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.
All 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 StatesNot online friendly
Claims to be the best online bank but suddenly changed platforms and does not even integrate with Squarespace, the only think E-commerce entrepreneurs really need. “Message failed to send” anytime contact support to close account.
United StatesFraudulent company
I will be suing this company. They have play with individuals money for their businesses for too long now. No when you have money in your account, and there has been no illegal activity on your account, this company was shut your account down with no notification with your money sitting inside of the account. You will only find out that your account has been deactivated or your card has been deactivated. When you see a transaction declined. And when you call and they have no answers, they refused to help you. I will be suing this company, and I hope other people’s will sue them as well
United StatesDecent bank but cluttered app
Novo is decent as a banking service but the app is so cluttered with all their new services and integrations they’re pushing. There’s the option to rearrange some parts of the app but you can’t hide promotional material hints they’re pushing which is annoying. As a banking service, it’s fine as a checking account but I wish they had a savings account.
United States
* Bug fixes with Performance Improvements.
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