Novo Business Checking Account review
Read this Novo Business Checking Account review and learn about this account's incredible business features.
Understanding Novo Business Checking Account: Streamline Your Bookkeeping and Invoicing with its Unique Features
Novo is a tech company revolutionizing small business banking by offering easy account opening and digital bookkeeping options. This is our Novo Business Checking Account review.
- Fees: $27 fee for non-sufficient funds, $27 fee for returned items.
- APY: N/A
- Benefits: N/A
- Investment Options: N/A
This institution offers online business checking accounts with unique features like free ACH transfers and virtual debit cards, without any ongoing fees. Read on and learn all you need to know about it.
Novo Business Checking Account: understand how it works
Novo’s business checking account differentiates itself by offering several unique features.
One of these features is the ability to easily fund your account with free ACH transfers from another bank account or by simply snapping a picture of physical checks.
The only downside is that there is currently no simple cash deposit option. In the meantime, users can use the Novo Virtual Card online. They can also use it added to Apple Pay or Google Pay to use at physical retailers while waiting for their physical debit card to arrive.
Spending your money is also made easy with Novo. Users have a variety of options including ACH transfers, wire, and mailed checks. They can even pay with cash if that’s the vendor’s preference.
Novo also refunds all ATM withdrawal fees. Additionally, Novo users can create, send, and manage invoices right in their checking account and will soon have support for integrations with Square and Paypal.
Novo Reserves allows users to section off funds within their account for budgeting expenses or paying themselves. This feature is great for tax planning and is similar to Lili.
Novo also allows you to export your statements, so you can easily upload a spreadsheet to QuickBooks or other bookkeeping software.
They also offer integrations with popular business tools like QuickBooks, Stripe, Xero, Shopify, and WooCommerce, over 15 of which are native inside the Novo app.
Another advantage of Novo is that there are no ongoing fees. Users won’t pay for debit cards, a monthly fee, a statement fee, or any other ongoing fee.
Novo also provides unlimited ATM withdrawal fees, even for withdrawals made from international ATMs. There may be a $27 fee for non-sufficient funds or a returned item, but these costs are reasonable compared to other business checking accounts.
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Significant benefits and disadvantages you may find
Now that you are familiar with this account let’s have a look at its pros and cons. Our Novo Business Checking Account review would not be complete without it.
- No ongoing fees
- Virtual debit card option
- Easy funding options
- Invoicing and bookkeeping options
- No simple cash deposit option
- Limited ATM options
- No physical branches
- Restricted to online businesses only
Is a good credit score required for applicants?
The Novo Business Checking Account does not perform credit checks when you apply for an account. So you do not need to worry about it.
Learn how to apply and open a Novo Business Checking Account
If you like what you have seen in this Novo Business Checking Account review you might want to take the next step and apply for this account.
If that is the case, then hit the link below and we are going to show you how to do it.
About the author / Danilo Pereira
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