Novo Business Checking Review (2026): Fees, Pros & Cons

Novo Business Checking: Pros and Cons

How Novo Could Fit Your Business

These examples show how published features could fit different business needs. They are illustrative scenarios, not accounts we opened or workflows we tested.

Freelancer or Solo Consultant

A consultant who invoices clients can create invoices and reminders in Novo, receive supported payments and use the included bookkeeping tools without a monthly maintenance fee. Reserves can help label money for taxes or planned expenses within the account. Compare the payment processor’s charges before accepting card payments; included invoicing does not make every payment method free.

Online Seller

A seller receiving Stripe payouts can evaluate Novo Boost, which may make qualifying payouts available up to two business days early. Enrollment and each payout remain subject to eligibility and account-specific limits. If the seller pays suppliers internationally, the Wise connection is a separate service with its own fees and restrictions. Check payout timing and supplier-payment costs separately; the existence of a connection does not establish how it will perform for a particular business.

Small Agency with Employees

An agency can consider Novo’s physical and virtual debit cards and additional-user access alongside its internal approval process. Added users receive full account access, including moving money. If an employee or bookkeeper needs restricted or read-only access, compare the permission options before adding them. Primary-owner controls over account closure and user management do not make another user’s payment access read-only.

Novo at a Glance

FinanceProspector Feature Scores

Each score evaluates the named feature or fee using the governed comparison criteria. These are separate comparisons, not an overall assessment of Novo.

Feature scores use a display scale from 7.5 to 9.5: zero available points maps to 7.5, and all available points maps to 9.5. Each score covers only its stated comparison. Community ratings are separate.

Four comparisons are not scored here: Domestic Transfer Costs, Monthly and Overdraft Fees, Cash Deposit and ATM Access, and Outgoing USD International Wire Fee. Their required evidence or classification remains unresolved. They are excluded from the five-score average; an unscored comparison is not a low score. Read FinanceProspector Editorial Methodology.

Novo Fees and Transaction Charges

Novo states that there is no fee to open the account and no minimum opening deposit. The fee schedule labels $1,000 as a recommended initial deposit, rather than a required opening amount.

The account agreement allows an inactivity fee after 18 months without a customer-initiated transaction. The captured fee schedule does not state an amount for that fee.

An Express ACH fee is not refunded if the receiving bank returns the payment. If the customer cancels the transfer in time, Novo says the fee is returned as a separate transaction.

Novo Illustrative Payment-Cost Examples

These examples show Novo’s provider fee using the published Express ACH percentage, minimum and maximum. They exclude other parties’ charges.

For Express ACH, 1.5% of $1,000 is $15. At $5,000, the percentage calculation is $75, so the published $20 maximum applies.

Novo Funding, Transfers and Access to Money

The account terms permit funding by ACH, wire transfer and mobile check deposit. Incoming wires must be in U.S. dollars. Transfer limits vary by account and are shown in the app.

Novo says increases can be requested for bank transfers, mailed checks, mobile check deposits and debit card spending. ACH-pull and daily ATM limits cannot be increased under its published help guidance; it says it sets no limit on incoming ACH or wire transfers.

Standard and Faster Payments

Novo’s help pages describe standard outbound ACH as typically taking one to three business days or two to three business days; its product copy also describes next-day ACH. Review the expected arrival time when arranging a payment.

Express ACH is published as available the same business day when sent before 2:30pm Eastern, Monday through Friday. Novo says funds typically arrive by the end of the receiving bank’s processing day. Later instructions move to the next business day; federal holidays and account limits affect processing. Express ACH is not instant.

Novo supports receiving FedNow payments. For international payments, customers connect Wise inside the Novo app. Wise shows its fee before confirmation, sets its own limits and may restrict access by state or industry. Novo does not reimburse Wise fees.

For eligible customers, domestic-wire instructions submitted by 3pm Eastern on a business day are processed that day; this is a processing cutoff, not an arrival guarantee. A submitted wire cannot be canceled. Novo describes a 72-hour wire restriction after a new-device login or a change to account details.

Novo includes Bill Pay: uploading an invoice as a PDF or image lets the tool fill in payment details before the customer selects a payment method. The selected method’s fees and limits still apply. Novo also lists Cash App, Venmo and PayPal connections for person-to-person transfers, subject to those services’ limits; it does not integrate with Zelle.

Mobile Check Deposits

Mobile check deposit is available through the app, subject to Novo’s eligibility decision. The mobile-deposit terms allow qualifications and limits to change, require the account to remain in good standing, and allow limits to depend on account age and activity. Identity verification may be requested before a deposit.

Novo’s help page describes a standard hold of one to four business days and possible seven-to-ten-business-day holds for large deposits. Its mobile-deposit terms say funds will generally be available within five business days from the deposit day, with earlier availability or delays in specified circumstances.

The help page says a check deposited before 3pm Eastern is processed that day and the hold starts the next business day. After-cutoff deposits change that timetable. Novo communicates extended holds; the published timing is not a guarantee for every deposit.

Accepted items include most U.S. personal and business checks, cashier’s checks and money orders payable to the account holder, business or account DBA. Checks must be in U.S. dollars and no more than six months old. Third-party and post-dated checks are not accepted; MoneyGram money orders are excluded.

Cash, ATM Withdrawals and Mailed Checks

Novo does not accept direct cash deposits. Its documented money-order route is explained below under Planning Around Novo’s Account Features.

Novo’s help center lists a $1,000 daily ATM-withdrawal limit; an individual machine may set a lower limit. It says Novo has no fee-free ATM network, while another product page refers to partner-bank access without naming a network. Use the published Novo-fee and reimbursement terms when estimating withdrawal costs.

Novo can print and mail a check from the app within the United States, up to 10 checks a day. It estimates delivery in seven to ten business days and provides no tracking number. Novo does not supply checkbooks or cashier’s checks.

Planning Around Novo’s Account Features

Adding Cash Through a Money Order

Novo does not accept direct cash deposits. Its help center describes an indirect route using an eligible money order and mobile check deposit.

1. Confirm that mobile check deposit is available in your account and check the applicable limit before purchasing a money order.
2. Purchase a supported money order, such as one from USPS or a grocery store. Novo says MoneyGram money orders are not supported.
3. Follow Novo’s current payee and endorsement instructions, then submit it through mobile check deposit in the app.
4. Check the deposit’s status and availability notice before relying on the funds.

Include the money-order purchase cost in your comparison. Deposit eligibility, acceptance and holds still apply; converting cash to a money order does not make the funds immediately available.

Separating Operating Money from Savings

Novo checking pays 0% APY, and Reserves remain allocations within that same account. A business seeking interest could compare a separate business savings account for money it does not need for upcoming payments. Before moving funds, compare the savings account’s rate, fees, minimums, deposit protection and transfer timing. This is an account-management option, not a claim that Novo includes an interest-bearing savings product.

Matching Access to Each Person’s Role

Novo’s additional users receive full access. Card spending limits do not turn that access into a restricted account role. Before inviting someone, decide whether they need to move money or only review records. If restricted access is required, compare another account’s documented permissions instead of treating Novo’s full-access role as equivalent.

Novo Team Access and Cards

Physical and virtual debit cards are supplied at no cost. Novo says a virtual card can be activated after account approval and asks customers to allow 10 to 15 days for the physical card to arrive.

Each user can receive one physical and one virtual debit card. Additional users have full account access, including moving money; partial and read-only permissions are not offered in the published help guidance.

An additional user must be at least 18, submit personal information, verify identity and receive approval. Only the primary account owner can close the account, manage other users or change key business information. Only the primary holder can request a higher maximum debit-card limit.

Physical and virtual cards can be frozen or unfrozen from the app or web dashboard. Novo describes a daily spending-limit setting between $1,000 and the account’s maximum, which is shown in the account. The cards support contactless payments and Apple Pay, Google Pay and Samsung Pay.

Novo states that it charges no fee for debit-card purchases or ATM withdrawals abroad. Mastercard selects the currency-conversion rate, and merchants or ATM operators may add charges. Novo asks customers to activate the card through a U.S. transaction before traveling.

The debit card is eligible for Mastercard Easy Savings rebates on qualifying purchases at participating businesses. This is a Mastercard program; merchant participation and offers are set separately.

Reserves and Account Organization

Novo allows up to 20 Reserves to allocate money within the checking account. For example, a business could label allocations for taxes or planned expenses. These are internal balance buckets: the funds remain part of the total account balance.

Card purchases and withdrawals use the available balance, and Reserve activity does not appear on monthly statements. Reserves should therefore be described as an organization tool within one account.

Bookkeeping, Invoicing and Accounting Connections

Novo Bookkeeping is included at no additional charge. It categorizes transactions and provides profit-and-loss and expense reports. Up to five accounts in total, including the Novo account, can be linked. Novo says the feature cannot be turned off once activated, and its bookkeeping data is not retained after the account closes.

Novo Invoices supports creating and sending invoices, recurring invoices and reminders. Customers can receive ACH or PayPal payments, or card payments through Stripe or Square. These payment providers are separate services with their own terms.

Novo’s help center names automatic transaction connections to QuickBooks Online, Xero and FreshBooks. It says there is no cost to connect QuickBooks Online, while QuickBooks has its own pricing plans. The Xero connection uploads the past year of transactions and updates new activity in the background.

Connections may expire and need refreshing. Changes made directly in the accounting software do not appear back in Novo, so automatic transaction sync should not be described as unrestricted two-way synchronization.

Novo Additional Products and Services

Novo Boost

Novo Boost is an optional, no-fee service that can make eligible Stripe payouts available up to two business days early. Enrollment requires a supported-platform connection, an account in good standing, at least $50 deposited before enrollment and the downloaded Novo app.

Novo and the bank may add eligibility requirements or suspend access. Each payout must qualify, and the early-payout limit is account-specific and can change. Check the limit shown in the app rather than treating the help page’s $5,000 figure as a guaranteed allowance. Novo states that Boost is not a loan.

Separate Credit and Financing Products

The Novo Business Credit Card is a separate product issued by Continental Bank and described as available to prequalified customers, subject to final eligibility decisions. The Novo Business Loan is also issued by Continental Bank, with credit and underwriting requirements. Novo Funding LLC offers the separate Merchant Cash Advance.

Novo Community Reviews

Community ratings summarize reviews submitted to each platform. They do not establish that every customer will have the same experience.

G2’s rating is based on a small review sample. The ratings are shown separately.

Ratings can change.

Using Novo’s Public Website

Novo’s no-fee checking page presents account pricing and links to its fee schedule. The Help Center describes tasks such as sending payments, using Reserves and connecting accounting software; the Legal section holds the account, card, mobile-deposit and Boost terms.

For conditional services, public help pages explain where to look inside the account. Domestic-wire access appears when an eligible customer adds or edits a payee, while current transfer and check-deposit limits are shown in the app. Visit Novo Website→

Novo Eligibility and Application Requirements

Novo’s help pages require business owners to live in the United States and describe U.S. business-registration requirements. Its application guide also accepts unregistered businesses as sole proprietors, with both an SSN and an EIN.

The supported business types described in its guide include sole proprietors, LLCs, corporations, partnerships and nonprofits with 501(c)(3) status. Required documents vary by business type and state.

Applicants must be at least 18, provide government-issued photo identification and use a U.S. cell phone number from a major carrier. VoIP and virtual numbers are not accepted for verification. Details and identification are also requested for co-owners holding 25% or more.

Novo lists restricted business types, including ATM or vending-machine businesses and online gambling or fantasy-sports platforms, and may decline an application under its risk guidelines. Review the complete eligibility list before applying.

A sole proprietor’s account uses the owner’s personal name. Novo’s guide requires a DBA to use a business name or deposit checks payable to that name.

Documents to Prepare

Novo’s document requirements depend on your business type and state. Its applicant guidance lists:

• A valid government-issued photo ID, an SSN, a U.S. address and a U.S. cell phone number from a major carrier.
• An EIN, which Novo lists as required for most business types, including sole proprietorships.
• Business registration documents where applicable, such as Articles of Organization for an LLC or Articles of Incorporation for a corporation.
• Details about the business’s activity and expected cash flow.
• Personal details and a photo ID for co-owners holding 25% or more.

Novo’s business-type guide also lists proof of a U.S. address, such as a utility bill or lease. Gather the evidence requested for your application.

An unregistered sole proprietor can apply without formation documents under Novo’s published guide, but still needs an EIN. If the business uses a name different from the owner’s legal name, review Novo’s DBA-document requirement. Partnerships and other business types should follow their own document requests; the LLC and corporation examples are not a universal checklist.

Application and Review

1. Confirm that your business type, location and activity meet Novo’s published eligibility requirements.
2. Gather your personal information, applicable business records and qualifying co-owner details.
3. Start through Novo’s official account-opening link and provide the information and documents requested for your business.
4. Review the application before submitting, then respond to any request for additional information.
5. After approval, confirm the payment and deposit features available in your account and check their limits before funding a planned transaction.

Novo estimates that most applications take 10–15 minutes to complete. Its help guide says most are reviewed within 24 hours, with some taking up to 72 hours. These are provider estimates, not guaranteed approval times.

If an account is closed, Novo says the cards are canceled immediately and the account cannot be reopened, although a customer can apply for a new account. Transfer the remaining balance and download statements before closing. Visit Novo→

Novo Support Channels and Contact Options

Customers can message support from the app or web dashboard. Applicants and people who cannot access their account can email support@novo.co. The published help guidance says phone support is not offered during the application process.

Novo separately publishes 1-(844)-260-1461 for its Fraud Team. This number is described as a fraud-reporting route, not a general support line. No general service hours or response-time guarantee are quoted here.

Novo Account Security and Controls

Novo describes two-factor authentication using a one-time password for transfers and other transactions, required device authentication, and optional real-time and low-balance notifications. These are its published controls, not results of independent security testing.

Novo’s ACH-dispute help page tells customers to report an unauthorized ACH debit in the app as soon as possible and says the report “needs to be filed within 48 hours of the transaction posting.” The card-dispute page says the process can take up to 120 days, with an email explaining next steps within 10 business days. These are Novo’s help-process instructions and estimates, not a statement of every legal right or deadline. Separately, the account agreement requires customers to examine statements with reasonable promptness and to report unauthorized signatures, alterations, forgeries or other errors within 30 days of the statement being made available; it says a claim on those items is otherwise precluded. Read the account agreement and cardholder terms for the conditions that apply.

Novo Legal Disclosures and Deposit Protection

Novo is a financial technology company, not a bank. Banking services are provided by Middlesex Federal Savings, F.A., Member FDIC, which also issues the Novo commercial debit card. The account is for business purposes.

Novo states that deposits are held at Middlesex Federal Savings, F.A., and are FDIC-insured up to $250,000 per depositor, per insured bank, per ownership category. Novo is not a bank. Coverage is subject to applicable conditions and concerns failure of the insured bank.

Novo's current insurance help page describes a Cambr network arrangement that may make deposits eligible for up to $5 million in total FDIC coverage. Coverage depends on placement, applicable insurance requirements and other deposits you hold at each receiving bank. Network availability can change; Novo says coverage reverts to the standard $250,000 limit if the network becomes unavailable. Novo also continues to publish a StoneCastle deposit-network agreement. These sources use different program names; confirm the agreement and bank placements applicable to your account rather than assuming the published maximum covers every balance.

The cardholder terms describe a commercial card account and state that it does not provide consumer protections for lost or stolen cards or unauthorized transactions. They require immediate reporting and explain responsibility for transactions; reporting does not establish that every form of liability automatically ends.

Compare Novo with Other Business Banking Accounts

Compare the account using the functions your business needs, rather than treating separately scoped feature scores as an overall ranking.

Novo, Bluevine, Found and Mercury: Selected Features

This table compares Novo Business Checking with Bluevine Standard, Found’s free plan and Mercury’s base business offering. It covers selected published features, not a ranking. A $0 monthly fee does not mean every transaction or third-party service is free.

Payment processing, intermediary charges, eligibility, limits and timing remain separate from the provider fees shown.

Interest is a separate comparison. Novo checking pays 0% APY. Bluevine Standard publishes 1.3% APY on eligible balances up to $250,000, subject to qualifying activity; the rate can change. Found lists APY offers for its paid Plus and Pro plans. Mercury’s separately offered Treasury investment yield should not be presented as checking APY.

Outgoing Domestic Wires

Provider Fees for a $1,000 Faster ACH Payment

Novo, Bluevine Standard and Mercury’s base plan document standard ACH without a provider fee. The faster-service table compares published charges, not a promise that every payment will arrive at the same time.

Found’s Express transfer is a different service: a same- or next-business-day transfer to a linked external account. Its fee is 1%, with a $0.50 minimum and $25 maximum. It should be evaluated separately from Novo’s Express ACH payments to payees.

Glossary of Terms