De Novo Bank Utah | IHC FAQ

however do not worry they are pretty established…De Novo Bank Utah… they have actually been around for 130 years whoa and they are a very relied on bank so your cash in novo is fdic insured so it is extremely safe to store there nova was built specifically for small business owners business owners and freelancers they support those who operate as actual business entities like a corporation s corp or llc or just those who are sole owners slash freelancers their business De Novo Bank Utah

Is Novo A legit bank?

account only needs 50 to open has no minimum balance and no month-to-month cost in fact they are totally no cost across the board except for two exceptions insufficient funds charged and uncollected funds returned both fees are currently 27 i do not love when banks have insufficient fund fees but given they have basically no other costs i don’t believe it’s that big of an offer due to the fact that if you’re accountable with your cash you shouldn’t encounter these charges in the first place their core offering is a business checking account with a debit card a pretty killer function with their debit card is that you can use any atm they will reimburse any atm fees you pay at the end of monthly back into your account yes even that questionable atm at the back of the convenience store that looks like it was built in 1980 that they utilized to prop open their storage closet door they’ll reimburse that atm fee too it’s amazing it’s exceptionally easy to register for an account without any vote you can do it in simply a few

minutes online quickly as all checking account openings ought to be they have an excellent looking app that’s well examined by their clients in the app stores it permits you to see a summary of your account transfer cash immediately deposit checks and other normal functions i find it extremely easy to use and it has all the features i ‘d expect from a banking app another cool function of their account is all the combinations they support is their integrations they support wow they have integrations with transferwise slack xero stripe sensible quickbooks and shopify these have a range of great features for example the stripe combination permits you to see your stripe balance and transfers right from your novo account also they have a terrific perk where if you connect your account with stripe you get twenty thousand dollars in fee free credit card processing that alone could conserve you five hundred dollars in costs that alone can conserve you cash they’re also adding instant payments with stripes quickly so instead of waiting for the funds to clear they will be instantly available in your account it’s extremely similar to what some banks are making with personal bank account and allowing you to get your income a couple of days early speaking of benefits they have a lot they use advantages for stripe google cloud gusto quickbooks and godaddy to name just a couple of these range from money savings to yearly discount rates to add credits to prolonged totally free trials there’s a ton of value here so definitely check them all out to see if there’s something on the list you’re currently considering utilizing among the greatest things holding back on totally suggesting novo was that they didn’t provide subaccounts or invoicing

Is Novo the best bank for small businesses?

when i first looked at them 2 features i value extremely extremely with a service account sub accounts specifically are extremely crucial to me as i like to reserve and save money for paying taxes i want this different from my primary account so that i don’t touch it or spend it you don’t wish to cross those cash streams there’s something really important i forgot to tell you what don’t cross the streams well the fantastic news is that novo now provides these features too their sub accounts are called novo reserves today you can just develop one reserve however their website says that they are soon adding the ability to have numerous reserves so schedule your full excitement until they add that full function yeah their invoicing feature has actually also been launched with billings you can send invoices and take card payments through stripe they’re currently beta testing payments through square and i’m guessing they will likewise roll out payments through paypal in the future though of those options stripe is without a doubt my favorite and most preferred i think billings are a fantastic function and were the big standout that asil has so i am thrilled that novo is now providing billings this lets you have simple banking and invoicing set up with just one account versus requiring extra services for smaller businesses or side hustles this simplicity can be a big deal so that’s a great deal of excellent stuff what about the drawbacks as i stated earlier they are 99 no cost however they do charge an insufficient funds charge something to be aware of they likewise do not provide an interest bearing account this is a bummer since while making interest in a bank account

will never make you cash because of inflation it’s nice to get something back while your cash simply sits there so if this is essential to you i wouldn’t rule novo out i simply may open a dedicated service savings account somewhere else to keep your income or sales tax cash conserved that way your money makes something while it sits there and utilize novo as your main operating account with cash moving in and out as you do business but actually lots of other accounts are only using point 2 to point four percent apy so you’re not truly missing out on much and last but not least there are no physical locations they are online only this is the same drawback i say with every online only bank but i have to include it even if often individuals still require to hear it if you desire a bank with a physical area that you can stroll into novo is not for you however by giving up the physical area you get so many excellent features and services so i think it’s definitely worth it likewise if you require to transfer money i just recommend getting a regional cooperative credit union organization account just for cash deposits or you can do cash with no vote however you have to go to a usps walmart grocery store etc and buy a money order and after that use novo’s deposit function to get the money numerous services nowadays do not operate with money so for most this isn’t a big