Relay 2.0 is the Relay you know and love, but better! Relay 2.0 is powered by improved banking technology and a new Partner Bank, Thread Bank. On Relay 2.0, you’ll have access to all the features you already rely on, plus free cash deposits at AllPoint ATMs, and monthly spend controls for debit cards. Additional new features—like interest-bearing savings accounts and balance-based transfer rules—will be available on Relay 2.0 in early 2023.
How does the Relay 2.0 upgrade impact you and your business?
- Relay 2.0 is a free, required upgrade; it does not include any changes to pricing or account fees
- Upgrading to Relay 2.0 requires you to start using new checking accounts and debit cards; original 1.0 accounts and cards will eventually need to be closed and deactivated
- You’ll have 60 days to move all money, deposits and withdrawals to your new 2.0 checking accounts; your 60-day period begins the day you receive an email invite to start your upgrade (you’ll be able to see how many days you have left, at any point, within your Relay account)
- To make the process easier, a custom checklist—inside your Relay account—will show you the withdrawals and deposits that you will need to update with your new banking and account details
- The day after your 60-day upgrade period ends, money will be automatically transferred to your new Relay 2.0 checking accounts (but only if your business has accepted Relay 2.0’s Terms of Service)
- Your original Relay 1.0 checking accounts will eventually be closed, and you will receive ample warning before this happens
How does the upgrade to Relay 2.0 work?
Once you have received an email inviting you to upgrade to Relay 2.0, you'll have access to an upgrade guide inside of Relay that will shepherd you through the following:
1. Start by accepting Relay 2.0’s Terms of Service.
- One business owner OR an accountant/bookkeeper with Super Admin access must accept Relay 2.0’s Terms of Service within your Relay account
- You’ll see an option to accept Relay 2.0's Terms of Service, in your account, once you receive an email inviting you to upgrade to Relay 2.0
2. Relay 2.0 checking accounts will be auto-created for you (1.0 accounts will still work).
- We’ll automatically recreate your checking accounts on Relay 2.0 once Terms of Service have been accepted
- Checking accounts will have the same names as your Relay 1.0 accounts, but different account and routing numbers
- Your Relay 2.0 checking accounts will be available alongside your existing Relay 1.0 checking accounts on your Accounts page; you will still be able to use your Relay 1.0 checking accounts during the 60-day upgrade period
- Your upgrade guide, inside your account, will help you reissue debit cards so that they work with your new accounts; existing Relay 1.0 cards will continue to work during the upgrade period (but only if your Relay 1.0 accounts have money in them)
You will have 60 days to move from Relay 1.0 to Relay 2.0 checking accounts.
- The 60-day transition period begins the day you receive an email inviting you to upgrade to Relay 2.0
- We’ll provide a custom checklist that includes all the recurring withdrawals and deposits that need to be updated with your new debit card and account details
- You'll be able to close your 1.0 checking accounts when they have $0 in them
A quick video tutorial, followed by written step-by-step instructions, is below.
Step 1: When you’ve been invited to upgrade to Relay 2.0, you’ll receive an email with the subject line “Action required: please upgrade to Relay 2.0 within the next 60 days.” You’ll see a link called "Relay 2.0" in your main menu. Click on it to go to your upgrade guide's homepage. This page provides more information about Relay 2.0:
You’ll see “Get started” buttons throughout the Relay 2.0 homepage. Click on one of the buttons to review and accept Relay 2.0's Terms of Service.
Step 2: Accept Relay 2.0's Terms of Service by clicking "Upgrade to Relay 2.0."
Once you (or any business owner or accountant/bookkeeper with Super Admin access) accept the Terms of Service, new 2.0 checking accounts will be automatically created for you. Your checking accounts will have the same names as your existing accounts, but new account and routing numbers.
Step 3: Reissue your debit cards.
You’ll see a list of all your debit cards. You can choose to reissue all cards or only some cards. Your Relay 1.0 cards will continue to work during the 60-day upgrade period as long as your 1.0 checking accounts have money in them. Your Relay 1.0 cards will, however, be deactivated after your 1.0 checking accounts have been closed.
New, Relay 2.0 virtual cards will be activated as instantly as they’re created. Physical cards will arrive at their mailing address in 8-10 business days after being reissued, and they can be activated after they arrive at app.relayfi.com/activate.
Step 4: Start moving money to your new checking accounts.
You don’t need to move all your money during this step of your upgrade. We recommend leaving some money if your Relay 1.0 checking accounts to cover any pre-authorized transactions or scheduled payments. You can move money to your new checking accounts later from your Accounts page using the "Move money" button.
Please keep in mind that it can take up to one business day for your money to settle in a Relay 2.0 checking account when moved from a 1.0 checking account.
Step 5: Confirm your transfer to Relay 2.0 checking accounts. Once you click “Review and confirm transfer to Relay 2.0, you’ll be taken to a confirmation page to review your transfer before completing it.
Step 6: Head to your Accounts page where you’ll see both your Relay 1.0 and Relay 2.0 checking accounts:
From here, you can move money from Relay 1.0 to Relay 2.0 checking accounts by clicking “Move money” and sending an ACH transfer like you would when sending a regular payment. Your Relay 1.0 and Relay 2.0 accounts will be labeled so you can equally distinguish between the two while setting up your transfer.
You should plan for money to take up to one business day to settle in a Relay 2.0 checking account when moved from a 1.0 checking account.
Step 7: Your upgrade guide includes a custom checklist comprising deposits and withdrawals from the last 90 days that need to be redirected to your Relay 2.0 accounts.
Your checklist includes three parts:
- Recurring debit card transactions from the 90 days leading up to your upgrade
- Withdrawals (like ACH pull) that have taken place at least once in the 90 days leading up to your upgrade
- Deposits that have hit your account at least once in the 90 days leading up to your upgrade
Each transaction includes a “last transaction date” to help you figure out when to move the transaction to a Relay account.
You can check off transactions, as complete, as you move them to a 2.0 account to help you keep track!
What to do once you have Relay 2.0 checking accounts and debit cards
1. Start by moving deposits to Relay 2.0 checking accounts.
- Use your Relay 2.0 checklist to see which customers and tools regularly deposit money into your account—make sure they have your new banking details ASAP
- This article includes instructions for updating banking details in payment processors like PayPal, Square and Stripe
2. Then, start moving pre-authorized debit card transactions.
- This would be software subscriptions and utility bills that charge your card on a monthly basis
- Your Relay 2.0 checklist list includes all the vendors that have charged your card at least twice in the last 90 days—make sure they have your new debit card details.
- This article includes instructions for updating banking details in tools like Google G Suite, Slack, Zoom and more
3. Update other types of withdrawals with new account details.
- Think payroll processing tools and other vendors that pull pre-authorized ACH transfers from your account
- Your Relay 2.0 checklist includes all the vendors that have withdrawn money from your account at least twice in the last 90 days
4. Move remaining balances from 1.0 to 2.0 checking accounts.
- Send ACH transfers from your 1.0 to 2.0 accounts
- Click the “Move money” button on your accounts page to do so (money will settle in your new accounts within one business day)
- Please plan for money to take up to one business day to settle
- Updating payroll tools: If a tool, like Gusto, pulls money out of your account automatically for payroll, we recommend updating your payroll platform with Relay 2.0 account details once a payroll cycle is complete/a new payroll cycle is beginning (this article may help you with this)
- Recurring transfers and payments: Recurring transfers and payments will need to be recreated to work with Relay 2.0 accounts
- Payee profiles and data: Your payee’s banking details and W-9 forms will carry over to 2.0 accounts; they do not need to be updated as part of the upgrade
- Accounting integrations: integrations with QuickBooks Online, Xero and Hubdoc will need to be reconnected to work with Relay 2.0 checking accounts
- Checks: Check deposits and payments will not be available for Relay 2.0 checking accounts until early in 2023; checks can still be sent and received using a Relay 1.0 checking account during the upgrade period
Your historical Relay 1.0 transaction data and statements
You will maintain access to transaction data and statements from your Relay 1.0 checking accounts even after they have closed.
Once you have closed your 1.0 accounts, you will be able to toggle between active accounts and closed accounts. Within a closed account, you will be able to download historical statements and view all transaction data.
Frequently asked questions
Why is Relay requiring all customers to upgrade to Relay 2.0?
Relay is on a mission to build an all-in-one money management platform that gives you unparalleled clarity into what you’re earning, spending and saving. Moving to a new Banking Technology Partner will get us there faster. Think speedier development of features like interest-bearing checking accounts, balance-based transfer rules and more.
What happens if I don’t upgrade to Relay 2.0?
Unfortunately, your Relay account will be closed and the money in your account will be mailed to you via check.
Does the upgrade include any changes to pricing or fees?
No. There are no changes to pricing or account fees.
Do all beneficial owners need to accept Relay 2.0’s Terms of Service?
No. Only one beneficial owner needs to accept Relay 2.0’s Terms of Service. Alternatively, an accountant or bookkeeper with Super Admin access can accept Relay 2.0’s Terms of Service on your behalf.
Can my accountant or bookkeeper complete the upgrade for me?
Yes, an accountant or bookkeeper with Super Admin access can accept Relay 2.0’s Terms of Service, reissue debit cards and move money using the upgrade guide available in your Relay account.
Will my Relay 1.0 debit cards and checking accounts stop working when I start the upgrade?
No. You can continue using your original Relay 1.0 debit cards and checking accounts during your 60-day upgrade period. You can move your money and transactions over to Relay 2.0 checking accounts at your own pace over the 60-day period. You'll see your 1.0 and 2.0 checking accounts on your Accounts page, and your 1.0 and 2.0 debit cards on your Cards page.
In what order should I move my money, cards, deposits and withdrawals over to Relay 2.0?
We recommend following this order:
- Deposits. Update all payment processors—tools like Square, Stripe and PayPal—with your new account and routing numbers. Then make sure any business or individual sending you payment has your new Relay 2.0 account information.
- Debit cards. Once all of your new Relay 2.0 cards are activated, update your subscriptions and other pre-authorized card transactions with your new debit card details.
- Withdrawals. Update pre-authorized ACH pulls—like your payroll processor—with your new account and routing numbers.
- Remaining balance. Move all money remaining in Relay 1.0 checking accounts to your Relay 2.0 checking accounts. We recommend doing this on a day when you don’t have any outstanding checks or payments that need to settle from your Relay 1.0 account.
Once the four steps above are complete you’ll be all set to solely use your Relay 2.0 accounts!
Will I be able to leave some money in my Relay 1.0 account during the 60-day transitionary period? Just in case someone tries to withdraw money or charge a debit card?
Yes! You leave some money in your Relay 1.0 account until you have completely moved over all pre-authorized card transactions and withdrawals like ACH pulls from your payroll platform.
How and when do I move my money over to Relay 2.0?
You have 60 days to move your money once you receive an email inviting you to upgrade to Relay 2.0. The first step is to accept Relay’s Terms of Service inside of your Relay account. From there, new Relay 2.0 checking accounts will be created for you. You can move your money in increments or all at once using free, same-day ACH transfers.
We have made it easy to jump between your 1.0 and 2.0 checking accounts so you can keep track of where your money and in- and outgoing payments are at all times.
Where is my Relay 2.0 checklist and what does it include?
Your customer checklist can be found inside your account; it includes:
- Recurring card transactions that need to be updated with your new Relay 2.0 debit cards (recurring, in this case, means more than once in the 90 days leading up to the start of your upgrade)
- Other types of withdrawals (like ACH pulls) and deposits that have occurred at least once in the 90 days leading up to the start of your upgrade
What happens if someone tries to deposit or withdraw money from a Relay 1.0 checking account after it has closed?
Any deposits made to a closed Relay 1.0 checking account will return back to the sender. Transactions in which money is withdrawn from a Relay 1.0 checking account (like a debit card charge or ACH pull) will fail. Relay will not charge any fees for these failed transactions, but the initiating merchant may charge a fee.
How long will it take for my money to settle once I move it to my Relay 2.0 checking accounts? Will I lose access to my money?
If funds are sent before 12 PM Est, they will be available at the start of the next business day. However, if they are sent after 12 PM Est, then the funds will be available at the start of the business day after that.
How long will it take to receive my re-issued physical debit cards?
Re-issued physical debit cards will arrive at their destination in 8 to 10 business days.