Full review
Novo is a financial technology company, not a bank, and has partnered with Middlesex Federal Savings Bank to offer business savings accounts insured by the Federal Deposit Insurance Corporation for up to $250,000.
Unfortunately, Novo's online-only business model also extends to customer service, which is only available via email and the Novo app. If you experience issues with your account, like fraudulent charges, the lack of real-time customer service can be frustrating, as multiple complaints from Novo customers to NerdWallet and the Better Business Bureau highlight.
Other things to consider before opening a Novo account: You can't deposit cash or send wire transfers (but you can receive wire transfers).
Novo Business Checks are perfect for business owners who:
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You don't need to deposit cash.
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Freelancers and independent contractors need a built-in invoicing solution.
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I don't need live customer support.
Novo Business Check Overview
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Monthly fee: |
$0 |
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Minimum opening deposit requirements: |
$0 |
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Annual interest rate: |
none |
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transaction: |
Unlimited |
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Bonus: |
none |
How to Open a Novo Business Checking Account
To apply for a Novo business checking account, create an account and submit an application through Novo's website. You must be 18 years of age or older, a U.S. citizen or permanent resident, and operate a U.S.-based business. Sole proprietors must be U.S. citizens.
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Necessary information: You will need to provide information about yourself, your company, and any other company owners, as well as documents such as your EIN and articles of incorporation. You will also need to provide a valid U.S. mailing address, Social Security number, and mobile phone number.
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Excluded industries: Cryptocurrency, cannabis and illegal online gambling operations are some of the industries Novo does not support.
What makes Novo Business Checks great?
No fees: Novo's business checking account has no monthly fees, minimum balance requirements, transaction fees or deposit wire transfer fees, plus no fees for deposit or withdrawal ACH transfers, stop payments, insufficient balances, replacement debit cards or paper statements.
Novo Business Checks also offers free mobile check deposit, free bill payment with a physical check (mailed through the mobile app, but not offered in a physical checkbook), and free bank checks.
Free ATM Access: Novo isn't affiliated with any large ATM network like MoneyPass or AllPoint. Instead, Novo lets customers use any ATM anywhere in the world, fee-free. And those annoying third-party fees that other banks and ATM owners charge? Novo automatically reimburses you. Few other business accounts offer such a perk.
Invoicing: An especially useful tool for freelancers and contractors, Novo's integrated invoicing feature lets you create, send, and manage an unlimited number of invoices directly within your checking account. Receive payments via ACH transfer, Venmo, or PayPal, or set up Stripe or Square to accept credit and debit card payments.
Integration with business tools: While some online business checking account competitors offer proprietary financial tools and add-ons, Novo connects you to the tools many small business owners already use.
Novo offers direct account integrations with Xero, Stripe, Shopify, Wise, and Zapier. You can also connect your Novo business checking account to Square, QuickBooks, PayPal, and Wave, although Novo does not currently offer direct integrations with these tools. Additionally, you can connect Novo to Venmo, Apple Pay, and Google Pay.
Novo's business checks are lacking
Unable to deposit cash: Traditional cash deposits are not available with Novo Business Checks – if you have cash you'd like to deposit, you'll need to purchase a money order and use Novo's mobile check deposit feature to deposit the check into your account.
There are no recurring payments with invoice payment: Novo's business checking account doesn't offer recurring payments, a feature common to online bill pay. While you can save payee information within your Novo account for future payments, you can't set up payments to be sent automatically, which means you have to actively monitor your bills and initiate payments before they're due.
Poor customer support: Novo's lack of accessible, responsive customer support has been cited in multiple customer complaints filed with the Better Business Bureau and sent directly to NerdWallet.
Novo's support options are also lacking compared to its competitors: there's no customer service phone number or option to speak to someone in real time. Instead, you'll need to contact them via email or the Novo app.
