Novo Reviews & Product Details

Easy to set up account for business owner. Review collected by and hosted on G2.com.

I would give zero stars if i could! They have rejected my deposits and ACH payments several times. I had to open another business bank account quickly with another bank so I could pay my employees. I couldnt get my manager a debit card and they wouldnt give me any kind of reason why they kept rejecting it. Then I had a small loan with them, they closed my account so I couldnt pay on it anymore. I settled with them and made a payment in February. It is APRIL almost MAY and I still get statements carrying interest on the remaining balance even though Novo settled for less. Then after I wired the money I had to follow up and make sure they received it since they called a week later as if sent the money….I emailed confirmation with receipt immediately after… Novo Bank is a joke and they are NOT a business bank anyone should trust or their money with. Review collected by and hosted on G2.com.

The thing that I enjoyed most about novo was how many features it has in comparison to a traditional brick and mortar bank. Review collected by and hosted on G2.com.

The thing I disliked about Novo was the wait time for support. While common with online fintech banking, it can still be a little frustrating at times. Review collected by and hosted on G2.com.

It was super fast and easy for us to sign-up our small business with a Novo banking account! The account management interface is intuitive and simple to navigate, with a customizable home dashboard. The bank syncs with a wide variety of 3rd party apps like Stripe, Square, PayPal, and Cash app for ease of transactions. Review collected by and hosted on G2.com.

Would love if they can continue to build more features into invoicing feature, add even more customizable views, and layer in additional financial account analytics. Review collected by and hosted on G2.com.

As an established customer, they began offering a line of credit. This was useful to our small business. Review collected by and hosted on G2.com.

We don't have a checkbook. So if I want to pay an item by check, I add the payee and have a check issued. If I need to send paperwork with the check, I have it delivered to my business address and then resend to the vendor with the paperwork attached. Review collected by and hosted on G2.com.

The ease of usage and that I have the ability to set up reserve accounts and automatically decide what percentage of all funds received go into those accounts. This is a HUGE help for preparing for taxes, operating expenses and general savings. Review collected by and hosted on G2.com.

I wish Novo had the ability to set up automatic payments each month. That is really the only thing that I wish it had the ability to do. Review collected by and hosted on G2.com.

Profession, great resources like invoice maker, easy to use platform Review collected by and hosted on G2.com.

I didn't like how they canceled my account for my notary business but they said that I can always re-apply and I would like that. I keep making the mistake of using my personal account. Review collected by and hosted on G2.com.

Integrates with apps I use, and affordable fees. Review collected by and hosted on G2.com.

It takes a longer time than acceptable for payments to be deposited, and for disputes to be resolved. Review collected by and hosted on G2.com.

-novo was easy to join because there was almost no verification or barrier, making it an easy first bank to get when we needed something quick and had bigger problems.

-fee-free ACH invoicing (although the lack of tools in the invoices requires a whole other workflow which doesnt justify the saving of the fee) Review collected by and hosted on G2.com.

the customer support is so upsetting ive lost hair on multiple occasions. if you run a business, you need to access money when you need it.

-no live support, period.

-chat bot is possibly the worst ive used in the last 4 years.

-you can open a ticket, but they only respond during business hours.

-support articles are out of date (give instructions for buttons and features that dont exist), incomplete, and dont help with most scenarios.

i have literally lost thousands of dollars because of weird random problems with the site. most recent one that made us decide to leave the platform was a limit on how much we could pay out that happened before end of year. no support was around to help review that (low, $5000) limit, so we couldnt spend the money we needed before end of year, and will lose thousands in taxes.

aside from that, the rest of the site is pretty half baked. they offer some things like partner promos, but they often have fine print they dont show up front making them unusable. novo isnt their real name, which makes them look unprofessional on invoices. the invoicing software is useless for my needs due to inability to offer line discounts, or include our terms of service.

we are leaving because of two reasons:

-customer support. just...so bad... over and over..

-no benefits. when other banks offer cash back and interest earnings, there's no reason to use a bank that doesnt offer you anything for being a customer.

updating this review with the most recent headache:

i had switched off of Novo and had a little bit of money left here. A merchant I work with accidentally charged this card for a service instead of the newer card I had added on file. I contacted the merchant and they admitted it was completely their fault, and they should not have charged the Novo card. I contacted Novo to dispute this, and they refused to reverse the transaction and said there is no appeals process, so I just need to deal with it.

Just stay away from Novo. Review collected by and hosted on G2.com.

Love that there are no minimum balances and no fees, since I own my own (very) small business! Review collected by and hosted on G2.com.

Everything has been great - nothing to complain about. Review collected by and hosted on G2.com.

It's simple to use– the app's UI is easy & clean. Plus, it has so many features to help streamline your banking experience! Review collected by and hosted on G2.com.

I really don't dislike anything! It's great the way it is. Review collected by and hosted on G2.com.