Novo Reviews in July 2026: User Ratings, Pros & Cons

I love NOVO!

I love NOVO! It's user friendly, they provide so many options on how your business can succeed. Also, create reserves to help you manage your money.

I was unable to access NOVO either via…

I was unable to access NOVO either via desktop, app or to update my Quickbooks Online connection during a 12 hour period.

NOVO IS A FRAUD AND WONT RELEASE OUR…

NOVO IS A FRAUD AND WONT RELEASE OUR MONEY Novo has been holding on to our funds for 2 months now claiming they are doing an investigation. Investigation on what really?. The most annoying part is their support response is always the same. Our fund is still currently trapped.

If You're Looking For Small Business Support Novo Isn't It!

October 4, 2022 On Wednesday, September 28th I initiated a $200 ACH transaction from my Chase Account to Novo Account. On Thursday, I checked my account to verify if the funds were posted. Later in the day I tried to make a small Amazon purchase for business supplies. I also tried to add my Novo debit card to Instacart and the $0.10 authorization was declined for both my physical card as well as my virtual card. I immediately reached out to support for help. I have been contacting support ...

FRAUD IS RAMPANT AND NOT REIMBURSED

Wow. This bank is rampant with fraud. Someone used my information (stolen from the banks weak security, not due to a lost card) to withdraw funds in Singapore and Ireland... I live in the United States in NY. The banks response was that no fraud occurred so they could not reimburse me.... The withdrawls were made from shady crypto services. Clearly fraud. But, they told me it was my fault. Which I guess it was... for using a terrible bank that has 0 security, allows people to steal your ...

Don't use this bank for your business!

I was a victim of fraud at this bank. Somebody activated my virtual card and had 4 attempt to wipe out my bank account: 3 declined transaction but the 4th got thru. Immediately I send them a message thru the mobile app but their time reaction was very slow, after few hours they give me a response to my inquiry, telling me that bad things happens and I need to dispute the transaction. It was their fault that my money was stolen because they didn't do the right thing on time. Now I need to ...

Sub-par at best

Sub-par at best. I’m not sure how Novo has such high reviews on NerdWallet and etc. As other reviewers have stated, depositing checks is a painfully slow process. Running a business requires cash flow, and I had checks take up to 9 days to appear in my account, which is simply unacceptable. Most notably, as my business has grown, Novo had only hindered us. I was expecting a large check (48k), and to avoid any issues with it, I contacted customer service to make sure everything was in order. ...

Will Make Your Operations & Finances Harder

I've used Novo for about two years now. Their promise is Business Banking That Saves You Time & Money. I cannot speak for everyone, but in my case, they have cost me a great deal of both time & money. And they don't seem to care. I have multiple businesses with multiple bank accounts and we use Novo for all of them (until I close all our accounts later this week). Although I'm clearly extremely annoyed at the time of writing this review, I aim to make this useful & honest. So here's the ...

Novo isn't helpful for a growing small…

Novo isn't helpful for a growing small business. A slow account support system makes depositing escalating amounts coming in from clients slow and opaque. Any growing company that relies on cash flow to sustain its growth should stay away. In the past month, Novo protocols govern depositing sums to our account has prevented us from depositing over $30K. That's money we could use to market, hire, grow. And Novo's software algorithmic approach to client management makes it difficult to ...

BEWARE - NO FRAUD PROTECTION!!!!

This bank has no fraud department! Take a look at their social media profiles and you'll see most of the interactions are from angry small business owners who got hacked and found that the bank will not help them recover their deposits. Terrible security, non-existent support. The app, mobile experience, etc are all well and good, until you realize they can't keep your money safe and nobody has it as their job to protect you from theft.