Top Benefits
- No Monthly Fees: Novo’s business checking account does not have any fees for maintenance, transactions, or incoming wires.
- Free ATM Access: Novo does not charge ATM fees and refunds third-party ATM fees globally, allowing for truly fee-free ATM usage.
- Unlimited Transactions: There are no caps on the number of transactions, making it easy for businesses to manage payments without worrying about additional fees.
Accounts Payable Automation
While Novo does not have recurring payments in its bill pay feature, its invoicing tool allows businesses to automate payment requests from clients. Users can accept payments through ACH transfer, Venmo, PayPal, or set up Stripe or Square for card payments, simplifying accounts payable processes.
Vendor Payments
Novo supports unlimited transactions and free incoming wires, making it suitable for vendor payments. However, Novo lacks wire transfer capabilities for outgoing payments, and the absence of recurring payments in bill pay may be a limitation for businesses with frequent vendor payments.
Transactions
- Unlimited Transactions: Novo allows an unlimited number of fee-free transactions, including incoming wires and ACH transfers.
ATM Fee Refunds: Novo does not charge ATM fees and will refund any fees charged by third-party ATM providers, making it cost-effective for businesses with frequent ATM withdrawals.
However, Novo does not support cash deposits and outgoing wire transfers, which may limit its use for businesses that handle cash frequently or need to send wires.
Safety and Security
Novo accounts are FDIC-insured up to $250,000 through its partnership with Middlesex Federal Savings. The platform also uses encryption, fraud monitoring, and identity protection to safeguard user information. Although customer support is limited to email and in-app messaging, the platform provides solid security features to ensure safe online banking.
Mobile App
Novo's mobile app allows users to:
- Manage accounts and track transactions
- Send and manage invoices
- Connect with business tools like Stripe, Shopify, and Zapier The app is highly rated on both Google Play and the App Store, making it a convenient tool for managing business finances on the go.
However, customer service is only available through email and the app, with no phone support.
Who Should Use This Business Checking?
Novo is ideal for:
Freelancers and independent contractors who need a simple, fee-free business checking account with built-in invoicing features.
Small business owners looking for seamless integration with popular business tools like Xero, Stripe, and Shopify.
Businesses that don’t require cash deposits or wire transfers and are comfortable with email or in-app customer support.
How to Open an Account
You can open a Novo business checking account by applying through the Novo website. Requirements include:
- Be at least 18 years old
- U.S. citizenship or permanent residency
- Basic business information, including EIN and articles of incorporation
Novo supports most businesses but excludes industries like cryptocurrency, cannabis, and unlawful online gambling. Applications are typically reviewed within two to three business days.
Conclusion
Novo offers a strong business checking solution for freelancers, contractors, and small businesses with no monthly fees, unlimited transactions, and ATM fee refunds worldwide. Its integration with popular business tools and built-in invoicing make it an attractive option for online-focused businesses. However, businesses that require cash deposits, wire transfers, or live customer support may need to explore alternative banking solutions.