Novo Reviews

Powerfully Simple Business Banking | Novo Business Banking

novo.co
3.55
141 reviews
Great Rating
Based on 141 user experiences

Rated 3.55 out of 5 by 141 Happy Customers

42.6%
14.2%
14.2%
14.2%
14.2%
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N

Tech issues don t get resolved

Most of the time Novo is great It s easy to use on desktop and mobile no complaints But every now and then something goes wrong and I submit multiple C S inquiries and the issue never gets resolved Waiting months for a resolution affects how I reconcile my accounts at the end of each month For this reason I plan on zero-ing out my account and going with another bank This has happened twice in the last year and I can t have accounting issues
L

ok if you aren t in a hurry

It s very hard to get anything done quickly
J

I really wanted Novo to work

I really wanted Novo to work They have some great features and when it works it s great BUT- if anything goes wrong or you need any assistance you re basically screwed The customer service aspect of this bank just doesn t cut it For a company with slick advertising about ease-of-use and making business checking easier it s clear that the time and attention has been placed solely on marketing and customers are just left to their own -long wait times to get anyone on the phone I ve waited 30 minutes and no one answered Left a message No reply -generic answers in the app and via a ticket system that didn t solve the problem They mentioned submitting a ticket and no follow up was received - sent message via Twitter Received canned response to DM a message for help Nothing I think the most frustrating part of working with this bank is really wanting them to be better but seeing clearly that they have made a business decision even if X of their customers leave because of poor customer service they will have still maximized profit because they have saved money by not building any customer service into their business model I cannot see any other way it could be this bad except by design It s sad to see I d avoid if I had to do it all over again
L

They started off great

They started off great Was very impressed with both the quality of service and the ease of use After about 2 years their standards have decreased customer service reps dont understand what you are asking them and give you wrong info can t make deposits over a certain amount can t make purchases over a certain amount ACH transfers that claim to be same day happen the next day automated replies approving items such as temporary increases are false To be quite frank a bit more and I m taking my business banking else where very very disappointing
K

Bank at your own risk

Novo allowed ay least 13 fraudulent charges to be processed on my business account nearly wiping out all funds over 2 days Most charges were for the exact same amount I was never contacted to verify the charges I found out when bills for the business were being declined 1 week later the account was hit again 1 month later I m still in the process of a dispute No money has been reimbursed As a small business owner this is unacceptable 4 Cardinals Direct Primary Care
D

Novo is great but transfers take too

Novo is great but transfers take too long and cost too much
E

No more free atm

No more free atm - only reason I chose this bank
T

It s not great

The application is okay it s not great it s okay it has no accessibility features whatsoever in the application I myself am disabled I have very limited vision and I can hardly use the app The company has issues as well every time I try to log into the app they decide I have to go through some more hoops from their security portal and as a person with limited vision I can t get through those things I have great difficulty with this Plus we went to deposit a grant check from Walmart a few months ago the only actual deposit that s ever been made into that account and it took a week to clear it it was only 400 but it took an entire week by the time we got the money cleared the program that we needed the money for was over so by giving it two stars I think that s about as high as I could ever rate the app itself or the company in addition we asked a question and oh my God we re just about shut down and lockedout of our account One other thing the company doesn t understand that our account is for a non-profit and I am just the treasurer of that non-profit Corporation I m not the owner of it this isn t my money I m playing with it s their money and they treat it as though I have control over that money and I m the only one with control over that money and that s just not true I have a board of directors that I have to answer to and a CEO that expects to know what s going on in that account I did not ask for a support ticket I was just responding to your request to rate you on trustpilot II wanted a support ticket I would have filed for a support ticket I was actually explaining a problem that you have with your app and it makes it unusable for me
C

Novo is BAD for small businesses

Novo has some appealing features for a new small business owner but their anti-fraud rules are simply too rigid to ensure a reasonable customer experience Every month I have to request a new temporary expansion of my deposit limit with no apparent way to earn a permanently higher limit I feel like every transaction on my account with Novo has some sort of issue or hassle Most recently a check I deposited several weeks ago from a client whose checks have cleared repeatedly in the past has been rejected twice for being a starter check which it clearly is not After reaching out to support the first time and waiting several days for a response they said Upon a second review our Team was able to accept the check and deposit it into your account I just received a new deposit failure notification with the same explanation Now I m re-entering the process of waiting days for customer service to respond It will ultimately be a month before I have access to these funds As a bank branding themselves as perfect for small businesses perhaps they should do more to understand the experiences of small businesses and particularly their cash flow needs This kind of issue can ruin a company cause them to have to take out debt be late on their bill payments and a hundred other consequences Just terrible
A

Nova Not Ready Yet

Nova is a nice idea but simply isn t recommended to small businesses at this time Because of the following reasons 1-The debit card has limited use since many sites view Nova s Debit Card as a prepaid card and won t accept it including major accounts with whom I have contracts 2-No telephone access to a live customer service person for 48-72 hours after a problem or help is needed I consider this totally unacceptable their are to many banks still around with 24 7 phone access3-No ATM Network allowing free withdrawals which wasn t an issue until recently because initially Nova refunded all ATM fees now only 2 a month Basically our Company is subject to ATM fees because Nova is still a small fish on Training Wheels 4-No Zelle access on their accounts Nova does offer a free transfer feature to and from connected account withouta fee But this option will takes days to receive or to be received Yes they have a same day expedited option which Charges an additional fee But when I used this option the still posted the next after paying the fee Since it takes 2 3 days to be contacted by customer service I had no support during this failed transaction 5-Nova doesn t offer 2 day advance posting for direct deposits in fact their deposits posts slower than any bank I have used in the last 20 years not good if you re a small business with cash flow challenges or a medium size businesses who wants timely access to it s liquid capital 6-No interest bearing savings account which isn t competitive since there are plenty of other internet banks offering 4 or more on their savings accounts Nova gets another poor mark on this point They do offer sub accounts which would be very helpful and productive but without interest the sub account feature benefits Nova much more than its business customers In closing Nova is a nice group of people those that I have had the opportunity to engage with But overall as a business person who has been on their platform for almost 3 years I give them a failing grade and wouldn t recommend them at this time Based on what I have seen I believe they are 2 2 5 years away from offering Tier One Services and Financial Access until RUN

About Novo

Novo is a powerfully simple business banking platform with no hidden fees built for small business owners. Simplify your business finances with Novo.

United States

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Frequently Asked Questions

Novo is a financial technology company that provides modern banking solutions, specifically a business checking account, designed for freelancers, entrepreneurs, and small business owners. It operates as a digital platform aimed at simplifying financial operations and supporting business growth.

Novo primarily targets freelancers, solopreneurs, digital nomads, and small startup teams. Its services are tailored for individuals and businesses that operate digitally, value automation, and seek an alternative to traditional business banking with complex fee structures.

Key features include no monthly fees or minimum balance requirements, seamless integrations with tools like Stripe, Shopify, QuickBooks, and Etsy, free ACH transfers and invoicing tools, and ATM fee reimbursements. These features are designed to consolidate financial tasks and reduce administrative burdens.

Novo does not charge monthly fees or require a minimum balance for its business checking account. The platform emphasizes cost-effectiveness and transparency, with features like free ACH transfers and ATM fee reimbursements to avoid unexpected costs.

Novo offers integrations with popular business tools such as Stripe, Shopify, QuickBooks, and Etsy. These connections allow the account to function as a central financial hub, automating reconciliation and streamlining workflows to save time for users.

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About Novo

An Overview of Novo.co: Modern Banking for Freelancers and Small Businesses

Novo.co is the digital home of Novo, a financial technology company dedicated to providing modern banking solutions tailored specifically for freelancers, entrepreneurs, and small business owners. The website positions Novo as more than just a bank account, presenting it as a powerful financial platform designed to simplify operations, save time, and support business growth. With a clean, intuitive design and a focus on user-centric benefits, the site effectively communicates its value proposition to a growing segment of the modern economy.

Core Offerings and Value Proposition

The central product featured on Novo.co is its business checking account. The website highlights key features that address common pain points for small businesses:

  • No Monthly Fees or Minimum Balances:A primary selling point, emphasizing cost-effectiveness for new and bootstrapped businesses.
  • Seamless Integrations:Novo prominently showcases its connections with popular business tools like Stripe, Shopify, QuickBooks, and Etsy. This positions the account as a central hub for finances, automating reconciliation and saving valuable administrative time.
  • Free ACH Transfers and Invoicing:The platform includes built-in tools to create and send invoices, and to make and receive payments without fees, consolidating multiple financial tasks into one application.
  • ATM Fee Reimbursements:Novo offers reimbursements for fees incurred at any ATM, providing flexibility and access to cash when needed.

User Experience and Website Structure

The website is designed for clarity and conversion. Navigation is straightforward, guiding visitors from an explanation of core features to detailed resource sections and finally to a clear account application call-to-action. High-quality visuals and customer testimonials are used strategically to build trust and illustrate real-world use cases. The content is written in a direct, benefit-oriented tone that resonates with its target audience of busy, tech-savvy business owners looking for efficient solutions.

Educational Resources and Support

Beyond promoting its account, Novo.co serves as an educational resource. It typically features a blog or resource center with articles, guides, and insights on topics relevant to small business management, freelancing, finance, and productivity. This content marketing strategy establishes Novo as a knowledgeable partner in its customers' success, not just a service provider. The site also details customer support access, reinforcing its commitment to user assistance.

Target Audience and Market Position

Novo.co clearly targets the burgeoning community of freelancers, solopreneurs, digital nomads, and small startup teams. The language and features are crafted for those who operate digitally, value automation, and seek an alternative to traditional business banking with its often complex fee structures and physical branch requirements. Novo positions itself within the competitive neobank and fintech space by focusing intensely on the specific integration and workflow needs of its niche, rather than offering a broad suite of consumer products.

In summary, Novo.co functions as the digital storefront for a focused financial technology solution. It successfully articulates how Novo's business checking account and integrated platform remove friction from day-to-day financial management. By combining essential banking features with powerful automations and a commitment to no hidden fees, the website presents a compelling case for modern small businesses seeking a smart, streamlined foundation for their financial operations.