Novo Business Banking Review: Banking for Today’s Entrepreneurs

It requires only ten minutes for you to apply for the Business Checking Account with the Vomo App. The best part is that you can do so from your own convenience. Apply directly using the link above and without the hassle of paperwork.

Any business owner is allowed to apply unless if your business falls within the following industries:

• Those dealing with cryptocurrency
• Privately-owned ATMs
• Money services
• Unlawful internet gambling
• Cannabis sales

Once you are approved for an account, you can:

• Link to other bank accounts
• Make payments
• Process ACH transfers*
• Deposit checks
• Receive domestic and international wire transfers

It comes as no surprise that because this company is in its infancy, there are no physical branches and ATMs for you to deposit cash at. The best solution is to request money orders or checks when conducting business and using mobile deposit to receive your payments.

Novo uses ACH Transfers instead of paper checks, but if you require paper checks you can request them from Novo.

Novo provides all it’s customers with a MasterCard Business Debit Card. Additionally, this card can be linked to Apply Pay and Google Pay.

Novo does not charge fees when you use the ATM, but you may have to pay fees to the owner of the ATM. Furthermore, there is limit of $1,000 withdrawals per day.

The Novo app itself comes with some unique features:

• Receive instant notifications for transactions.
• Set up access for multiple users.
• Integrate with Quickbooks, Stripe, & Xero
• Send wire transfers using Trasnferwise.

This offer is available for both iOS and Android devices.

Novo lets you integrate with business tools. Manage all your businesses on the go using the Novo Dashboard and its compatibility with other tools.

CSV files. You’ll receive your Novo account statements as mail to your business address by default. But you can also export your transaction information as CSV files. These files are compatible with both Xero and QuickBooks.

Transferwise. As mentioned before, you can send transfers from within the Novo app if you integrate with Transferwise.

Xero. Sync your transactions and reconcile directly with your Xero account. Xero is a cloud-based accounting software platform.

Zapier. Integrate with a variety of web applications through Zapier. Including Gmail, Slack, Mailchimp, Trello, Twitter, Facebook, Dropbox, Salesforce, WordPress and more.

Novo accounts:

• Are FDIC-insured through partner bank, Middlesex Federal Savings, a community bank near Boston
• Use bank-grade encryption to ensure your private information stays private

• In order for both the Referred User and the Referring User to each qualify for and receive the Referral Bonus, the Referred User must meet all of the following conditions:
  • Must not have previously opened an Account;
  • Use the Referring User’s Novo Unique Referral Link when applying for a new Account;
  • Must successfully open a new Account;
  • They must complete a qualified deposit(s) into their Novo account totaling $100.00 or more within 14 days of Account Opening date;
    • The qualifying deposit(s) must be made by any user authorized to transact on the Referred User’s Account.
    • The Referred User must hold a balance of at least $100 in their Novo checking account on October 31, 2021.

• Easily transfer money in or out of Novo from any device
• Unlimited check deposits, always free of charge
• Deposit a check in seconds by taking a photo
• Send ACHs and paper checks without any fees
• Send international transfers via Wise
• Unlimited free transactions within the US
• Deep integrations as a Stripe Verified Partner
• See your Stripe balances right in your Novo account
• Get $20,000 in fee-free processing when you sign up for Stripe
• Receive your Stripe payouts instantly
• Accepted worldwide
• Withdraw money anywhere and get refunded on any ATM fees

• None

• The Referral Program does not have a limit to the number of referrals that can be made; however, the Novo user may only receive up to $330.00 in Referral Bonus earnings.
• Novo reserves the right to change the cap in Referral Bonuses that the particular Novo User at any time and for any reason in its sole discretion.
• Novo reserves the right to not disclose that reason at its discretion.
• Once the Referral Unique Link has been used by the Referred User, Novo cannot reverse its use or application.
• Each Referred User may only use one Novo Unique Referral Link to enroll in a Novo account, regardless of whether the Referral received or had access to multiple Novo Referral Unique Links from different referrers.
• The Referral Program or Novo Unique Referral Link may not be transferred, sold, resold, or mass distributed.
• By accepting this Referral Program, you agree that you have read and understood these Terms and agree to be bound by them.
• Novo reserves the right at its absolute discretion to vary, delete or add to any of these Terms from time to time upon written notice.