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

I have been with this bank a week

I have been with this bank a week. I sent 4 Venmo " instant " transfers on Friday May 13th 2022. NONE of them have arrived in my account at the time of this review 10:45 Monday May 16th. Venmo did refund my Instant transfer fees Novo said they can't see the payments until they hit the account but that they don't support instant payments Where is the money? About an hour after I sent the money, I started sending questions to Novo support but I did not get a response until Monday only to tell ...

I’m done using Novo

I’m done using Novo. It’s only been about a week. I haven’t even received my initial card they “sent out”… they’re asking me to request a new one. Where is the first one?? My money is stuck on the app now because they don’t offer instant transfers to other apps.. like novo to Venmo or PayPal. You can only do 3-5 business days. If this is for small business why do you think we can afford to wait that long for funds?? Make a long story short… thanks for nothing

Novobanco in tavira

Novobanco in tavira . I did an application for a mortgage loan it took them 3 weeks and asking for all the paperwork all over again to say well we need a grantor and for the90% you need to be portugees. Everyone run from this !!!! i will go now somewhere else where a customer is respected. they are all nice when you come to open bankaccount and want you . Once in nothing

I stopped using this bank months ago…

I stopped using this bank months ago after they sent a check from my account, withdrew the funds, but then bounced the check when the person cashed it. It cost me double. Now, I canceled a large purchase I had made with this account months ago and it was refunded to the form of payment (although I fought for them to send me a check). They are now holding my funds because my account is frozen for some reason. The only way to contact them is through a stupid bot, and 3 ‘people’ have ...

I have been trying for days to get a…

I have been trying for days to get a form filled out that my ach processing company needs. NOTHING! This is holding up thousands of dollars my small business needs to pay bills & payroll!!

Closing this account ASAP

Closing this account ASAP. Instant transfers from outside institutions magically take 2-3 days to appear. I have over $1300 just floating around after doing an instant transfer at 3:55 am...it is now 3:42 p.m. I have BILLS to pay that is just ridiculous. Sounds like they're making interest off of our money. It even takes almost an hour or two to receive cash app payments. Really??! Yeah they refund the $3 ATM fees but the hassle of wondering when your money will show up (or IF it will) is ...

On hold for 7 days?! More like fattening their interest with your money!!!!

This “banking solution” is an absolute waste of time. It has good reviews so I thought I would give it a try but after 2 instances they have rejected payments and charged my account $27. Just for general knowledge my brother also owns a business and I asked him to write a check so I could see on his end how long it takes novo to take funds from “the customer” surprisingly it was fairly quick but funds sit in pending for 7 days…… what is novo doing that other Real Banks aren’t….. well a ...

It works but primative!

It works but primative!! Very everything takes longest time to update realtime wire transfers ; your charges won't appear a realtime balance for hours! This is a online bank that falls under middle Essex federal so any thing you need asap fast you might want to keep changes would be awesome! Waiting eagerly looking!

No. Just no.

Closed my account and notified me by email at 3pm that day- so basically no notice. They won’t explain why, or really any solid details on what the catalyst was. Not offended that they decided to terminate a business relationship, but the lack of notice cost me a few hundred in stop payment& reissue fees for payments. Update 5/16/22: Novo’s version of resolving my issue is to give the same BS answer and accomplish absolutely nothing. I wouldn’t continue banking with them irrespective of ...

Application denied without explanation. No suport response.

We opened a legitimate business, have an EIN, active drivers license, permanent business address and a sales tax ID. We wanted to try online banking and applied online at NOVO. We had 10k as an initial deposit. For some unknown reason, we received an email denying our application. We tried unsuccessfully to reach a Novo representative. After two unanswered emails to their support email address, we gave up. Yesterday we went to Republic Bank who was happy to set up a business account for ...