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Novo

low
Mobile friendly
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Trustpilot Rating

Reviews 1,093

Great

★★★★★

(3.7)

3.8

Entity type

Money Service Business

Client type

Personal/Business

Country

1

United States of America

Year

"2018"

Employee Count

11-50

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Services

Asset ManagementP2PSavings AccountWalletsWire Transfer AcceptanceUS allowedACH
3.8

Total Score

Pricing of the services

3

Social media presence

5

Popularity of the service

3

Onboarding difficulty

4

Support quality

4

About Novo

Novo is a mobile business banking platform for small businesses, entrepreneurs, and freelancers. Novo offers self-employed a bank account that is easy to use with almost no fees. Novo's partner bank is Middlesex Federal Savings.

Pricing

Setup Fee

0 USD

Monthly Maintenance Fee

0 USD

SEPA Incoming

SEPA Outgoing

SWIFT Incoming

SWIFT Outgoing

FX Fee

Currency

  • USD

    (United States dollar)

Trustpilot reviews

MW

Apr 30, 2022

Terrible!

After banking with Novo for the last 8 months or so, I simply cannot understand how it is so highly rated and recommended by otherwise trustworthy sources. Hands down the worst banking experience I've ever had. It took FOREVER to set up my business account, largely because it's really difficult to reach an actual person with the bank. My checks take a full 10 days to clear and another 3 or so to transfer to our personal account. If you have a question or need help, you have to go outside your banking interface to Google it, and even then you have to go through at least 2 levels of FAQs and blog posts to get a number to call them. Just opened a new account with a local bank and can't wait to get my money out of Novo.

EK

Apr 28, 2022

Rude and Unprofessional

I was in the process of setting up my business and had connected my website (Shopify) and other payment options to my Novo bank account, which was easy, but when I tested a payment I found out that Novo closed my account. They did this without contacting me to alert me of the possibility of this happening. Zero communication. I have only been able to contact Novo via email. When I reached out, this was the response I received: "We are unable to speak to the specifics around why your account was closed by our accounts team. We can say that the base of the decision is due to our risk tolerance for accounts and businesses." This is extremely unprofessional. I'm an independent business with only 1 employee. Not super high risk. This is all very shady and rude. I'm extremely disappointed in Novo and would not recommend them to anyone. I trusted them to be there, I got my business credit card in the mail and once I started getting payments they closed my account. Super frustrating. I'm going to a more legitimate bank and would suggest you do the same.

JL

Apr 26, 2022

Unacceptable Business Practices, Stay away from Novo!

I have started to use my new Novo business account, I wanted to instantly transfer funds into my account since its on my Novo dashboard in bold, yet i paid the instant transfer fee from my other bank to novo and after a hour still isnt there, I have never had issues doing that to other banks or cards until novo and im not happy since it wasnt a small amount of money. I contacted Novo and the woman i spoke to gave me the run around and stated sorry Novo doesnt support instant transfers and your funds will be available once they cleared in up to 5 business days which makes absolutely no sense since on my account it SAYS add funds instantly! Not only did i waste my money on a fee for no reason, now novo has no idea when my funds will be available or where they are? Im very disappointed and angry since my money is floating around and no answers. Once the funds are available Im closing my account right away and stay far away from Novo. Brex is better and customer service helps immediately. So do your research before doing business with Novo. I know Im done with them.

JL

Apr 22, 2022

I had 2 fraudulent transactions on my…

I had 2 fraudulent transactions on my business account with Novo. They did cancel my card and issue a new one. However, 7 months later, still no resolution or reimbursement of funds to my account. Business model lacks customer service and person interaction with clients. Had to eat the loss. Lesson learned. Bank with a reputable company

JM

Apr 20, 2022

Novo is amazing

Novo is amazing

OL

Apr 20, 2022

Terrible terrible customer service

Terrible terrible customer service. Stay away.

MM

Apr 19, 2022

Just an email is all it took

Just an email is all it took. And the reply happened in less than 24hrs.

Finscanner is an independent digital platform aiming to provide up-to-date access to worldwide financial services to improve customer experience and boost transactions.

On this page, you can see a detailed review of Novo Payment systems with reviews from real users and our experts. Novo provides the following services: Asset Management, P2P, Savings Account, Wallets, Wire Transfer Acceptance, US allowed, ACH.

At the moment, Novo rating on Finscanner is 3.8 and on Trustpilot is 3.7.