What are your thoughts on the horror stories of relay randomly shutting down accounts, freezing transactions and issuing bad checks? I so badly want to make this my go to account for my LLC but the stories scare me
If you Google "[name of any bank] closed my account" you'll find lots of similar stories about most every bank out there. A lot of these instances are related to potentially fraudulent activity on the account holder's part. Banks carry a lot of liability if they don't report suspicious activity to regulators and take action. NYT published an article about this last year: www.nytimes.com/2023/04/08/your-money/bank-account-suspicious-activity.html So it's not unique to Relay. I also believe negative experiences are overrepresented across the board. We shouldn't completely dismiss someone's honestly negative experience, but we should understand that people who are unhappy with a business are far more likely to share about it publicly than people who are perfectly happy with the service. In other words, I think these random closures are incredibly rare and you don't have much to worry about. For what it's worth, I haven't had any issues. But just to be safe, if you plan on doing something that you're worried might get flagged as suspicious, you could try reaching out ahead of time - similar to how you might call your bank before going on an overseas trip so they don't freeze your card when they see unusual transactions come through.
What are your thoughts on the horror stories of relay randomly shutting down accounts, freezing transactions and issuing bad checks? I so badly want to make this my go to account for my LLC but the stories scare me
If you Google "[name of any bank] closed my account" you'll find lots of similar stories about most every bank out there. A lot of these instances are related to potentially fraudulent activity on the account holder's part. Banks carry a lot of liability if they don't report suspicious activity to regulators and take action. NYT published an article about this last year: www.nytimes.com/2023/04/08/your-money/bank-account-suspicious-activity.html
So it's not unique to Relay.
I also believe negative experiences are overrepresented across the board. We shouldn't completely dismiss someone's honestly negative experience, but we should understand that people who are unhappy with a business are far more likely to share about it publicly than people who are perfectly happy with the service. In other words, I think these random closures are incredibly rare and you don't have much to worry about. For what it's worth, I haven't had any issues. But just to be safe, if you plan on doing something that you're worried might get flagged as suspicious, you could try reaching out ahead of time - similar to how you might call your bank before going on an overseas trip so they don't freeze your card when they see unusual transactions come through.