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FAQs

What is Novo?

Novo offers a better business banking experience through its FDIC-insured checking account and debit card solutions that use artificial intelligence technology to help businesses better understand their finances. By offering these products with the ability to connect other financial accounts, Novo provides real-life recommendations based on your comprehensive financial picture.

Unlike accountants, Novo is always working in the background keeping everything in check.

Who can use Novo?

Novo accounts are available to US citizens operating a legal, US-based business with a physical US address. We support for- and not-for-profit LLCs, Corporations, Partnerships, and Sole Proprietorships.

We're also excited to offer bank accounts to non-US citizens with US-based businesses! If the business owner is not a US citizen, they must provide visa documents proving their legal working status in the US.

If you aren’t a citizen, reach out to us via the messenger on our website, support@banknovo.com, or call (844) 260-6800.

How does Novo help my business?

Novo provides easy-to-use small businesses banking tools. All from within the Novo app, you can link your accounts, pay your bills, process ACH transfers, transfer money between your accounts, and, best of all, you can do all of this without ever coming into a branch.

Are there any industries that Novo doesn’t support?

Novo is unable to support businesses that deal in providing or exchanging cryptocurrency, privately owned ATMs, money services, unlawful internet gambling, or cannabis sales.

Can my business have multiple users on a Novo account?

Absolutely! You asked, and we listened. We're excited to offer our customers access to accounts with more than one user. Each user will have the ability as a primary account holder to move funds. Just send an email to support@banknovo.com or reach out via our in-app messenger for more information.

Do Novo accounts have fraud and FDIC protection?

Novo accounts are protected with regulatory-grade fraud protection and FDIC insurance up to the maximum of $250,000.

How do I receive statements?

By default, your statements will be sent by mail to your business mailing address. You can also easily export your transactions data via CSV download right from the Activity page in the Novo app. These files are compatible with Xero and QuickBooks for easy upload and accounting.

Is Novo available outside the US?

Sorry, we only serve businesses that are US-based and operate within the US. If you are not a US citizen but do operate a legal, US-based business, see our "Who can use Novo?" question about getting you set up with a Novo account!

If the account is totally digital, how do I send checks?

With our system, checkbooks are a thing of the past. You can use free ACH transfers to complete necessary transactions, but if you really want to issue a physical check, we will do the processing and send a physical check for you!

If you absolutely need to handwrite physical checks for your business, you can order checks from companies like Deluxe.

How do I deposit a check?

Depositing a check is quick and easy and all happens within the app. Just endorse the check with your signature and “For deposit at Novo,” snap a couple pictures of the front and back of the check, let us know how much the check's worth, and you're good to go.

How do I deposit cash if you have no physical locations?

You can use cash to purchase a money order from USPS and then use our remote check deposit feature to deposit the check into your Novo checking account. You can also purchase a money order from a number of different vendors like USPS, Walmart, CVS, and select grocery stores.

When you say Novo is free, do you really mean it?

Novo is currently being offered to small businesses for free. We ask for a $50 initial deposit to activate all of the features of the account, but don't worry! That's still your money and definitely not a fee.

What fees does Novo charge?

Novo offers you a business checking account for free. We won’t charge you for ATM withdrawals, money transfers, account balance minimums, or transaction volume.

There are only two rare circumstances in which you'd have to pay a fee:

  1. Should you manage to overdraft (which we have protections in place to avoid), you'll be charged a $27 non-sufficient funds fees.
  2. If you attempt to spend funds in your account that are not yet available (i.e. funds from a deposited check that have not yet been cleared by the check-issuing bank), you'll be charged a $27 uncollected funds returned fee.

If you'd like to see our full fee schedule (lots of $0s on there), you can find it here.

Do you charge an ATM fee?

Novo allows you to use any ATM, anywhere in the world, without charging you a fee. That said, the owner of that ATM might not be so nice.

Does Novo provide lending services?

Currently, we do not provide lending services, but we are always looking to expand our products.

Where do I go if I have questions about opening an account or about my active account?

If you have any questions, comments, or concerns, do not hesitate to contact us at support@banknovo.com or call us at (844)-260-6800. We also provide messenger support through the chat window on the Novo Home page and on the support tab on our mobile application.

Can I have one login for two separate business accounts with Novo?

Right now, we don't offer the ability for individuals with multiple businesses to manage each of their businesses within the same login. In order to run multiple businesses with Novo, you'll need to apply for separate accounts, which will have different login credentials.

Does Novo offer interest-bearing accounts?

We currently do not offer interest-bearing accounts but may in the future.

Can I send and receive wire transfers with a Novo account?

Novo account holders can receive domestic and international wire transfers but cannot send them directly from the app. We are working on this functionality and hope to have it integrated by early 2019.

For the time being, you can connect your Novo account to a wire transfer service like TransferWise to send wires with low fees and great service.

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Android and Web
Coming soon