Novo - Small Business Checking 4.12.0

Novo Platform Inc. – Freeware – Android iOS
out of 13576 votes

Novo: Revolutionizing Small Business Banking

David Fischer

04/03/2025

Novo offers a streamlined, user-friendly checking account designed specifically for small businesses, providing essential tools and integrations to help entrepreneurs manage their finances effortlessly.

Are you in need of a checking account tailored for your small business? Look no further than Novo, the ideal choice for modern businesses.

With Novo, the application process is quick and easy, allowing you to apply online and get back to focusing on what matters most - your business.

Novo sets itself apart as a fintech rather than a traditional bank. While banking services are provided by Middlesex Federal Savings, F.A., a member of the FDIC, Novo offers a range of free banking tools specifically designed for small businesses. All of these tools are conveniently accessible through the Novo app, making it easy to link your existing accounts, control your debit card, pay bills, process ACH transfers, deposit checks, categorize transactions, and set aside funds for savings in Reserves.

When you open an account with Novo, you'll receive a Novo Mastercard Business Debit Card and The Novo Virtual Card. These cards can be used to make secure online purchases worldwide and can also be utilized at any ATM without incurring fees from Novo. Additionally, you'll have the ability to send unlimited payments and paper checks at no charge.

Novo is proud to offer support for nearly all types of businesses operating within the United States. As long as the owner possesses a social security number, they are eligible to apply for a Novo Business Checking Account.

Overview

Novo - Small Business Checking is a Freeware software in the category Business developed by Novo Platform Inc..

The latest version of Novo - Small Business Checking is 4.12.0, released on 07/04/2024. It was initially added to our database on 09/18/2023.

Novo - Small Business Checking runs on the following operating systems: Android/iOS.

Users of Novo - Small Business Checking gave it a rating of 5 out of 5 stars.

Pros

No monthly fees or minimum balance requirements
Easy online account setup process
Integrates with various business tools like invoicing and accounting software
Offers a user-friendly mobile app for managing transactions
Provides free ATM access through a large network of ATMs
Daily transactions are processed quickly and efficiently
Offers a seamless experience for freelancers and small business owners

Cons

Limited physical branch access since primarily online
No interest bearing accounts, meaning no earnings on deposits
Some users might find customer support lacking during peak times
Transaction limitations may apply, affecting high-volume businesses
Not suitable for larger businesses with more complex banking needs

FAQ

What is Novo's Small Business Checking account?

Novo's Small Business Checking account is a digital banking solution designed specifically for small businesses, providing tools for managing finances effectively and efficiently.

Are there any monthly fees for the Novo Small Business Checking account?

No, there are no monthly maintenance fees or minimum balance requirements for the Novo Small Business Checking account.

How can I open a Novo Small Business Checking account?

You can open an account online by visiting the Novo website and completing the application process, which typically requires basic business information.

What documents do I need to open a Novo Small Business Checking account?

You will generally need your business formation documents, EIN (Employer Identification Number), and personal identification such as a driver's license or passport.

Does Novo offer overdraft protection for its checking accounts?

Novo does not offer traditional overdraft protection; however, transactions will be declined if you do not have sufficient funds in your account.

Can I integrate other financial tools with my Novo account?

Yes, Novo allows integrations with various tools like QuickBooks, Xero, Stripe, and Shopify to help streamline your business finances.

Are there limits on transactions with the Novo Small Business Checking account?

There are no limits on transactions, but excessive and unusual activity may trigger security reviews.

How can I access my funds in a Novo Small Business Checking account?

You can access your funds using the Novo app (available on iOS and Android), through bank transfers, or using linked debit cards.

Is there an ATM network associated with Novo?

Novo does not have its own ATMs but provides access to over 32,000 ATMs through the MoneyPass network without ATM fees.

What customer support options does Novo provide?

Novo offers customer support via email and live chat through their app and website to assist you with any inquiries or issues.

David Fischer

I am a technology writer for UpdateStar, covering software, security, and privacy as well as research and innovation in information security. I worked as an editor for German computer magazines for more than a decade before joining the UpdateStar team. With over a decade of editorial experience in the tech industry, I bring a wealth of knowledge and expertise to my current role at UpdateStar. At UpdateStar, I focus on the critical areas of software, security, and privacy, ensuring our readers stay informed about the latest developments and best practices.

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