Novo Business Checking Review – Forbes Advisor - Forbes

Novo Business Checking Review – Forbes Advisor - Forbes


Novo Business Checking Review – Forbes Advisor - Forbes

Posted: 23 Jun 2021 08:45 AM PDT

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Novo is a mobile banking platform for small businesses. It offers a digital-first banking experience to help freelancers, entrepreneurs and small business owners manage their business finances. Novo offers a single product—business checking.

To be clear, Novo isn't a bank. It's an independent tech company that partners with a bank, Middlesex Federal Savings, F.A., to provide online banking services. With Novo, you get the benefits of FDIC insurance and the security protections of a traditional bank, but with a powerful suite of digital tools designed for small businesses.

Digital banking has become more prevalent in financial services as people look to mobile banking apps and other digital tools to manage their everyday banking tasks. Small business banking is also seeing a rise in innovative digital tools, services and features.

Here is a closer look at the Novo small business checking account and how it can help your business grow.

Account details and annual percentage yields (APYs) are accurate as of June 23, 2021.

Account Basics

Novo describes its business checking account as "Powerfully simple business banking." Indeed, Novo's business checking account is relatively inexpensive and straightforward compared to some major banks that have several tiers of business checking account options with various levels of monthly fees.

There's no monthly maintenance fee, and there are relatively few other fees. Novo doesn't charge for incoming or outgoing ACH transfers, domestic or foreign wire transfers, stop payments, debit card replacement, physical checks, bill payments, bank checks or paper statements.

If you need access to cash, you don't need to worry about getting penalized for using out-of-network ATMs—Novo refunds all ATM fees, including those incurred at international ATMs. There's a $27 fee for insufficient funds and uncollected funds returned. While the Novo website says there is no required minimum balance to maintain, Novo requests an opening minimum of $50 to unlock all of the account features.

The account comes with a debit card and, through the Novo app, you can request to have checks written and sent on your behalf for no charge. Cash can be deposited into the account by purchasing a money order through an approved vendor and then using the mobile check deposit feature.

You can apply for Novo's business checking account online—the fintech company says it only takes 10 minutes to apply.

Distinguishing Features

Novo integrates with hundreds of small business tools, such as Stripe, Shopify and QuickBooks. From your Novo account, you could, for example, view your Stripe balance of customer payments, transfer money internationally with Wise and track your QuickBooks transactions in real time. Novo's business checking account gives you a convenient way of connecting with other digital tools that can help you run your business.

In addition to business checking tools and features, Novo offers Novo Reserves, a way to set aside money for specific purposes, such as taxes, payroll or other expenses. As part of your Novo account, you can create up to five Reserves for multiple budgets and goals.

Novo offers other perks as well. You can get discounts and cash savings when you sign up for other accounts and services with Novo partners such as Google Cloud, QuickBooks, HubSpot and more.

Access on the Go

Novo's mobile and online banking features allow business owners to manage their finances from anywhere. Its mobile app provides several desirable mobile banking features for businesses, including:

  • Remote check deposit. Deposit checks by scanning them with your phone camera.
  • Mobile wallets. Novo's debit card can be used with Apple Pay and Google Pay.
  • ATM access. All ATM fees are refunded.
  • Invoicing. Create, send and track invoices.
  • Payment. Get payouts from platforms like Square, Stripe and Shopify.
  • Reserve money. Use Novo Reserves to set money aside.

The Novo mobile app is highly rated, earning 4.8 out of 5 stars on the App Store and 4.8 stars on Google Play.

Novo's customer support team answers questions within 60 minutes Monday through Friday, from 9 a.m. to 6 p.m. ET.

Pros

  • No monthly fee and few other fees
  • Integrates with popular tools like Stripe, QuickBooks, Shopify
  • The mobile app is very well rated
  • Refunds all ATM fees

Cons

  • No interest earnings
  • Must purchase a money order to deposit cash
  • $27 fee for insufficient funds and uncollected funds returned
  • Novo doesn't currently offer savings accounts or other interest-bearing accounts
  • Novo doesn't offer loans or lines of credit

How Novo Stacks Up

Novo deserves credit for its strong focus on delivering a business checking account that largely lacks fees. Unlike some major banks, Novo doesn't charge a monthly service fee. It also refunds all ATM fees and doesn't charge for wire transfers. Plus, there's no minimum account balance required. It only charges fees in the event of insufficient funds or uncollected funds returned.

Small business owners already accustomed to using payment apps, small business software and accounting tools may find that Novo integrates with the tools they're already using. Because it integrates with so many tools, Novo can serve as a home base for your business finances, offering convenience and visibility.

Novo could be a good option if you're a small business owner who is already used to doing most of your banking online, since its business checking account is designed for online transactions.

But depositing cash with Novo can be cumbersome. To deposit cash, you must first purchase a money order from USPS, Walmart, a grocery store or another approved vendor. Then you can use the mobile check deposit feature in the mobile app to deposit the money order.

Novo also doesn't offer interest earnings. And it doesn't have any other business products, limiting what you can do with the company. If you're looking for a banking solution that offers loans and other business services, Novo may not be for you.

Frequently Asked Questions (FAQs)

Is Novo a bank?

Novo is not a bank; it's a mobile banking platform that partners with a bank. Novo's deposit account services are provided by Middlesex Federal Savings, F.A.

Is Novo FDIC insured?

Yes, Novo and its deposit accounts are FDIC insured through its bank partner, Middlesex Federal Savings, F.A., (FDIC #28368). As an account holder at an FDIC-insured bank, you are protected for up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.

Who can qualify for a Novo account?

Novo states that almost any business operating in the U.S. can potentially qualify for a Novo business checking account, even if you are a sole proprietor with no separate legal entity for your business. If the business owner has a Social Security Number, a U.S. address and a U.S. cell phone number, they can apply for a Novo business checking account. Novo requires EINs for corporations or partnerships.

Which businesses are eligible for a Novo business checking account?

You can apply for a Novo business checking account if you have a business registered in the U.S. This includes sole proprietorships, LLCs, corporations, general partnerships and nonprofit organizations.

Which businesses or industries does Novo restrict from opening an account?

Novo does not support businesses engaged in cannabis sales, cryptocurrency (providing or exchanging cryptocurrency), money services or privately owned ATMs. It also doesn't support Series LLCs or other similar types of businesses at this time.

In a year apart, Apple technology helped educators and learners stay connected - Apple Newsroom

Posted: 23 Jun 2021 07:02 AM PDT

Over the last year, as bedrooms and kitchens became classrooms, teachers and students around the world adjusted their lives to remote learning. Educators met that challenge head-on, using Apple technology to help their students learn, connect, and thrive in new ways. From launching an online high school musical, to exploring history with iMovie and GarageBand, to producing a virtual graduation ceremony, educators in the US and beyond created innovative ways of teaching that will be carried forward for future generations of learners.

On April 30, 2021, New Rochelle High School in New Rochelle, New York, debuted its production of the musical "Is There Life After High School?" But instead of playing to a packed house in the school auditorium, the performance streamed online.

After 2020's musical was cancelled because of COVID-19, drama and film teacher Anthony Stirpe decided he was going to make sure the school's students were able to put on a show this year. He reimagined every aspect of the production, using iPhone, iPad, and Mac to shoot and edit the vignettes and songs remotely, and, when in person, socially distanced.

"The musical is based around the idea of adults looking back to high school and remembering the kid inside all of us," says Stirpe. "A lot of the material is about loss or regret, or overcoming something, and I wanted the students to see that, yes, this is a difficult moment, but we all deal with difficult moments in our own special way. And one day, you'll tell this story like you're telling these people's stories."

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