Novo is a financial technology company that has partnered with Middlesex Federal Savings to provide business deposit accounts that are insured by the Federal Deposit Insurance Corp. With Novo, you can enjoy the benefits of a business checking account without any monthly fees. Plus, there are unlimited transactions and integration options with popular business software. Novo also offers unlimited refunds for ATM charges and has a built-in invoicing feature specifically designed for freelancers and independent contractors.
Key Takeaways:
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Novo is a financial technology company offering business deposit accounts.
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Business checking accounts with Novo have no monthly fees and unlimited transactions.
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Novo integrates with popular business software for streamlined financial management.
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Novo provides unlimited refunds for ATM charges.
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Freelancers and independent contractors can take advantage of Novo’s built-in invoicing feature.
Features and Benefits of Novo Business Checking
Novo’s business checking account offers a range of features and benefits that make it an attractive option for small businesses. Here are some key highlights:
No Monthly Fees, No Minimum Balance, and No Transaction Fees
Novo’s business checking account eliminates the burden of monthly fees, ensuring that your business can focus on growth without worrying about additional expenses. There are also no minimum balance requirements, giving you the flexibility to manage your funds as you see fit. Additionally, Novo does not charge any transaction fees, allowing you to conduct unlimited transactions without incurring extra costs.
Free ATM Access Worldwide with Fee Refunds
Novo understands the importance of accessibility, which is why they offer free ATM access worldwide. Whether you’re traveling for business or need cash on the go, Novo has you covered. Even better, they refund any third-party fees charged by ATM owners, ensuring that you won’t be hit with unexpected charges while accessing your funds.
Integrated Invoicing Feature
Novo simplifies your billing process by providing an integrated invoicing feature within your business checking account. This functionality allows you to create and manage invoices directly from your account, saving you time and effort. With Novo, you can streamline your invoicing process and ensure timely and accurate payments from your clients.
Direct Integrations with Popular Business Tools
Novo recognizes the importance of seamless integration with existing business tools. That’s why they offer direct integrations with popular software like Xero, Stripe, Shopify, Wise, and Zapier. By connecting your Novo business checking account with these tools, you can enhance your financial management, automate tasks, and improve overall efficiency.
With its no-fee structure, global ATM access, integrated invoicing, and direct integrations with top business tools, Novo’s business checking account provides a comprehensive and convenient solution for small businesses. Explore the features and benefits of Novo to optimize your financial operations and take your business to greater heights.
Opening a Novo Business Checking Account
To open a Novo business checking account, you need to meet certain eligibility criteria. First and foremost, you must be at least 18 years old and either a U.S. citizen or a permanent resident. Additionally, you must have a U.S.-based business. However, if you are a sole proprietor, it is mandatory for you to be a U.S. citizen.
The application process for a Novo business checking account is straightforward and can be completed online. You will be required to provide personal and business information, including your Employer Identification Number (EIN) and articles of incorporation. These details help verify your identity and ensure the legality of your business.
Once you have submitted your application, Novo reviews it within two to three business days. This quick turnaround time enables you to start managing your business finances promptly.
Novo Business Checking Account Eligibility
Novo is available to almost any business operating in the U.S., including sole proprietors. They support various industries but do not accommodate cryptocurrency, cannabis, or unlawful online gambling businesses.
| Eligible Businesses | Ineligible Businesses |
|---|---|
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Novo Business Checking Account Fees
Novo’s business checking account offers a variety of features with no hidden costs. One of the standout benefits is the absence of monthly fees, providing small businesses with the freedom to focus on growth and profitability without incurring unnecessary expenses. Additionally, Novo does not impose any minimum opening deposit requirements, making it accessible for businesses of all sizes and stages.
Another advantage of Novo’s business checking account is the absence of transaction fees. Whether you have a high volume of daily transactions or occasional business expenses, Novo ensures that you can conduct your banking activities without incurring unexpected charges.
In addition to waiving monthly fees and transaction charges, Novo also eliminates fees for a range of other services that are commonly associated with business banking. These include:
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Incoming and outgoing ACH transfers: Novo allows businesses to send and receive money electronically without any additional charges.
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Stop payments: If you need to cancel a payment or check, Novo does not impose any fees for this service.
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Insufficient funds: Novo understands that business cash flow can fluctuate, and therefore does not charge for insufficient funds.
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Debit card replacements: In case of a lost or stolen card, Novo provides replacement cards without any fee.
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Paper statements: Novo recognizes the importance of easy access to financial records and does not charge for paper statements.
Novo’s commitment to transparent and fee-free banking ensures that businesses can confidently manage their finances without the worry of unexpected charges or hidden fees.
| No | Fee Type |
|---|---|
| 1 | Monthly Fees |
| 2 | Minimum Opening Deposit Requirement |
| 3 | Transaction Fees |
| 4 | Incoming ACH Transfers |
| 5 | Outgoing ACH Transfers |
| 6 | Stop Payments |
| 7 | Insufficient Funds |
| 8 | Debit Card Replacements |
| 9 | Paper Statements |
Novo’s Customer Support
Novo’s customer support is available through email and the Novo app. Although there is no live customer support or phone service available, Novo strives to provide assistance to their customers through these channels. However, it is important to note that some customer reviews suggest dissatisfaction with the lack of real-time customer service.
Novo Business Checking Account Limitations
While Novo offers many benefits and features for business owners, it’s important to be aware of its limitations. Some aspects that may pose inconvenience for certain users include:
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No support for cash deposits: Novo does not currently support cash deposits, meaning you cannot deposit physical cash into your Novo business checking account.
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No wire transfers: Novo also does not offer the ability to make or receive wire transfers, which may be a limitation for businesses that frequently engage in wire transfer transactions.
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No recurring payments with bill pay: Novo does not offer the convenience of recurring payments with bill pay. This means that you will need to actively initiate payments each time they are due, which can be less convenient for businesses with recurring bills.
It’s important to consider these limitations and how they may impact your specific business needs. While Novo provides a convenient and fee-free business checking account, these limitations may be a drawback for businesses that heavily rely on cash deposits, wire transfers, or recurring payments with bill pay.
Free ATM Access and Refunds with Novo
Novo allows small business owners to enjoy free ATM access worldwide with their business checking account. This means you can withdraw cash or check your account balance at any ATM, without worrying about additional fees. Whether you’re traveling for business or simply need cash, Novo has you covered.
But what sets Novo apart from other business accounts is their automatic refund policy. They understand that ATM owners may charge fees for out-of-network transactions, and that can eat into your hard-earned profits. That’s why Novo takes care of it for you. They will automatically refund any third-party fees charged by ATM owners, ensuring that you don’t lose a penny.
This standout feature is rare among business accounts. While other banks may charge additional fees for using ATMs outside their network or not provide refunds for third-party fees, Novo prioritizes your convenience and cost savings. With Novo, you have the freedom to access your funds without restrictions, anywhere in the world, while enjoying peace of mind knowing that any ATM fees will be refunded.
Novo’s Integrated Invoicing Feature
Novo’s business checking account includes an integrated invoicing feature that allows you to streamline your invoicing process. With this feature, you can easily create, send, and manage unlimited invoices directly from your Novo account. This means you no longer have to rely on separate invoicing software or platforms, saving you time and effort.
The integrated invoicing feature offers flexibility in accepting payments, giving your clients multiple options to pay you. You can accept payments through ACH transfer, Venmo, PayPal, Stripe, and Square. This diverse range of payment options ensures that your clients can choose the most convenient method for them, encouraging prompt and hassle-free payments.
In addition, you can customize your invoices with your branding, including your logo, business information, and payment terms. This professional and personalized touch helps to strengthen your brand image and build trust with your clients.
With Novo’s integrated invoicing feature, you can say goodbye to manual invoice management and simplify your financial workflows. By keeping your invoicing process within your business checking account, you can stay organized and easily track payments, making it more efficient to manage your finances.
| Key Features of Novo’s Integrated Invoicing: |
|---|
| 1. Create professional invoices with customizable branding |
| 2. Send invoices directly to clients |
| 3. Manage unlimited invoices within your Novo account |
| 4. Accept payments through ACH transfer, Venmo, PayPal, Stripe, and Square |
Integrations with Popular Business Tools
Novo understands the importance of seamless financial management for your business. That’s why they offer direct integrations with a wide range of popular business tools. By connecting your Novo business checking account to these tools, you can streamline your financial processes and stay organized.
Novo offers direct integrations with the following business tools:
- Xero – Leading cloud-based accounting software
- Stripe – Online payment processing platform
- Shopify – Ecommerce platform for online stores
- Wise – International money transfer service
- Zapier – Workflow automation tool
In addition, Novo provides options to connect with:
- Square – A comprehensive suite of business tools
- QuickBooks – Accounting software for small businesses
- PayPal – Popular online payment gateway
- Wave – Free accounting software for small businesses
By integrating your Novo account with these tools, you can enjoy a seamless flow of financial information, automate processes, and save time. Whether it’s managing your invoices, tracking transactions, or streamlining your online payments, Novo’s integrations make it easier to stay on top of your finances.
| Business Tool | Integration Benefits |
|---|---|
| Xero | Sync transactions, reconcile accounts, and manage finances |
| Stripe | Receive payments directly into your Novo account |
| Shopify | Manage your ecommerce finances seamlessly |
| Wise | Easily transfer funds internationally |
| Zapier | Automate workflows and connect with thousands of apps |
| Square | Accept in-person payments and manage your business |
| QuickBooks | Track your expenses, sales, and manage invoices |
| PayPal | Receive and send online payments with ease |
| Wave | Manage your small business finances for free |
Discounts and Perks with Novo
Novo understands the importance of saving money for small businesses. That’s why they have partnered with leading providers like Stripe, Gusto, Google, and Zendesk to offer exclusive discounts and perks to their account holders.
Through Novo’s perks program, you can access discounts on certain business software and services that can help streamline your operations and save you money. Whether you’re looking for payment processing solutions, payroll services, or customer support software, Novo has you covered.
One example of the savings opportunities available through Novo is the partnership with Stripe. As a Novo account holder, you can receive an incredible perk of $5,000 in waived credit card processing fees with Stripe. This can provide significant cost savings for businesses that rely on credit card transactions.
By leveraging Novo’s partnerships with leading service providers, you can take advantage of these exclusive discounts and perks to optimize your business operations while keeping your expenses in check.
Limitations of Novo Business Checking Account
Novo provides a comprehensive and user-friendly business checking account, but it does have some limitations that may not meet the specific needs of all business owners.
Lack of Cash Deposits
One of the notable limitations of Novo is that it does not allow cash deposits. While the majority of transactions are conducted digitally, some businesses still rely on cash for various reasons. Novo’s inability to accept cash deposits may inconvenience those who primarily deal with cash-based transactions.
No Recurring Payments with Bill Pay
Novo also does not offer recurring payments with bill pay. This means that users will need to manually initiate payments each time they need to pay a bill. While this may not be a major issue for some businesses, it can be an inconvenience for those who prefer automated payment scheduling for recurring expenses.
Limited Domestic Wire Transfers
Some customers have expressed frustration with the lack of domestic wire transfers offered by Novo. This limitation can be a roadblock for businesses that require frequent and efficient wire transfer capabilities for domestic transactions.
Need for Money Orders to Deposit Cash
Another limitation of Novo is the need to purchase money orders to deposit cash. This can be an additional expense and inconvenience for businesses that regularly receive cash payments and prefer a more straightforward deposit process.
While Novo’s business checking account offers many benefits and features, it’s essential to consider these limitations and evaluate your specific banking needs before making a decision.
Comparing Novo to Other Business Checking Accounts
Novo’s business checking account offers several attractive features, such as no fees and unlimited ATM fee refunds. These benefits make it a convenient option for small businesses looking to minimize costs. However, it’s important to consider other factors when choosing a business checking account.
One area where Novo falls short is in interest earnings. Unlike some alternative options, like Bluevine and Axos, Novo’s business checking account does not offer high-yield interest. This may be a drawback for businesses looking to earn additional income on their account balances.
Another limitation of Novo’s business checking account is the lack of additional business services like loans. In comparison, banks like Lili offer a more comprehensive range of banking services, including the ability to apply for business loans.
Additionally, Novo does not support cash deposits, which can be a disadvantage for businesses that frequently deal with cash transactions. In contrast, banks like Axos provide the option to deposit cash into their business checking accounts.
To summarize:
| Novo | Bluevine | Axos | Lili |
|---|---|---|---|
| No fees and unlimited ATM fee refunds | High-yield interest on account balances | Ability to deposit cash | Additional business services, such as loans |
| No interest earnings | |||
| No additional business services like loans | |||
| No cash deposit support |
When considering which business checking account is right for your needs, it’s crucial to evaluate these factors and prioritize the features that are most important to your business. While Novo offers fee-free banking and ATM fee refunds, alternatives like Bluevine, Axos, and Lili may provide a more comprehensive solution with high-yield interest, cash deposit support, and additional business services.
Mobile and Online Features of Novo
Novo’s mobile app offers a range of convenient features that allow you to manage your business finances on the go. Whether you need to deposit checks, access ATMs, or create and send invoices, Novo has you covered. Additionally, you can use popular mobile wallet services like Apple Pay and Google Pay for quick and secure payments. Let’s explore some of Novo’s top mobile and online features in detail:
Remote Check Deposits
With Novo’s mobile app, you can easily deposit checks into your business checking account without visiting a physical branch. Simply take a picture of the check using your smartphone’s camera, enter the necessary details, and submit it securely through the app. This feature eliminates the need for time-consuming trips to the bank, saving you valuable time and effort.
Mobile Wallets: Apple Pay and Google Pay
Novo integrates with popular mobile wallet services like Apple Pay and Google Pay, allowing you to make seamless and secure transactions using your mobile device. By adding your Novo business checking account to your mobile wallet, you can conveniently make payments at participating retailers and online platforms, eliminating the need to carry physical cards or cash.
ATM Access
Novo provides access to a robust network of ATMs nationwide, ensuring that you can easily withdraw cash whenever you need it. The app allows you to locate nearby ATMs and provides directions to help you find the nearest one. Plus, Novo reimburses any third-party fees incurred when using non-Novo ATMs, saving you money on transaction charges.
Invoicing Functionality
Novo’s mobile app includes a comprehensive invoicing feature that enables you to create, send, and manage professional invoices directly from your account. You can customize your invoices with your business logo and branding, and even set up recurring invoices for regular clients. Tracking your invoicing activity and streamlining your payment collection process has never been easier.
Reserve Management
Managing your business reserves is a breeze with Novo’s mobile app. You can easily view and track your reserve balances, ensuring you always have a clear picture of your available funds. Whether you need to allocate funds for future expenses or monitor your financial stability, Novo provides you with the tools to stay in control.
Customer Support
While Novo’s mobile app offers an array of powerful features, it’s important to note that customer support is currently limited to email and app communication. If you encounter any issues or have questions about using the app, you can reach out to Novo’s support team through email or within the app itself. They are dedicated to providing timely and helpful assistance in addressing your concerns.
| Mobile and Online Features | Details |
|---|---|
| Remote Check Deposits | Deposit checks using your smartphone’s camera |
| Mobile Wallets | Use Apple Pay and Google Pay for secure mobile transactions |
| ATM Access | Access a nationwide network of ATMs and get fee refunds |
| Invoicing Functionality | Create, send, and manage invoices from your account |
| Reserve Management | Track and manage your business reserves |
| Customer Support | Limited to email and app communication |
Conclusion
Novo offers a powerful and simple business checking account for small businesses. With no monthly fees, unlimited transactions, and free ATM access, Novo provides convenience and cost savings. The integrated invoicing feature and direct integrations with popular business tools make it a convenient financial management solution.
However, it’s important to note that Novo does have limitations. One significant limitation is the lack of cash deposit support, which may be a drawback for businesses that handle physical currency. Additionally, Novo offers limited customer support options, primarily through email and the Novo app. This may not suit businesses that prefer real-time customer service.
When considering Novo as a business checking account option, it’s crucial to evaluate your specific business needs. While Novo excels in terms of its fee structure and convenience features, it may not be the best fit for businesses requiring cash deposit capabilities or robust customer support. Take the time to compare Novo with other business checking account options to ensure you make an informed decision that aligns with your business requirements.
FAQ
What is Novo Bank?
Novo is a financial technology company that partners with Middlesex Federal Savings to offer business deposit accounts insured by the Federal Deposit Insurance Corp.
What are the features of Novo’s business checking account?
Novo’s business checking account has no monthly fees, no minimum balance requirements, and no transaction fees. They also offer free ATM access worldwide and refund any third-party fees. Novo provides integrated invoicing and direct integrations with popular business software.
How can I open a Novo business checking account?
To open a Novo business checking account, you need to be at least 18 years old, a U.S. citizen or permanent resident, and have a U.S.-based business. The application process is done online and requires providing personal and business information. Novo reviews applications within two to three business days.
Who is eligible for a Novo business checking account?
Novo is available to almost any business operating in the U.S., including sole proprietors. They support various industries but do not accommodate cryptocurrency, cannabis, or unlawful online gambling businesses.
Are there any fees associated with Novo’s business checking account?
No, Novo’s business checking account has no monthly fees, no minimum opening deposit requirement, and no transaction fees. They also do not charge for various services like ACH transfers, stop payments, insufficient funds, debit card replacements, or paper statements.
How can I contact Novo’s customer support?
Novo’s customer support is available through email and the Novo app. They do not offer live customer support or phone service at this time.
What are the limitations of Novo’s business checking account?
Novo does not support cash deposits or wire transfers. They also do not offer recurring payments with bill pay, requiring users to actively initiate payments.
Does Novo offer free ATM access and refunds?
Yes, Novo allows free ATM access worldwide and automatically refunds any third-party fees charged by ATM owners.
Does Novo have an integrated invoicing feature?
Yes, Novo’s business checking account includes an integrated invoicing feature that allows users to create, send, and manage unlimited invoices. Payments can be accepted through ACH transfer, Venmo, PayPal, Stripe, and Square.
Does Novo integrate with popular business tools?
Yes, Novo offers direct integrations with Xero, Stripe, Shopify, Wise, and Zapier, allowing users to connect their Novo business checking account to these tools for streamlined financial management. They also have options to connect with Square, QuickBooks, PayPal, and Wave.
What discounts and perks are available with Novo?
Through Novo’s perks program, account holders can access discounts on certain business software and services. Novo partners with providers like Stripe, Gusto, Google, and Zendesk to offer savings opportunities. For example, Novo account holders receive $5,000 in waived credit card processing fees with Stripe.
How does Novo compare to other business checking accounts?
Novo’s business checking account stands out for its lack of fees and unlimited ATM fee refunds. However, it does not offer interest earnings and lacks additional business services like loans. Some alternative options, like Bluevine, Axos, and Lili, provide high-yield interest, more comprehensive banking services, and the ability to deposit cash.
What mobile and online features does Novo offer?
Novo’s mobile app allows users to remotely deposit checks, use mobile wallets like Apple Pay and Google Pay, access ATMs, create and send invoices, and manage reserves. Novo’s app is highly rated, but customer support is limited to email and app communication.
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