Novo Chase Bank | IHC FAQ

however don’t stress they are quite developed…Novo Chase Bank… they have been around for 130 years whoa and they are an extremely trusted bank so your cash in novo is fdic guaranteed so it is incredibly safe to save there nova was developed particularly for small business owners entrepreneurs and freelancers they support those who run as actual business entities like a corporation s corp or llc or simply those who are sole owners slash freelancers their business Novo Chase Bank

Is Novo A legit bank?

account just requires 50 to open has no minimum balance and no regular monthly cost in fact they are completely no fee across the board except for two exceptions insufficient funds charged and uncollected funds returned both fees are currently 27 i do not enjoy when banks have inadequate fund charges however provided they have basically no other costs i do not believe it’s that huge of a deal due to the fact that if you’re responsible with your cash you should not come across these charges in the first place their core offering is a company bank account with a debit card a beautiful killer feature with their debit card is that you can utilize any atm they will reimburse any atm charges you pay at the end of monthly back into your account yes even that questionable atm at the back of the corner store that appears like it was integrated in 1980 that they used to prop open their storage closet door they’ll reimburse that atm fee too it’s fantastic it’s extremely simple to register for an account without any vote you can do it in just a few

minutes online quickly as all checking account openings need to be they have a fantastic looking app that’s well examined by their consumers in the app shops it enables you to see an overview of your account transfer money instantly deposit checks and other common features i discover it really easy to use and it has all the functions i ‘d anticipate from a banking app another cool function of their account is all the combinations they support is their combinations they support wow they have integrations with transferwise slack xero stripe smart quickbooks and shopify these have a range of fantastic features for instance the stripe integration enables you to see your stripe balance and transfers right from your novo account also they have a fantastic perk where if you link your account with stripe you get twenty thousand dollars in fee complimentary credit card processing that alone could conserve you five hundred dollars in charges that alone can save you cash they’re also including instantaneous payments with stripes quickly so instead of awaiting the funds to clear they will be right away offered in your account it’s really similar to what some banks are making with individual checking accounts and enabling you to get your paycheck a few days early speaking of benefits they have a lot they offer perks for stripe google cloud gusto quickbooks and godaddy to name just a few these variety from money cost savings to annual discounts to add credits to extended free trials there’s a lots of value here so absolutely check them all out to see if there’s something on the list you’re currently thinking about utilizing one of the greatest things holding back on fully suggesting novo was that they didn’t offer subaccounts or invoicing

Is Novo the best bank for small businesses?

when i first took a look at them two features i worth very extremely with a service account sub accounts particularly are really crucial to me as i like to reserve and save cash for paying taxes i want this different from my main account so that i do not touch it or spend it you do not wish to cross those cash streams there’s something very crucial i forgot to inform you what do not cross the streams well the fantastic news is that novo now offers these features too their sub accounts are called novo reserves right now you can only develop one reserve but their site states that they are soon including the capability to have several reserves so reserve your complete excitement till they add that full function yeah their invoicing feature has actually likewise been released with invoices you can send out invoices and take card payments through stripe they’re presently beta screening payments through square and i’m thinking they will likewise present payments through paypal in the future though of those choices stripe is without a doubt my favorite and most preferred i believe billings are a great feature and were the huge standout that asil has so i am thrilled that novo is now providing invoices this lets you have easy banking and invoicing set up with simply one account versus needing extra services for smaller businesses or side hustles this simplicity can be a big deal so that’s a great deal of fantastic stuff what about the drawbacks as i stated earlier they are 99 no charge but they do charge an insufficient funds cost something to be knowledgeable about they likewise do not use an interest bearing account this is a downer since while earning interest in a bank account

will never make you money because of inflation it’s nice to get something back while your cash just sits there so if this is very important to you i wouldn’t rule novo out i simply might open a dedicated company savings account somewhere else to keep your earnings or sales tax cash conserved that way your money earns something while it sits there and use novo as your main operating account with cash moving in and out as you operate however really numerous other accounts are only using point two to point 4 percent apy so you’re not truly missing out on much and finally there are no physical areas they are online just this is the same disadvantage i say with every online just bank but i have to include it just because in some cases people still need to hear it if you desire a bank with a physical area that you can walk into novo is not for you nevertheless by giving up the physical location you gain a lot of fantastic features and services so i believe it’s definitely worth it also if you need to deposit money i just advise getting a regional credit union service account just for money deposits or you can do cash without any vote but you have to go to a usps walmart supermarket etc and buy a money order and then use novo’s deposit function to get the cash lots of organizations these days don’t run with money so for the majority of this isn’t a big