Looking for a business bank in Ohio? In this guide, we compare Relay, an online banking platform, and Westfield Bank, a traditional bank.
Traditional banks, like Westfield 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.
Table of Contents
What is Relay?
Relay is a digital-first banking platform designed for modern businesses. With a focus on automation, integration, and user-friendly interfaces, Relay offers a suite of tools that make business banking seamless. From multiple checking accounts to direct integrations with popular accounting software, Relay is built for small business owners who value efficiency and clarity in their banking.
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
What is Westfield Bank?
Westfield Bank operates as a community-centric banking institution, emphasizing community banking with competitive rates, minimal fees, and exceptional customer service. Its banking team offers a range of services including checking accounts, savings accounts, mortgages, loans and lines of credit, retirement accounts, and certificates of deposit. Westfield Bank believes in people and their communities, ensuring that families and businesses in their neighborhoods thrive.
Relay vs. Westfield Bank comparison chart
Features/Services | Westfield Bank | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $12-$20 | $0 |
Minimum Opening Deposit | $100-$250 | None |
Minimum Balance Requirement | $1,500-$5,000 | None |
Overdraft Fees | Not specified | $0 |
Money Movement | Wire Transfer: $20-$45 ACH Payments: | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 30,000 | 55,000+ |
Branch Locations | 7 | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ✅ | ⛔️ |
Online Reviews | Insert reviews - do not use app reviews, find Yelp/Google/etc |
Multiple checking accounts
Relay
Relay offers up to 20 checking accounts with no monthly account fees. Businesses can distribute up to 50 virtual or physical Visa© debit cards, ensuring flexibility in managing expenses and payments. Relay's platform allows businesses to get granular with their financial controls. For instance, cards can be assigned to specific accounts, spending limits can be set, and businesses can assign up to seven different employee permission levels.
This level of granularity ensures that businesses have a clear snapshot of their finances at any given moment. Instead of spending hours or even days investigating financial records and reconciling accounts, Relay users can get insights into their business finances in mere seconds.
Westfield Bank
Westfield Bank offers business checking accounts tailored to meet the diverse needs of businesses. However, one limitation is that they do not support free multiple checking accounts. Each additional checking account opened with Westfield Bank comes with its own set of fees.
This fee structure can be a consideration for businesses that require multiple accounts to manage and segregate their finances effectively. While Westfield Bank provides a range of services and features with their checking accounts, businesses looking to maintain multiple accounts might need to factor in the associated costs.
ATM access and mobile banking
Relay
Relay offers its users the convenience of depositing and withdrawing cash from over 55,000 Allpoint ATMs across the United States, for free. This vast network ensures that businesses using Relay have easy access to their funds wherever they are.
In addition to ATM access, Relay's digital-first approach ensures that businesses can manage their finances, handle transactions, and integrate with popular accounting tools, all through our user-friendly online platform accessible via web or mobile.
Westfield Bank
Westfield Bank provides its customers with nationwide ATM access through over 30,000 MoneyPass ATMs. This extensive network ensures that wherever you are in the country, you're likely near a Westfield Bank-compatible ATM. Additionally, for those times when you might need to use an out-of-network ATM, Westfield Bank offers ATM fee reimbursement up to $12 per month.
Beyond ATM access, Westfield Bank also emphasizes digital convenience. With the My Westfield Bank app, customers can check account balances, view transactions, manage bill pay, and even deposit checks remotely. There are additional online banking options and financial services available through its website.
Customer support
Relay
Relay emphasizes a customer-first approach so that businesses have the support they need to manage their finances effectively. The Relay Financial Customer Experience Team is available to assist users with any inquiries or issues they might encounter. They can be reached via email or by calling their dedicated support number at 1-888-205-9304.
Relay's commitment to providing top-notch customer support ensures that businesses can focus on their operations, knowing that any banking-related concerns will be addressed promptly and efficiently.
Westfield Bank
Westfield Bank prides itself on being a community bank that's ready to meet the financial needs of its customers and enhance their banking experience. They offer a variety of support channels to assist their clients. Their Customer Resource Center has in-branch support for face-to-face assistance. For those who prefer digital communication, Westfield Bank offers online chat services available from Monday to Friday, 8 am to 6 pm, and on Saturdays from 9 am to 12 pm.
If customers find themselves locked out of their online banking accounts or need assistance with online banking features, they can call the dedicated helpline at 800.368.8930, which is available 24/7. This ensures that help is always just a phone call away, regardless of the time or day. Source
Verdict: Which banking partner is right for your business?
Relay and Westfield Bank offer unique features tailored to support business needs.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, Westfield Bank offers highly personalized and specialized service to those in the Akron and Cleveland areas.
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 !
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
