If you’re a business looking for a new banking solution in Michigan, keep reading. In this guide, we’ll compare Relay and Nicolet National Bank. Relay is an online banking platform. Nicolet National Bank is a traditional bank in Michigan. 🏦
A traditional bank like Nicolet National Bank has multiple features. Traditional banks offer a blend of in-person and online services. Modern platforms like Relay are completely digital. Digital banking experiences are great for businesses.
Let’s dive into what makes each institution unique.
In this article:
What is Relay?
Relay has modern online banking and money management features. 💚 These solutions help small businesses oversee their cash flow. Relay’s users can create up to 20 free checking accounts. They can also handle multiple payments from one central location.
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
The digital-first approach that Relay takes allows it to create a balanced and smooth banking experience. Relay users are also able to avoid common obstacles of traditional banking. With savings accounts, small businesses can grow their money. These savings accounts earn between 1-3% APY1.
What is Nicolet National Bank?
Nicolet National Bank is a traditional bank headquartered in Green Bay, Wisconsin. It offers both checking and savings accounts for businesses. Agriculturally-based accounts and wealth management solutions are also available. 💰
This bank has dozens of branch locations. Its Michigan locations are primarily located in northern Michigan. In addition to banking, Nicolet National Bank also remains involved in the local community.
Relay vs. Nicolet National Bank Comparison Chart
Features/Services | Nicolet National Bank | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $10 | $0 |
Minimum Opening Deposit | $100 | None |
Minimum Balance Requirement | $250-$3,500 average collected balance | None |
Overdraft Fees | $0 | $0 |
Money Movement | Wire Transfer: Varies by account ACH Payments: Varies by account | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 46 | 55,000+ |
Branch Locations | 14 branches in Michigan (46 total) | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ⛔️ | ⛔️ |
Online Reviews | 3.5 Star Rating Average on Google Reviews |
Online and Mobile Banking
Relay Mobile and Online Banking
Relay is accessible through either a mobile app or a web-based option. Both platforms include easily navigable menus. Optimized platforms allow for efficient and organized work. Managing money with Relay allows for additional features. These features include receipt capture via your mobile camera and virtual debit cards. 💳
Nicolet National Bank and Online Banking
Nicolet National Bank tailored most of its online banking services towards personal accounts. This bank has a mobile app and a desktop online banking service. Features of its online banking applications include mobile check deposit and fee-free ATM access.
Monthly Fees and Other Charges
Relay Fees
Relay has affordable and transparent pricing for their services. This includes a system that is free from monthly fees or overdraft fees. Minimum balances aren’t required at Relay. This means your money is free to grow your business. 💸
Nicolet National Bank Fees
Nicolet National Bank does have a few fees for its Small Business Checking account. You can waive the monthly maintenance fee with a minimum deposit of $250 or a minimum of 5 debit card uses per month. There is also a fee for a printed or mailed monthly statement.
Accounts Payable
Relay Accounts Payable
As a business owner, you understand the importance of paying bills accurately and on time. The Relay accounts payable features make this process more efficient. The all-inclusive Relay dashboard manages bill payments and offers vendor contract savings for future payments. You can also link Relay with Quickbooks Online and Xero. 💻
Relay Pro is Relay’s paid tier. It offers even more features such as same-day ACH and free outgoing wires. You can also add multi-step approval rules for people on your time to allow for easier processing.
Nicolet National Bank Accounts Payable
Nicolet National Bank offers ACH origination and wire transfers to make paying others easier. Sweep options offered by this bank automatically transfer money over a certain limit to a specified account. 📲
Verdict: Which banking partner is right for your business?
It’s important to choose the right banking partner to ensure the success and growth of your business. Both Relay and Nicolet National Bank offer unique features tailored to support your business needs. 💵
Relay provides a digital-first approach that includes seamless integrations and no monthly fees. Nicolet National Bank offers community support and several decent business checking account options.
Consider your goals and the type of support you need to find the right banking fit for your business. Then, choose the banking platform that most aligns with your business plans. If you’re ready to sign up for Relay, you can do so 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.
Learn more
