| 11/16/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Managing an account
- Deposits and withdrawals
|
|
Web |
|
|
This is the entire email conversation I've been able to have with Relay about my frozen accounts since I attempted to deposit a check from a client.
The bank refused to deposit the check without a copy of a contract between my business and my client, something I am quite sure is not a legal requirement for such a small deposit.
Additionally, Relay 's compliance team next decided to not only freeze that deposit, but to then freeze all transfers into and out of all of my business accounts. Deposits, payments, automatic ach draws, all failing left and right. This is beginning to affect my business credit rating as payments are missed to vendors, and it is definitely blocking my ability to do business.
I need Relay financial to release the freeze so I can remove the funds from these accounts, transfer them to another business bank and so I can close my accounts with Relay Financial.
The transcript of the emails follows from newest to oldest in order.
**************************** XXXX, I have no access to my business account funds. Transfers of all funds into or out of accounts at Relay have been frozen. Deposits are failing, and payments to vendors are failing. Automatic charges are failing.
Relay financial is causing significant harm to my business credit rating, my ability to do business, and soon automatic payments to the IRS and California State Franchise tax board will be coming up and the government will become involved.
XXXX, I called customer service at Relay Financial and the support person told me that there is nobody who can fix this other than you specifically.
I need this resolved. What is happening right now to resolve this? When can I expect to regain access to my funds?
I have submitted an official legal and regulatory complaint with the company. My next step is to file a complaint against Relay Financial and Thread bank with the Consumer Financial Protection Bureau.
XXXX XXXX XXXX # # - Please type your reply above this line - # # Your request ( XXXX ) has been updated. To add additional comments, reply to this email.
XXXX XXXX ( Relay Financial ) XX/XX/2023, XXXX EST Hi [ redacted ], We apologize for any inconvenience this may cause. The compliance team regularly reviews transactions and is required to reach out to certain business owners depending on the nature of the transaction. We emphasize security for Relay account holders and our own organization and undertake this process to best ensure we can uphold this value.
Again, we apologize for any inconvenience caused.
Best, XXXX XXXX.
Onboarding Specialist Relay Make sure youre getting the most out of Relay : https : //support.relayfi.com/hc/en-us [ signature ] XX/XX/2023, XXXX EST The money is already in my account, just leave it alone. Im taking steps of my own to close my accounts with Relay as a result of this interaction.
XXXX XXXX ( Relay Financial ) XX/XX/2023, XXXX EST Hi [ redacted ], We sincerely apologize for any disruption caused due to the temporary account freeze. The occurrence was a result of an automatic verification process that couldn't be completed for the recent check deposit. In such cases, our compliance team steps in to ensure the security and integrity of all transactions. They make every effort to verify its details.
Please rest assured that we have taken measures to prevent such instances from happening again, except when absolutely necessary to maintain security.
I have reached out to our banking partner to put a stop to this payment, and I will have an update for you shortly.
Thank you for your patience and understanding.
Best, XXXX XXXX.
Onboarding Specialist Relay Make sure youre getting the most out of Relay : https : //support.relayfi.com/hc/en-us [ signature ] XX/XX/2023, XXXX EST I will be closing my relay accounts today. This has been ridiculous. No bank operates like this.
XXXX XXXX ( Relay Financial ) XX/XX/2023, XXXX EST Hi [ redacted ], We apologize for any inconvenience caused. However, once the check is under clearing status, the payment can only be stopped by the issuer or the issuer 's bank. We understand your frustration and we apologize for any misunderstanding. If you have any further questions or concerns, please let us know and we'll be happy to assist you.
Best, XXXX XXXX.
Onboarding Specialist Relay Make sure youre getting the most out of Relay : https : //support.relayfi.com/hc/en-us [ redacted ] XX/XX/2023, XXXX EST XXXX, I have asked the client to issue an ACH payment to my other business bank. Please void the check I uploaded from [ client ].
[ signature ] XX/XX/2023, XXXX EST This is ridiculous. I will not be wasting more time on this with Relay Financial.
[ signature ] On XX/XX/2023, at XXXX, XXXX XXXX ( Relay Financial ) XXXX wrote : XXXX XXXX ( Relay Financial ) XX/XX/2023, XXXX EST Hello [ redacted ], I understand your concerns about the request for a contract with your client. At Relay Financial, we aim to make banking as straightforward as possible for our customers. However, there are certain protocols we need to follow for some transactions. I'm very sorry if this has caused any inconvenience.
Please note that these measures are in place to ensure all transactions ' security and comply with financial regulations.
With that, our compliance team requires supporting documents to verify the details of this transaction. If you have any signed documents or any other form of evidence that can help us in this process, please provide them. I apologize for any inconvenience caused and appreciate your cooperation in this matter.
If you have any further questions or need additional assistance, feel free to ask. We value your business and are here to help.
Best, XXXX XXXX.
Onboarding Specialist Relay Make sure youre getting the most out of Relay : https : //support.relayfi.com/hc/en-us [ signature ] XX/XX/2023, XXXX EST I cant provide the requested contracts because they dont exist because there is no contract between me and the client because the time and materials nature of the work is not contractually based.
Was that not clear in my initial email to you?
If this is going to continue to be a problem. I will simply stop using Relay bank for my business banking needs.
[ signature ] On XX/XX/2023, at XXXX, XXXX XXXX ( Relay Financial ) XXXX wrote : XXXX XXXX ( Relay Financial ) XX/XX/2023, XXXX EST Hi [ redacted ], Thank you for your response.
We sincerely apologize for any disruption caused due to the temporary account freeze. The occurrence was a result of an automatic verification process that couldn't be completed for the recent check deposit. In such cases, our compliance team steps in to ensure the security and integrity of all transactions. They make every effort to verify its details.
We understand that this may be a new requirement for you, and we apologize for any inconvenience caused. However, we must maintain the highest level of security and compliance.
By providing the requested documentation, you will help us expedite the verification process and ensure a smooth experience for future transactions as well. If you have any further questions or concerns, please feel free to let us know. We are here to assist you.
Thank you for your continued trust in our services. Should you have any further questions or concerns, please don't hesitate to reach out to us.
Best, XXXX XXXX.
Onboarding Specialist Relay Make sure youre getting the most out of Relay : https : //support.relayfi.com/hc/en-us [ signature ] XX/XX/2023, XXXX EST XXXX, Ive never once in 23 years in business been asked by a bank to provide a contract with a client to make a deposit from that client. This is ridiculous. I do not have a contract with this client. The work is done on a time and materials basis.
Please provide a detailed explanation for this over reach on the part of Relay bank. The check is good, there should be no other question.
[ signature ] XXXX XXXX ( Relay Financial ) XX/XX/2023, XXXX EST Hi [ redacted ], Thank you for reaching out to us. I understand that you have a concern regarding a recent transaction. Our compliance team is currently working on verifying the details of this transaction. To expedite this process, it would be greatly appreciated if you could provide us with a signed contract with [ client ] that verifies the transaction details.
If you have any further questions or need assistance with anything else, please let me know. I'm here to help!
Best, XXXX XXXX.
Onboarding Specialist Relay Make sure youre getting the most out of Relay : https : //support.relayfi.com/hc/en-us [ signature ] XX/XX/2023, XXXX EST XXXX XXXX ( Relay Financial ) XX/XX/2023, XXXX EST Hi [ redacted ], This is XXXX from Relay Financial 's Customer Operations Team . We are reaching out to you about a recent check deposit of {$2100.00}, about which our team has asked for some more information. Would you please provide a response to the question below before 4 business days from today so that we can ensure the funds are made available as normal : Would you please provide a signed contract for the goods or services paid for by the [ client ]?
Until this information is received, we won't be able to process further transactions. Once a response is provided, we can ensure that this and all further account transactions can be processed as normal. We appreciate your understanding and look forward to your response!
You can upload these documents as an attachment to this email thread. Please let us know once these have been uploaded so that we can ensure your account is reviewed for verification as soon as possible!
P.S. Please ensure you do not send us a screenshot and provide us with a full copy of the documents requested. For any questions related to this please reply to this email for a quick response from Relay.
Best, XXXX XXXX.
Onboarding Specialist Relay Make sure youre getting the most out of Relay : https : //support.relayfi.com/hc/en-us This email is a service from Relay Financial. Delivered by XXXX [ XXXX ]
|
| 09/07/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Managing an account
- Problem using a debit or ATM card
|
|
Web |
|
|
RelayFi took weeks to respond to my inquiries, locked my account, and reversed my unauthorized charges.
I am writing to file a formal complaint regarding the handling of my debit card disputes by RelayFi, a financial institution involved in the aforementioned transactions. I have experienced significant issues with RelayFi 's dispute resolution process, and I believe my concerns warrant investigation by the Consumer Financial Protection Bureau ( CFPB ).
The disputed transactions in question are as follows XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX I initially disputed these charges with RelayFi as soon as I realized they were made. In response to my dispute, RelayFi provided a temporary credit while they investigated the matter. However, instead of promptly addressing the dispute, they chose to lock my account at the same time, causing undue inconvenience and financial hardship. Subsequently, after a lengthy and frustrating period of communication attempts, RelayFi ultimately denied my dispute and reversed the temporary credit they had initially extended.
My efforts to seek clarification and resolution from RelayFi have been met with numerous challenges and obstacles. I have repeatedly emailed RelayFi to request explanations and documentation related to their decision. Unfortunately, my requests for clarity have gone unanswered or have received generic responses that do not address the specifics of my case. Additionally, when attempting to reach RelayFi by phone, I have experienced extended hold times, frequent disconnections, and an overall lack of responsiveness from their customer service team.
I am deeply concerned about the lack of transparency and accountability demonstrated by RelayFi throughout this entire process. I believe that the denial of my dispute, coupled with the failure to provide clear and adequate communication, is not only a violation of my consumer rights but also a failure to uphold their obligations as a financial institution.
I kindly request that the Consumer Financial Protection Bureau investigate this matter thoroughly and take appropriate action to ensure that RelayFi adheres to fair and lawful dispute resolution practices. I also request that RelayFi be held accountable for any undue financial losses and inconveniences I have endured as a result of their actions.
Enclosed with this letter, please find copies of the relevant documentation, including email correspondence and any communication records related to my attempts to resolve this matter with RelayFi.
I appreciate your attention to this complaint and trust that the CFPB will take the necessary steps to address my concerns and safeguard consumer rights.
Thank you for your assistance in this matter.
Sincerely, XXXX XXXX
|
| 09/23/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Closing an account
- Funds not received from closed account
|
|
Web |
|
|
Dear CFPB, I am writing to file a complaint against Relay Financial XXXX XXXX ( RelayFi ), a financial services company that provides bank accounts for businesses. XXXX XXXX ( Member FDIC ) is a bank partner of RelayFi. I have contacted XXXX customer support as well, but they too have not responded to me yet.
On XX/XX/2023, RelayFi blocked my account and froze my {$9000.00} USD balance without any prior notice or explanation. I received an email from RelayFi stating that my account was blocked due to " concerns around documentation for the business, the nature of the business, or transactions in Relay that have raised flags with our compliance team. '' The email also stated that RelayFi had mailed a check to me and that I should receive it within 60 days. However, this is unacceptable to me, as I need access to my money now. That was all the money I had to run my business and make various business payments.
I have tried to contact RelayFi customer support multiple times, but I have not received a response. I am particularly concerned because I live in XXXX and my company is registered in Delaware, USA. This means that it is impossible for me to redeem a US check issued under my company name.
In Section 3.15 of the RelayFi Deposit Agreement ( https : //relayfi.com/deposit ), the company states that it will return any remaining funds in the Account by ACH transfer to another bank account or by paper check. I want to receive my remaining funds via ACH transfer, as I can not cash out the US check.
I am requesting that the CFPB investigate this matter and help me to get my money back from RelayFi as soon as possible.
Thank you for your time and attention to this matter.
|
| 11/15/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Managing an account
- Funds not handled or disbursed as instructed
|
|
Web |
|
|
On XXXX XXXX XXXX I sent a bank wire transfer from my business account held with www.relayfi.com to my personal account held at XXXX When the money wasnt credited to my XXXX account on XX/XX/XXXX, I reached out to XXXX and was informed that due to a recent banking partner change those funds are now with XXXX 's old banking partner XXXX XXXX and trust and that i needd to contact Relay for them to issue a wire recall so the funds can get back to my Relay account. I immediately recahed out to Relay and requested a wire recall while speaking with ccustomer care rep XXXX.
On XX/XX/XXXX, I was provided with a wire recall confimration number of XXXX by Relay and since that tiem i have called and emailed RELAY every day to get an update as the fudns are not back in my account.
I recahed out to XXXX multiple times and they stated according to banking regulations it is up to RELAY to use the XXXX service to follow up on the recall and make sure it is credited back to my account as the money is currently sitting with XXXX 's old banking partner Evolve bank and this is a bank to bank process using fedwire and there is nothing I can do about it on my end.
Relay ha sbeen an absolute disaster as they do not seem to have nay knowledge of how to get this done and my money is missing. As a small business owner it is extremely difficult to ddeaal with this situations as i have unpaid bills piling up incurring late fees and interest charges. Relay simply has failed to perform their fiduciary responsibilites as a custodian of my assets and keeps giving me a run around
|
| 12/07/2023 |
No |
- Money transfer, virtual currency, or money service
- Domestic (US) money transfer
|
|
|
Web |
|
|
There were XXXX fraudulent transactions that were happening in our Relay Financial account.
A partner of mine called me and mentioned that he wasn't the one making them. We automatically called the bank and let them know of what was happening.
Relay Financial allows any XXXX who has Bill Payer access is able to add a ACH Payment and Make a ACH Payment. Since XXXX XXXX, my partner in these XXXX bank accounts had Bill Payer access, the hacker was able to access the accounts, add payees of choice and make payments.
Transactions were to XXXX XXXX XXXX XXXX {$10000.00} ( XXXX XXXX XXXX XXXX XXXX ) XX/XX/23 XXXX XXXX {$5000.00} ( XXXX XXXX XXXX XXXX XXXX ) XX/XX/23 XXXX XXXX {$9800.00} ( XXXX XXXX XXXX XXXX XXXX ) XX/XX/23 XXXX XXXX {$49000.00} ( XXXX XXXX XXXX XXXX ) XX/XX/23 XXXX XXXX XXXX {$10000.00} ( XXXX XXXX XXXX XXXX XXXX ) XX/XX/23 XXXX, XXXX XXXX and XXXX XXXX didn't go through.
We connected with XXXX XXXX, from XXXX XXXX and he assisted in freezing account and working on getting the {$29000.00} that were transferred out. He mentioned that we should have it back or an answer XXXX days after incident. I began reaching out every few days to check on status and the bank wasnt responding to the emails and no updates when I would call.
Reached out to the Relay without responses XX/XX/23, XX/XX/23, XX/XX/23, XX/XX/23, XX/XX/23, XX/XX/23 We have information like ACH account numbers and routing number as well as email for XXXX XXXX.
Happy to provide any information needed.
|
| 04/04/2023 |
Yes |
- Checking or savings account
- Other banking product or service
|
- Closing an account
- Funds not received from closed account
|
|
Web |
|
|
Hello, I had a business bank account under my company 's name, XXXX XXXX XXXX, with a financial technology company named Relay Financial, they were providing banking services by their partner bank at that time " XXXX XXXX XXXX XXXX '', things were working good for about 3 months, then I wake up one day, precisely XX/XX/2022, I receive a message that they closed my account for an unknown reason as per them and they said they can't provide details, I asked them if there are any legal contracts or invoices needed, they ignored me, then they said they will send me a disbursement for my funds the full remaining amount of {$37000.00} within 10 days, then they changed their word and said 60 days, then I called them and they said that they are trying to get the money from their partner bank but they still can't, I called XXXX XXXX XXXX XXXXXXXX and they said that the money is being held with Relay Financial and I believe XXXX XXXX XXXX XXXXXXXX, cause I saw many cases for many Financial technology services companies sending disbursements for people while their partner bank was XXXXXXXX XXXX XXXX XXXXXXXX, 120 days passed, I keep calling Relay Financial and they never reply, they never reply emails, calls or anything, a lot of people on trusted websites like XXXX are suffering from the same problem and they never reply anybody, kindly help me to get my money back cause this is called nothing but FRAUD & SCAM!
I have all proofs on emails documented if any screenshots needed.
|
| 11/14/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Opening an account
- Unable to open an account
|
|
Web |
|
|
XX/XX/2023 - XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX ( our XXXX XXXX XXXX company ) opened a business checking account with Relay Bank. {$33000.00} money transferred from our XXXX Business account to Relay Bank.
XX/XX/2023 - Our Relay bank acct was frozen by onboarding specialist, XXXX XXXX. She emailed only one of the business managers ( not the owner that managed bank accounts ) to state that she needed a bank statement showing source of funds ( $ XXXX ).
XX/XX/2023 - Multiple bank statements ( XXXX XXXXXXXX, XXXX ) was emailed by me to XXXX XXXX, onboarding specialist. $ XXXX still frozen.
XX/XX/2023 - XXXX emailed stating information under review.
XX/XX/2023- XXXX email requesting for full bank statement XXXX. I explained to her this was already sent and resent. I requested to speak to her over the phone for her manager. $ XXXX still frozen.
XX/XX/2023 - XXXX emailed stating information under review again.
XX/XX/2023 - XXXX stated acct is cleared. Account still frozen.
|
| 08/22/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Managing an account
- Problem using a debit or ATM card
|
|
Web |
Servicemember |
|
I purchased a product from a vendor that turned out to be defective.I reached out to the vendor who simply gave me the runaround. I have kept all emails of those discussions.
Since the vendor was uncooperative, I have been attempting to file a dispute with Relay Financial for over a week now. Their customer service is pretty much non existent. I began a dispute on their website and it directed me to call an XXXX number to file a dispute, after I called this number, which was just an automated system, it hung up on me. I called again and chose a different option to file the dispute and it redirected me to another phone number that told me that no one is available at this line despite it being during normal business hours. I reached out to the parent Bank, XXXX XXXX XXXX XXXXXXXX, and they also gave me the runaround.
It is very frustrating to not be able to file a dispute for a product/transaction that is serving me no purpose. This was my final recourse.
|
| 11/14/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Managing an account
- Deposits and withdrawals
|
|
Web |
|
|
I opened Business Checking and Savings accounts with Relay Financial on XX/XX/2023. Over the next week, I made XXXX ACH transfers from accounts held at other financial institutions : XXXX : {$10000.00} ( ACH Push ) XXXX : {$10000.00} ( ACH Push ) XXXX : {$10000.00} ( ACH Push ) XXXX : {$5400.00} ( ACH Push ) XXXX : {$100000.00} ( ACH Pull ) the final transfer said it would be complete in XXXX business days. XXXX days later, the transaction completed, and Relay Financial immediately froze my accounts. I replied to an email from their support team on XXXX with the requested bank statement from the bank where the funds originated.
I received no updates indicating when the accounts would be unfrozen, no information about any interest that would be earned on the funds while frozen, and no consolations or information on how we could pay our outstanding bills. The support team did not answer any of my questions, only providing generic responses.
|
| 01/06/2024 |
No |
- Checking or savings account
- Checking account
|
- Closing an account
- Funds not received from closed account
|
|
Web |
|
|
I opened a business checking account with relay financial they made me jump through all these hoops and loops and did this extensive verification with lots of extra steps just to open account in XXXX of XXXX finally once opened I deposited {$100.00} and tried using debit card for months I couldnt use the account kept calling customer service getting the run around then on XX/XX/XXXX they sent me a email saying they are closing my account for no reason and sending me a check on XX/XX/XXXX its XX/XX/XXXX and no check received no response from customer service and the {$100.00} still sitting in account refusing to send it back and account locked I deposited a legit check for XXXX $ they played games for 10 days then accused me of altering the check this bank is garbage and a bunch of crooks nothing but excuses and stories delaying me and hindering my business
|
| 11/09/2023 |
Yes |
- Money transfer, virtual currency, or money service
- Domestic (US) money transfer
|
- Other transaction problem
|
|
Web |
|
|
On XX/XX/2023, I transferred {$46000.00} from my Relay Financial Account to XXXX XXXX ; this transfer was conducted in good faith and involved the legitimate funds of my business. The wire transfer was executed between accounts under the same business, from XXXX XXXX XXXX at Relay Financial to XXXX XXXX XXXX At XXXX.
On XX/XX/2023, I received a message from XXXXXXXX XXXX stating that Relay Financial requested a wire recall. These funds rightfully belong to my business, and as the owner, I have the right to change bank institutions and transfer funds between accounts owned by my business. Therefore, I request that Relay Financial cease the wire recall.
I have called Relay Financial countless times, sent emails, and filed a formal complaint with the bank ; but it has been over 3 months and I have not received an answer about this issue.
|
| 01/01/2024 |
Yes |
- Checking or savings account
- Checking account
|
- Closing an account
- Funds not received from closed account
|
|
Web |
|
|
They closed my checking account for no reason.
I asked them via email how to settle my balance!
I suggested that they could settle my balance by ACH transfer or wire transfer!
They replied by email that they could only send a check to settle my account balance!
I asked them who would bear the loss if the check you sent was lost or I did not receive the check they sent.
They didn't respond to my questions!
Now I have not received the balance they should have settled for me, they closed my account and emptied my balance!
|
| 12/28/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Managing an account
- Deposits and withdrawals
|
|
Web |
|
|
The deposit of {$280000.00} in cashier 's check was originally made on XX/XX/XXXX. I was asked to make the same deposit again on XX/XX/XXXX, because Relay failed to process the original deposit. To have the funds available on XX/XX/XXXX which is 18 days later is not acceptable. I emailed XXXX, my account manager, support team at Relay, and support team at XXXX XXXX No one is willing to help me to expedite the processing of this deposit.
|
| 10/12/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Managing an account
- Problem using a debit or ATM card
|
|
Web |
|
|
on XX/XX/XXXX my accounts were stloen an a good bit of money was taken from my acccount i filed police report an then disputed the transactions upon me gaining back control of the accounts well relay then refuses to communictev with me properly and has frozen my accounts as if im, atb fault for the acccounts being stolen i cant acess none of, my money i cant pay my bills or feed my family due to these actions
|
| 07/25/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Closing an account
- Funds not received from closed account
|
|
Web |
|
|
Relay Finance has locked my account. I am able to view my funds when I log on but I am unable to transfer this money out of my closed account. Relay and their banking partner ( XXXXXXXX XXXX XXXX XXXXXXXX ) closed my account. The amount I need to move out of this closed account is XXXX.
|
| 01/22/2024 |
Yes |
- Checking or savings account
- Checking account
|
- Closing an account
- Funds not received from closed account
|
|
Web |
|
|
|
| 12/30/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Managing an account
- Deposits and withdrawals
|
|
Web |
|
|
|
| 12/21/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Managing an account
- Deposits and withdrawals
|
|
Web |
|
|
|
| 12/21/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Closing an account
- Company closed your account
|
|
Web |
|
|
|
| 12/12/2023 |
Yes |
- Checking or savings account
- Savings account
|
- Closing an account
- Company closed your account
|
|
Web |
|
|
|
| 06/26/2023 |
Yes |
- Checking or savings account
- Checking account
|
- Opening an account
- Unable to open an account
|
|
Web Referral |
|
|
|