# Novo Business Checking — Novo Platform Inc.

**Monthly Fee:** No monthly fee — under any circumstance
**Free Transactions:** Unlimited — no per-transaction fee
**FedNow:** No — not supported
**RTP Network (The Clearing House):** Not supported. Real-time payments are not currently available via FedNow or the RTP Network at Novo.
**Same-Day ACH:** Yes — paid add-on Novo calls "Express Delivery (ACH)," 1.5% of transfer amount ($0.50 minimum, $20 maximum)
**Minimum Opening Deposit:** $0
**Interest Bearing:** No — balances do not earn interest
**Entity Types Accepted:** Sole Proprietorship, LLC, S-Corp, C-Corp, Partnership, Nonprofit
**FDIC Insured:** Yes — up to $250,000 per depositor per ownership category (Federal Deposit Insurance Act), via Novo's FDIC-insured partner bank
**Cash Deposits:** Not available
**Availability:** All 50 U.S. states
**Apply:** https://bancadia.com/go/novo/business-checking
**Verification Source:** https://www.novo.co/legal/fee-schedule

---

## Key Features

### Payment Rails
- Standard ACH Credit or Debit — free, unlimited
- Same-Day ACH ("Express Delivery (ACH)") — 1.5% of transfer amount ($0.50 minimum, $20 maximum)
- Domestic Wire In — free; Domestic Wire Out — up to $45 per transfer
- International Wire In — free (USD only); International Wire Out — variable, priced via an embedded Wise integration based on amount, currency, and destination (80+ countries supported, rate/fee disclosed before sending)
- FedNow: Not supported
- RTP Network (The Clearing House): Not supported. Real-time payments are available only via the paid Express Delivery (ACH) option (see above).

### Cards & ATM
- Novo Business Debit Card — Mastercard network, no annual fee, physical and virtual card issuance, Mastercard Zero Liability Protection, plus Mastercard partner perks (e.g. Slack, Dropbox, Avis discounts)
- Physical card typically arrives in 7–10 business days; virtual cards (including single-vendor virtual cards with configurable spending limits) are available immediately
- No dedicated fee-free ATM network — the debit card works at any ATM worldwide, and Novo reimburses third-party ATM owner surcharges up to $7.00/month per customer
- Additional cardholders receive full physical or virtual cards with no spend controls — Novo does not support per-card limits or restrictions

### Online Banking
- Full-featured web dashboard and mobile app (iOS 4.8 stars, Android 4.5 stars) for 24/7 account access, transfers, invoicing, and expense tracking
- Mobile check deposit included at no charge; paid Express Check Deposit available to expedite fund availability (up to 2% of check amount, $0.50 minimum)

### Fraud Protection
- Single-vendor virtual cards support configurable spending limits for a specific merchant or subscription
- No positive pay, no ACH debit block, and no per-card spend controls for additional cardholders

### Account Management
- No overdraft fee — transactions that would overdraw the account are generally declined rather than paid and charged
- Novo Reserves — budgeting buckets for taxes, payroll, or savings goals; funds remain part of the single account balance and are not legally segregated sub-accounts (Novo does not support true sub-accounts)
- Bill pay available

### Platform Integrations
- QuickBooks — direct integration, transactions sync automatically
- Xero and other accounting tools — connectable via the app's integrations tab
- Stripe — automatic payout sync
- Shopify — automatic deposit sync
- Square
- Built-in invoicing accepts payment via ACH transfer, Venmo, PayPal, or Stripe/Square for card payments

---

## Fee Schedule

| Fee Type | Amount | Notes |
|----------|--------|-------|
| Monthly Maintenance | Free | No monthly service charge under any circumstance — no minimum balance requirement |
| Overdraft | Free | No overdraft fee; transactions that would overdraw the account are generally declined instead |
| Excess Transaction | Free | No fee based on transaction volume or count — ACH transfers and debit purchases are unlimited |
| Foreign ATM | Free | Novo charges no ATM usage fee of its own; third-party ATM owner surcharges are reimbursed up to $7.00/month per customer |
| Domestic Wire (Outgoing) | Up to $45.00 | Per outgoing domestic wire transfer — Novo publishes a single "up to" ceiling, not a flat rate |
| Domestic Wire (Incoming) | Free | $0 per incoming domestic wire |
| International Wire (Outgoing) | Variable | Priced dynamically via an embedded Wise integration based on amount, currency, and destination; rate and fee shown before confirming. No flat fee published. Supports 80+ countries. |
| International Wire (Incoming) | Free | $0 per incoming international wire; USD-denominated only |
| Stop Payment | Free | No charge for stop payment requests |
| Card Replacement | Free | No charge for debit card replacement |
| Outgoing Express Delivery (ACH) — aka "Same Day ACH" | 1.5% of transaction value | Minimum fee $0.50, maximum fee $20.00 per transfer |
| Express Check Deposit | Up to 2% of check amount | Minimum fee $0.50 — expedites availability of funds from a deposited check |

---

## Eligibility

- Sole Proprietorship
- LLC
- S-Corp
- C-Corp
- Partnership
- Nonprofit
- U.S.-based business required
- One account per business (multiple accounts not allowed)

---

## Who Is This Account Best For?

### Solo Freelancers and Sole Proprietors
A freelance designer, consultant, or developer operating as a sole prop or single-member LLC, invoicing clients through Stripe or PayPal and reconciling in QuickBooks or Xero, is a strong fit for Novo Business Checking. With no monthly fee, no minimum opening deposit, and no published minimum revenue or time-in-business requirement, the account removes the two most common barriers to entry for early-stage freelancers. Unlimited free ACH transactions and physical/virtual debit cards cover everyday spend without transaction-count anxiety.

### E-Commerce and DTC Sellers (LLCs and S-Corps)
An LLC or S-Corp running a Shopify storefront with Stripe and Square for payment acceptance benefits from Novo's direct deposit-sync integrations with all three platforms. Novo Reserves lets the business set aside funds into labeled buckets for taxes, inventory restocking, or payroll — useful for cash-flow discipline, though these buckets are not legally segregated sub-accounts, just organizational tags on the same balance. When a supplier payment needs to land faster than standard ACH, the paid Express Delivery (ACH) option is available at 1.5% of the transfer amount. The corporate card option supports team spending as the business scales — though additional cardholders get full account access, since Novo does not support per-card spend controls.

### Small Nonprofits and 501(c)(3) Organizations
Novo explicitly accepts the nonprofit entity type — a notable inclusion, since many digital-first business checking products restrict eligibility to for-profit structures. A small nonprofit running lean on donations and grants benefits directly from the $0 monthly fee and $0 minimum opening deposit, stretching a limited operating budget further. QuickBooks and Xero syncing help track donor funds and grant spending for annual reporting. Organizations that need strict, legally segregated fund accounting across multiple grants should note that Novo Reserves are budgeting labels only, not separate accounts — a hybrid setup with a dedicated fund accounting tool may still be necessary.

---

## Bancadia Verdict

Choose Novo Business Checking if you run a digital-first business — sole prop, LLC, S-Corp, C-Corp, partnership, or nonprofit — that wants genuinely zero-fee checking with no minimum opening deposit and unlimited free ACH transactions, and doesn't need cash deposit capability, interest on balances, or built-in real-time payments (FedNow/RTP). The broad entity-type acceptance, including nonprofits, and native Stripe/Shopify/Square/QuickBooks/Xero integrations make it especially well suited to digital sellers and service businesses. Be aware of two nuances before applying: the outgoing international wire fee is not a flat rate — it's priced dynamically through Novo's embedded Wise integration based on amount, currency, and destination — and "Express Delivery (ACH)" is Novo's name for same-day ACH, not a separate, distinct service. Do not choose this account if you need cash deposit capability, interest-bearing balances, positive pay, ACH debit block, or per-card spend controls for additional cardholders — none of these are available.

---

*Data sourced directly from Novo Platform Inc. Last verified: July 9, 2026.*
*Bancadia earns a commission if you open an account through our links. This does not affect our editorial assessment.*