself on transparency and affordability. When you manage your money with Relay, there are no account fees, overdraft fees, or minimum balances. This pricing structure means businesses can manage their finances without worrying about unexpected or variable costs.
Georgia’s Own Credit Union fee structure
Georgia’s Own Credit Union offers various business checking accounts tailored to different business needs. They do charge overdraft fees and if the minimum balance requirement is not met, monthly maintenance fees.
Their Primary Business Checking account is ideal for businesses with low to moderate transaction volumes and comes with 250 free transactions per month and up to $5,000 in free cash processing.
On the other hand, Preferred Business Checking is designed for established businesses with higher transaction volumes. It offers unlimited monthly transactions and free cash processing up to $10,000 per month.
Accounting integrations
Relay’s accounting features
Integrating business bank accounts with accounting tools can streamline financial management and reduce manual data entry. That’s why Relay offers seamless integrations with popular accounting tools like QuickBooks Online, Xero, and Gusto. This integration ensures that transactions are automatically synced, making reconciliation and financial reporting more efficient.
Georgia’s Own Credit Union accounting features
Georgia’s Own Credit Union also understands the importance of seamless financial management. They offer QuickBooks Webconnect, allowing businesses to easily connect their bank accounts with QuickBooks for efficient transaction tracking and reconciliation.
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 Georgia’s Own Credit Union offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, Georgia’s Own Credit Union offers a decent business checking account option and local community support.
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!
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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