About Company
Novo's business checking app is an option for small business owners. With features tailored to meet the specific needs of small businesses, Novo provides a seamless and efficient banking experience. The Novo account comes with business support services, ensuring that small business owners can focus on their core operations while Novo takes care of their banking needs. One of the key advantages of the Novo business checking app is the absence of monthly fees, which is a significant relief for small businesses looking to optimize their cash flow. Novo understands the challenges faced by small businesses, and therefore, they do not burden their customers with hidden fees, allowing them to manage their finances more effectively.
Key Features
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No Monthly Fees. Novo recognizes the financial challenges faced by small businesses. By eliminating monthly fees, Novo helps optimize cash flow for its customers, allowing them to allocate resources more effectively towards business development and success.
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Free ACH Transfers. Novo facilitates seamless transactions with free ACH transfers and incoming wires, making it easier for small business owners to manage payments and revenue streams efficiently.
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Bank-Grade Encryption. Security is paramount in financial transactions. Novo ensures the safety of its customers' data through bank-grade encryption, providing a secure environment for all banking activities.
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FDIC Insurance. In partnership with a trusted partner bank, Novo offers FDIC insurance. This means that deposits made by Novo customers are protected, providing an additional layer of confidence and security.
Pros and Cons
Pros
Cons
Reliability
Yes, Novo is a reliable option for small businesses, and one key aspect contributing to its reliability is the FDIC insurance it provides. Novo's partnership with Middlesex Federal Savings ensures that your deposits are FDIC-insured for up to $250,000. This means that in the unlikely event of a bank failure, your funds are protected, offering a layer of security and reliability for businesses entrusting their finances to Novo. The FDIC insurance serves as a guarantee that, within the specified limits, your deposits are safeguarded, making Novo a trustworthy choice for small businesses seeking a secure banking partner.
Products
Novo Business Checking Account
Novo's business checking accounts redefine the banking experience for small businesses by offering a comprehensive suite of features designed to enhance efficiency and support growth.
Novo takes convenience a step further by reimbursing any ATM fees incurred, up to $7 per month, providing flexibility in accessing funds wherever you are. The worldwide acceptance and protection of your Novo debit card add an extra layer of security to your financial transactions. You can easily set travel notices, lock your card, and receive notifications about card activity, ensuring that your business transactions are secure and monitored.
The absence of transaction limits is a notable advantage, allowing you the freedom to spend as needed using your Novo debit card. Whether you're making routine purchases or engaging in larger transactions, Novo provides the flexibility small businesses require.
Novo facilitates payments through free ACH transfers, enabling cost-effective and efficient money transfers. For those seeking the speed of a wire transfer without the associated costs, Express ACH is available, offering a swift alternative.
Novo Business Debit Card
Novo's business debit card is a secure and streamlined financial tool designed to provide small businesses with enhanced control and peace of mind. Novo partners with Mastercard, offering Zero Liability protection and Mastercard ID Theft Protection, ensuring that you are not held responsible for unauthorized transactions and adding an extra layer of security against identity theft.
One notable feature of Novo's debit card is the provision of automatic fraud and purchase alerts. This real-time notification system keeps you informed about any suspicious activity on your account, allowing you to stay vigilant and respond promptly.
Novo's business debit card distinguishes itself by providing a distraction-free experience. Unlike traditional credit cards with high fees and complex rewards programs, Novo's debit card offers simplicity and transparency. It ensures that you have all the necessary control over your finances without the burden of interest charges or annual fees.
The debit card further simplifies bookkeeping processes through automated transaction categorization. This feature saves you time by automatically sorting and categorizing your transactions, facilitating easier expense tracking and financial record management.
For effective budgeting, Novo allows you to assign purchases back to Reserves. This streamlined budgeting feature provides a clear overview of your financial activity, helping you manage your finances with greater ease.
Other credit cards
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- Cashback Credit Cards
- Low-Interest Credit Cards
Other Services Novo Offers
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Funding Services. Novo offers funding solutions to support small businesses in their financial needs. Businesses can access up to $75,000 in funds with instant availability. The monthly factor rates are as low as 1.5%, ensuring competitive and transparent terms for businesses seeking financial support.
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Invoicing Software. Novo enhances its business checking accounts by including free business invoicing software. This feature is built into every Novo checking account, allowing businesses to create and send an unlimited number of invoices without incurring additional costs. The invoicing software is accessible from any device, providing flexibility and convenience for small business owners.
Conditions and Requirements
Conditions
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No Monthly Fees or Minimums. Novo eliminates the burden of monthly fees and minimum balance requirements. Small businesses can enjoy the benefits of business checking without worrying about these traditional banking charges.
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ATM Fee Reimbursement. Novo offers reimbursement for any ATM fees incurred, up to $7 per month. This feature provides flexibility for businesses to access funds without incurring additional costs at ATMs.
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No Transaction Limits. Novo's business checking account comes with no transaction limits. This allows businesses the freedom to spend as needed using the Novo debit card, accommodating both routine and larger transactions.
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Free ACH Transfers. Novo facilitates cost-effective transactions with free ACH transfers. This service allows businesses to handle payments and transfers without incurring additional charges.
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Express ACH for Efficient Wire Transfers. For businesses seeking the speed of a wire transfer at a fraction of the cost, Novo offers Express ACH. This service provides a swift alternative for money transfers.
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Merchant Cash Advance. Novo extends funding solutions with Merchant Cash Advances, allowing businesses access to funds up to $75,000. The monthly factor rates are as low as 1.5%, providing competitive terms.
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Flexible Repayment Schedule. Businesses opting for a Merchant Cash Advance benefit from a 6-month repayment schedule. Additionally, there is the option for early repayment at no additional cost, providing flexibility and potential cost savings.
Requirements
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Location. Your business must be located in the U.S.
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Residency Status. You need to be a permanent resident of the U.S. or have legal status.
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Mailing Address. You should be able to provide a valid mailing address within the U.S.
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Identification. You must provide your Social Security Number (or an equivalent depending on your legal status). A copy of your government-issued ID (i.e., Passport/Driver's License) is required.
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Business Documentation. Depending on your business structure, you may need to provide specific documents: certified articles of incorporation, signed operating agreement, assumed/trade/fictitious name certificate, certified partnership agreement and certified articles of organization.
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Business Restrictions. Novo is unable to work with certain types of businesses, including but not limited to cryptocurrency, privately-owned ATMs, marijuana/cannabis, gambling, crowdfunding, or money services.
Network of ATMs
Novo doesn't operate its own network of ATMs; instead, it provides flexibility and convenience by offering ATM fee reimbursement to its users. Novo understands the importance of easy access to cash for business owners, and that's why they've taken a customer-friendly approach.
Novo users benefit from ATM fee reimbursement, allowing them to use any ATM worldwide and get reimbursed for fees incurred, up to $7 per month. This feature provides businesses with the freedom to access funds conveniently without worrying about additional charges at ATMs.
While Novo doesn't have its own ATMs, the reimbursement feature ensures that users can access their funds globally. Whether it's for business travel, meetings, or day-to-day expenses, Novo's ATM reimbursement supports business owners wherever they are.
Alternatives
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Relay provides an all-in-one banking platform for businesses. It offers features like expense management, corporate cards, and real-time spending insights. Relay focuses on simplifying financial workflows for small and medium-sized enterprises.
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Mercury is a business banking platform designed to empower startups and small businesses. It provides features such as easy money transfers, integrated expense tracking, and seamless financial management. Mercury aims to offer a user-friendly banking experience tailored to the needs of growing businesses.
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Brex is known for its corporate credit card tailored for startups. Beyond credit, Brex offers a range of financial tools, including expense management and rewards programs. It is designed to provide financial solutions that align with the unique challenges faced by emerging businesses.
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BlueVine offers a variety of financial services, including business checking accounts, lines of credit, and invoice factoring. It focuses on providing fast and flexible funding options for small businesses, helping them manage their cash flow effectively.
Editorial Opinion
Important
Methodology
At Finanso, we've carried out a comprehensive analysis of over 50 neo banks, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a neo bank. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional Resources
- Full Novo Account Review
- Novo Mobile App
- Novo Reviews