Baseline or Relay for banking?
Member since 2021 · 31 posts · 10 votes
Does anyone have experience with using either Baseline (https://www.baselane.com/) or Relay (https://relayfi.com/) when it comes to managing rentals and banking? I've heard Baseline ads on the podcasts, but I've also heard promotions for Relay. I'm looking to set up a "Profit First" system and interested if folks have experience with either?
Does anyone have experience with using either Baseline (https://www.baselane.com/) or Relay (https://relayfi.com/) when it comes to managing rentals and banking? I've heard Baseline ads on the podcasts, but I've also heard promotions for Relay. I'm looking to set up a "Profit First" system and interested if folks have experience with either?
I looked at both Relay and Baselane and ended up going with Baselane. I experienced problems trying to set up my Relay bank account. Really simple things that should have been easily taken care of by customer service but I could not get them to understand the problem I was encountering and it would take days to get a response. I had heard about Baselane, too, so I decided to check it out. I liked all the features and it was super simple to set up. I'm really glad I chose Baselane. Previously, I had been spending a LOT of money each month using Quickbooks and paying a bookkeeper to manage it for me. Baselane is so easy to use I can do it all myself for my 5 properties, and believe me, I am no bookkeeping whiz! It's easy to set up an account for each property and sub-accounts under that, which is how I would integrate the profit first model if I were you. For example, each of my properties has a main account and the sub-accounts under that for CapEx and security deposits. You could easily have a sub-account for profit first and split incoming payments into whatever buckets you choose.
Luke Carl talks about this in his podcast here . Any virtual bank will work. I think PNC bank and CapitalOne, Discover have easy process to create a new account pretty quickly. Just look out for annual fees or overdraft fees, etc.
@Lena Truong Thank you for your feedback!
@Becca Pariser what did you end up going with?
Please do not sign up with Relay Bank. We had a horrible experience with them when we were trying to wire funds out for escrow in the purchase of land. We put the request in online on a Thursday night, and late Monday afternoon they asked for due diligence questions which would have delayed our wire till Tuesday. Our escrow was due on Monday, so we had to use a personal bank account to get the funds in on time. To make matters worse, we had a terrible time with their customer service department (they didn't know what was going on).
We moved over to Huntington Bank and they have been great to work with so far.
Does anyone have experience with using either Baseline (https://www.baselane.com/) or Relay (https://relayfi.com/) when it comes to managing rentals and banking? I've heard Baseline ads on the podcasts, but I've also heard promotions for Relay. I'm looking to set up a "Profit First" system and interested if folks have experience with either?
I looked at both Relay and Baselane and ended up going with Baselane. I experienced problems trying to set up my Relay bank account. Really simple things that should have been easily taken care of by customer service but I could not get them to understand the problem I was encountering and it would take days to get a response. I had heard about Baselane, too, so I decided to check it out. I liked all the features and it was super simple to set up. I'm really glad I chose Baselane. Previously, I had been spending a LOT of money each month using Quickbooks and paying a bookkeeper to manage it for me. Baselane is so easy to use I can do it all myself for my 5 properties, and believe me, I am no bookkeeping whiz! It's easy to set up an account for each property and sub-accounts under that, which is how I would integrate the profit first model if I were you. For example, each of my properties has a main account and the sub-accounts under that for CapEx and security deposits. You could easily have a sub-account for profit first and split incoming payments into whatever buckets you choose.
Does anyone have experience with using either Baseline (https://www.baselane.com/) or Relay (https://relayfi.com/) when it comes to managing rentals and banking? I've heard Baseline ads on the podcasts, but I've also heard promotions for Relay. I'm looking to set up a "Profit First" system and interested if folks have experience with either?
I looked at both Relay and Baselane and ended up going with Baselane. I experienced problems trying to set up my Relay bank account. Really simple things that should have been easily taken care of by customer service but I could not get them to understand the problem I was encountering and it would take days to get a response. I had heard about Baselane, too, so I decided to check it out. I liked all the features and it was super simple to set up. I'm really glad I chose Baselane. Previously, I had been spending a LOT of money each month using Quickbooks and paying a bookkeeper to manage it for me. Baselane is so easy to use I can do it all myself for my 5 properties, and believe me, I am no bookkeeping whiz! It's easy to set up an account for each property and sub-accounts under that, which is how I would integrate the profit first model if I were you. For example, each of my properties has a main account and the sub-accounts under that for CapEx and security deposits. You could easily have a sub-account for profit first and split incoming payments into whatever buckets you choose.
Thanks! I made the same decision and went with Baseline. I have my accounts set up in the "Profit First" method by Mike Michalowicz, and so far, things are going great!
@Becca Pariser, Relay has an official partnership with Profit First and I've heard good things.
Big fan of Relay!
Can you deposit checks with Baselane?
Yes, you can. It's a full service banking platform - just like you'd have at any other bank with interest bearing accounts, the ability to set up multiple accounts and sub-accounts, issue virtual credit cards and more.
Attention: Beware of Non-Bank Fintech Apps
I hope this message finds you well. I'm reaching out to share a cautionary tale based on my recent experience with a fintech bank issue involving Yotta and Synapse. Currently, I find myself in a situation where a significant sum of my cash is held up due to complications between these entities. This ordeal has shed light on the risks associated with relying solely on fintech apps, particularly those that operate without a banking license and depend on third-party banks for processing. I will only have accounts directly with large banks going forward.
Here's why this matters:
1. Limited Regulatory Oversight: Fintech companies that operate without a banking license may not be subject to the same regulatory scrutiny and consumer protection measures as traditional banks. This means your funds and sensitive financial information may not have the same level of safeguarding.
2. Deposit Insurance Concerns: In many countries, bank deposits are insured up to a certain limit by governmental agencies. However, if you're using a fintech app that isn't a bank itself, your deposits may not be covered by such insurance schemes, leaving you vulnerable in the event of insolvency or other financial crises.
3. Uncertainty in Case of Disputes: Without the backing of a banking license, resolving disputes or seeking recourse for unauthorized transactions or errors may be more complicated. Fintech companies may not have the same obligations or mechanisms in place to address customer grievances effectively.
4. Dependence on Third-Party Banks: Fintech apps that rely on a back-end bank for processing transactions introduce an additional layer of risk. Your financial activities are essentially outsourced to another institution, which may have its own policies and vulnerabilities.
What Can You Do?
In conclusion, while fintech innovations can enhance our banking experiences, it's crucial to remain vigilant and discerning. By understanding the potential risks and taking proactive measures to mitigate them, we can navigate the digital financial landscape more safely.
Please share this message with your friends and family to raise awareness and empower others to make informed decisions about their financial security.
Stay safe and informed,
Links to my current situation .
This reddit post sums it up and has several news links and twitter links .
https://www.reddit.com/r/yotta/comments/1cv1mkc/simple_summary_and_your_recovery_steps/
Can you deposit checks with Baselane?
Yes, you can. It's a full service banking platform - just like you'd have at any other bank with interest bearing accounts, the ability to set up multiple accounts and sub-accounts, issue virtual credit cards and more.
I have a follow-up question. Do you pay utilities (electric, water) and mortgage through Baselane. When trying to set up recurring ACH payments, it asks for routing numbers which I don't have for my electric company, water company and mortage, only account numbers. I have ask my mortgage bank to provide a routing number (waiting to see what they say). I just don't know about the utility companies. How did you set up those payments?
Hoping to breathe life into this thread... for those with Baselane, I just realized their hours are super limited, which is a problem because I'm trying to log into my account and the website is looping. It won't load, and I can't call anyone to get help either. Anyone had this same issue? I just recently set up my account and this makes me want to close it. It's 2024... websites should load, and load quickly, and there should be some kind of person I can speak with after 1pm PST.