Novo Review

Learn more about Novo banking platform. Includes information on pricing, key information, and frequently asked questions.

Updated on January 29th, 2020

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Novo is an independent tech company and business banking platform that works with Middlesex Federal Savings to provide business checking accounts to freelancers, startup founders, and small business owners. Novo allows business owners to do all their banking on their mobile devices.

Pricing:

Novo asks for an initial deposit of $50.00 to activate all of the Novo features, but there is no minimum requirement to open a Novo account.

Novo
Review:

Pros: The Novo debit card is accepted worldwide. Integrates with Xero, Zapier, Slack, and TransferWise. No monthly fees.

Cons: Novo only offers one type of account with no options for different accounts. They also do not have their own ATM network.

Bottomline: Novo is a mobile-friendly, digital banking platform that makes it easy to open an account and offers great integrations with top small business providers.

Key Information:

Legal Name

Novo Platform Inc.

Founder

Michael Rangel

Founding Date

Feb 03, 2016

Address

43 W 23rd St, New York, NY 10010

Number of Employees

45

Number of Customers

7000

Email

support@banknovo.com

Website

https://banknovo.com/

FAQs:

What is Novo?

Novo is a mobile banking platform that provides all the banking tools needed to link to existing accounts, pay bills, process ACH transfers, and deposit checks, all within the app. Novo also provides users with a debit card that can be used around the world and at any ATM with no fees from Novo.

Is Novo FDIC approved?

Deposits into Novo bank accounts are FDIC insured up to $250,000 per depositor, which is provided through Middlesex Federal Savings.

Is my money secure with Novo?

Yes. Novo uses industry-specific, bank-level encryption to secure your money.

Will I be charged for using my Novo debit card at an ATM?

Novo debit cards can be used at any ATM with no charges from Novo. However, the ATM owner may charge some fees.

What documents do I need to open a Novo account?

As the list of required documents varies by state, Novo will send you a list of the necessary documents during your application.

Does Novo check credit history?

No, Novo will not check your credit history when you open an account with them and having an account with Novo will not influence your credit score in any way.

Does Novo integrate with any payroll software?

Novo does not currently offer payroll integrations and cannot be used as a payment gateway. However, they are working to add payroll integrations in the future.

Does Novo have a minimum balance requirement to open an account?

No. It is completely free to open a Novo account. There are also no regular monthly fees or any hidden fees, although users may be fined $27.00 for overdrafts and insufficient funds.

How can I fund my Novo account?

  1. Link other U.S. bank accounts to Novo to instantly access your funds.
  2. Connect Novo to a digital wallet, like PayPal or Venmo.
  3. Send electronic ACH transfers to a Novo account from any U.S. bank.
  4. Use the mobile check deposit feature in the app to deposit a check.

Does Novo accept foreign checks?

Yes. You can use the mobile check deposit feature in the Novo app to deposit a foreign check.

How can I notify Novo of any changes to my details?

If you have any changes to your personal or business details or any changes to your account, notify Novo by emailing support@banknovo.com as soon as possible.