United StatesDo you need a checking account for your small business? Novo is for modern businesses. With Novo you can apply for an account online in minutes, so you have more time to focus on your business. Novo is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A.; Member FDIC. Novo provides free banking tools to small businesses, all within the Novo app. You can link your existing accounts, control your debit card, pay your bills, process ACH transfers, deposit checks, categorize transactions, and separate your funds for savings in Reserves. You’ll receive a Novo Mastercard Business Debit Card and The Novo Virtual Card to pay for things online, around the world, and use any ATM without fees from us. Send unlimited payments and paper checks for free. Novo supports almost any business operating in the U.S. As long as the owner has a social security number, they're able to apply for a Novo Business Checking Account.
Mailing Address for checks wrong
The app does say your customers are old see your Mailing Address for them to mail checks to. Totally fine with me. After months of messaging support and 4 different reps they still couldn’t figure out why Novo keeps exposing not even my business address but my billing address instead. Absolutely not an address I want to receive checks at, I had the PO Box set up for that in the app since the beginning and it just won’t use it. Worst part is that support keeps sending me around and keeps sending me the same answers even after they agree they have to fix this internally.
United StatesNo help
Newly opened an account and tried to make a deposit. Without even any explanation they shut my account down after I attempted to make an online check deposit… if you didn’t feel like you could trust my check you could have elaborated but instead they just shut my account down. I had to scramble to find a different one last minute so I could make some purchases on another account other than my personal account. They literally would not offer an explanation… nice. But yea, save yourself some time and go to another online banking business who will actually talk to you about how they operate.
United StatesCryptocurrency ban
They used to be good, but they are putting in more and more rules on what you’re allowed to do with your own money. Now you can’t use it to buy crypto. This is your money, not theirs. Don’t let them tell you you can’t use it.
United StatesAll I have to say is… Check the BBB
You’ll find countless stories of them freezing people’s accounts and if you don’t file with the BBB you’ll never get your money back. I won’t beat a dead horse they took my money too. What can I say, them they tell you to reach out to a support email that they never respond too. Then after 2 months ONLY IF you get the BBB involved they will release your funds and terminate your novo account. THEY ARENT A REAL BANK JUST A SYNDICATE. Google them everything I’m saying here is 100% factual. I hope this helps with everyone thinking of joining novo, and also maybe it helps with people with frozen funds!!! Me personally never again, but to each their own. Just… do your research with this one. Lol
United StatesAll I have to say is… Check the BBB
You’ll find countless stories of them freezing people’s accounts and if you don’t file with the BBB you’ll never get your money back. I won’t beat a dead horse they took my money too. What can I say, them they tell you to reach out to a support email that they never respond too. Then after 2 months ONLY IF you get the BBB involved they will release your funds and terminate your novo account. THEY ARENT A REAL BANK JUST A SYNDICATE. Google them everything I’m saying here is 100% factual. I hope this helps with everyone thinking of joining novo, and also maybe it helps with people with frozen funds!!! Me personally never again, but to each their own. Just… do your research with this one. Lol
United StatesRUN and RUN FAST! stay away from this disaster.
I don’t even know where to start. Everything moves at glacial pace, from deposits taking a full week, to non existent customer service. Checks showing deposited and funds not credited to account until days later. (This is after the 5 days hold). If you have a business and you want your money to flow in a fluid manner go somewhere else! They have been an absolute nightmare to deal with.
United StatesIF THINKING OF STARTING WITH NOVO BANK! HEADS UP THEY STEAL! AND ARE NOT EVEN LEGALLY A REAL BANK
-Novo isn’t a real bank, they’re a syndicate of MSF Bank (Middle Sex Federal) -They’re cards are NOT compatible with tap to pay functionality (Apple Pay Etc). The card can be added but can’t be used. -Of course they have no ATMs (or VEEEERRRY few) where you can withdraw money with out a crazy fee -They froze my account for a long period of time because I purchased drink at a bar, from the same state I reside. In this instance when under review they will hold your money indefinitely with no regard for your living situation. They will shut down all of your cards just to make you re apply for new ones. They will not give an inconvenience credit. ***QUOTED MESSAGE FROM THEIR REP IF YOU CARE TO READ, IF NOT SKIP PAST*** “”While your account is frozen and in review by our Accounts Team, we are unable to speak to the specifics of this decision. We cannot provide an estimated time of resolution at this time. But you will be notified when this process is complete.”” ^^END OF QUOTED MESSAGE^^ -They are somewhat responsive, but respond with no regard for how they inconvenience you. -There is also no CS number on hand, I found one but I had to dig through google to find it -It’s not a REAL business bank. Financial institutions look at Novo as a consumer acct. ( That’s why they use your social and your cards always have YOUR name, never your business) -It holds not wait with financial institutions for having a longstanding business acct with cash flow. BANK AND LOAN COMPANIES WILL NOT ACKNOWLEDGE THIS ACCT AS A BUSINESS ACCOUNT! -So in short, They cause a ton of problems they don’t fix, they don’t have any perks or being with them as a bank, are NOT a business bank, and not respected as a bank at all by most institutions. (Phone companies, rental companies, food places etc.) *It’s not my goal to put anyone down, but people should know what they are getting into. Honest experience from an Honest person*
United States
* When you create a Virtual Card, you will now be required to establish a PIN for that card upon issuance. This will help you avoid having your card declined whenever a merchant requires a PIN for debit card transactions. * You can now connect your WooCommerce store to view sales and order data directly in the Novo app. * Bug fixes with Performance Improvements.
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