Offer at a glance
- Maximum bonus amount: $150
- Availability: Nationwide, only to those affected by Brex change
- Direct deposit required: None
- Additional requirements: None
- Hard/soft pull: Unknown
- Credit card funding: Unknown
- Monthly fees: None
- Early account termination fee: None listed
- Household limit: None listed
- Expiration date: None listed
- Insurance: FDIC (partnered with Evolve Bank & Trust, Member FDIC)
The Offer
Relay Financial, a platform for small business banking and cash management, is offering the following signup bonus for small businesses who were affected by the recent Brex decision to stop services to small businesses:
- To help ease the transition from Brex to Relay, former Brex customers get $150 when they open an account and deposit at least $1 into a new Relay account.
- Requires proof that you were affected by Brex’s decision to end support for small businesses; just forward your account closure notice to [email protected].
The Fine Print
- This promotional offer is open to organizations that were notified by Brex on June 16, 2022, that their Brex accounts would be closed due to a shift in company strategy.
- Organizations impacted by Brex’s decision can register for a new Relay account and receive a one-time Offer of $150 USD. The Offer will be deposited into an organization’s new Relay account once the account has been approved, and the organization has deposited a minimum of $1 into the account. Additionally, organizations will need to prove they were impacted by Brex’s decision by forwarding their account closure notice email to [email protected].
- The $150 USD deposits may take up to fourteen (14) days after an organization has deposited requisite funds into their new Relay account and email proof has been sent to [email protected].
Avoiding Fees
Relay has no monthly fees and no minimum balance and no overdraft fees.
Our Verdict
Relay Financial is a platform for small business banking and cash management, much like what Brex was pitching to small businesses until their recent shift. This $150 bonus is a quick and easy win for anyone who was affected by the Brex change and wants to try out a new platform.
Relay is a fully virtual bank with no fees, allows opening up to 20 individual business checking accounts, comes with ACH capabilities and with the ability to issue up to 50 physical or virtual debit cards. They also offer a premium account for $30/month, called Relay Pro, which offers same-day ACH availability, free outgoing wire transfers, and the the ability to import bills from QuickBooks and Xero. (You can see the NerdWallet review on Relay here. Be sure to signup for this offer on the dedicated Brex bonus page linked above.)
Anyone have a $50 referral link?
Did anyone get a 1099 from them?
I did not.
Any reason to keep this account open? I haven’t had any luck using it as DD, anyone else?
They’re offering a boosted $75 referral bonus through October for a deposit of $100:
https://relayfi.com/referral-program-terms
I’m late but used your link and went pending. Thanks
Thanks! I haven’t seen anything post yet, but hopefully it will once yours posts
It posted last week, thanks again
RJ !
Is your referral link currently active?
It should be. They don’t have the referral links listed on their site, but as far as I know the one they emailed me last year should still work
Shutdown notice today. Barely used the account. Less than 10k of activity as a former Brex customer.
“Your account has been locked by our compliance team. This is most often due to concerns around or transactions in Relay, or with the documentation for or the nature of the business.”
Anyone else having issues with ACH transfers from Relay to another external account (even in your own name), getting cancelled all the time?
Approved and never asked to send Brex closure email and I applied thru the link with the Brex promo
6/19 – opened account and forwarded Brex closure email
6/22 – initial funding and $150 bonus both posted
I’m testing DD capability using “Payroll” in the memo field when sending an ACH payment. I should have results from BMO Harris and SoFi by 6/24.
DP: Using “Payroll” in the memo field shows up as “Direct Deposit” for SoFi. BMO Harris is still pending but shows as “WEB RELAY”. Looks like Relay might just be a great alternative for DDs.
Good note 🙂
Testing if it sends as PPD hopefully will know by tomorrow. Testing SoFi and a CU. Also hopeful the Bonus posts tomorrow for the $150 Noting yet but the opening funds just appeared today.
I know the Description what is important part for SoFi and not so much for the type.
don’t think the memo field means anything for the recipient.
In regards to SoFi it shows as direct deposit because I believe it came from business or the word Credit is in the string which happens to work along side payroll or direct dep
Tested relay to lmcu and it shows as a ach web type. “Credit” is within the memo.
I can confirm Relay also doesn’t count as direct deposit at HMBradley or One Finance. Bummer because Brex worked for both.
I did all the initial things they asked for and because it’s an LLC, I also had my other business owner to upload his ID and video. Now they are asking for website, bank statements, proof of funding etc. I told them to just not proceed with the account opening. I don’t have a website and I told them, but I can provide the other things they asked for. They said no, they need everything. Seems like YMMV.
odd, they don’t seem to have a consistent standard. I have a LLC that is pretty dormant–the bank account is just for funding a brokerage account under the LLC name. I don’t have any website and my addresses on bank statements were not the same as the address I use in Relay application. They were fine after I explained these to them
Update: After I wrote an email and told them to not open the account, the account was mysteriously approved today. Lol.
P1/P2 Applied and Approved within hours. (EINs not Sole Prop)
Did the whole authorize video and uploaded the documents. 1 of 2 accounts I didn’t have a website so I put na.com in it. In my description of the business it was clear a website wasn’t needed and I wasn’t asked or pushed for one even though it was a mandatory field.
Relays support has been super helpful. Had a few questions for them leading up to taking this offer. Was very prompt when answering which is nice. Pretty much same day approvals.
After sending the Brex closure notification – received the message that I would receive the bonus after funding was done. Not funding amount or timeline was given but reading other DPs here I will give it time like one person received a 2 week notification for bonus turn around.