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  Novo Business Checking Account
Novo Business Checking Account
in Business Checking Accounts from Novo Bank · Member FDIC
Unaffiliated

Novo Business Checking Account

Unaffiliated
in Business Checking Accounts from Novo Bank · Member FDIC
SuperMoney Net Recommendation Score +83  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +83, equating to 4.7 on a 5 point rating scale.

+83

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

5 users recommend
1 user is unsure
0 users don't recommend
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3 reviews
Highlights
Community Rating Strongly recommended
Monthly Fee $0
ATM Fee: Out-of-Network Starting at $0
Minimum Balance to Avoid Monthly Fee Starting at $0
APY (Annual Percentage Yield) 0%
Number of Reviews 6

Novo Business Checking Account Review

Novo Business Checking Account is offered by Novo Bank, a bank founded in 2016 and based in New York, NY. Novo Business Checking Account is available in 50 states (and Washington, DC).

Key Takeaways

  • 0% APY. As with most checking accounts, Novo Business Checking Account does not pay interest.
  • $0 monthly fee. This account does not charge any monthly account fees.
  • No ATM fees. Novo Business Checking Account does not charge fees on ATM transactions.
  • ATM fee rebates. This account will reimburse you for ATM fees (see terms and conditions for details).
  • Bill pay. Pay your bills to practically anyone in the United States through Novo Bank.
  • Soft credit pull. This bank will not perform a hard credit pull when you open a checking account.

Novo Business Checking Account Pros & Cons

Pros Cons
  • Available in all 50 states.
  • Access to physical branches.
  • Free debit card and the option to lock/unlock the card if lost or stolen
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Does not earn interest

Novo Business Checking Account FAQ

Are business checking accounts from Novo Bank federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #28368). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What APY does Novo Business Checking Account offer?

Novo Business Checking Account is not an interest-bearing account.

What are the account minimums for Novo Business Checking Account?

Novo Business Checking Account requires a minimum initial deposit of $50 to open an account.

Novo Business Checking Account Account Minimums
Description Amount
Minimum Initial Deposit $50

What fees does Novo Business Checking Account charge?

The good news is that this account does not have a monthly service charge.

Novo Business Checking Account Fees
Description
ATM Fee: In-Network $0
ATM Fee: Out-of-Network Starting at $0
Check Cashing Fee $0
Debit Card Replacement Fee $0
Early Account Closure $0
Monthly Fee $0
NSF Fee $27
Online Bill Pay Fee $0
Paper Statement Fee $0
Returned Deposit Fee (Domestic) $27
Stop Payment Fee $0
Wire Transfer Fee - Domestic (Incoming) $0
Wire Transfer Fee - International (Incoming) $0

What features and perks does Novo Business Checking Account offer?

This account includes the following features:

  • ATM reimbursement - This account will reimburse you for the ATM fees charged by other networks.
  • Fraud monitoring - Novo Business Checking Account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location or you make a sudden string of costly purchases.
  • Free Bill Pay - Bill Pay allows you to pay bills easily from your account.
  • Mobile Banking Services - Novo Business Checking Account allows you to manage your money online. This includes depositing checks in your account with your smartphone.
  • Nationwide ATM network - Conveniently transact at a nearby ATM.
  • Soft credit pull - Novo Business Checking Account performs a soft credit pull so you can check whether you qualify without hurting your credit.
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Message From Novo Bank

Contact

About Novo Business Checking Account

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Opening Deposit Starting at $50
ATM Fee: In-Network $0
ATM Fee: Out-of-Network Starting at $0
Check Cashing Fee $0
Debit Card Replacement Fee $0
Early Account Closure $0
Monthly Fee $0
NSF Fee $27
Online Bill Pay Fee $0
Paper Statement Fee $0
Returned Deposit Fee (Domestic) $27
Stop Payment Fee $0
Wire Transfer Fee - Domestic (Incoming) $0
Wire Transfer Fee - International (Incoming) $0
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Verification Documents Required
  • Proof of Identity
  • Business Formation Documents
  • Business Tax Return
  • Employer Identification Number
Account Features
  • No ATM Fees
  • Free Bill Pay
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • ATM Reimbursement
  • Nationwide ATM Network
  • Mobile Banking
  • Fraud Monitoring
  • Debit Card Lock/Unlock
  • Fraud Protection
  • Soft Credit Pull
  • Debit Card
  • Branch Access
  • Member FDIC
  • Expense Management
APY (Annual Percentage Yield) 0%

Novo Business Checking Account Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +83, equating to 4.7 on a 5 point rating scale.

+83

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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