Your Novo Application: A Step-by-Step Guide

e’re excited that you’re interested in Novo as your business banking partner! As you complete the steps to submit your Novo application, we’ve created this comprehensive application guide to help answer the most common questions at each step of the process.

• Your Personal Information
• Your Business Information
• Upload Documents

Your Information

Email

I did not receive the email verification code.

If you did not receive your email verification code, first check your spam folder. If you have not received it there, we recommend waiting 30 minutes before requesting a new code. 

If you have multiple emails linked, the verification code will be sent to the email address associated with your application. 

I prefer using a different email address for my application.

We are unable to update your email address during the application process, but you can easily change your email address after your Novo account has been created. You can also reapply with your desired email address, and we will close your existing application.

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Cell Phone Number

I’m not receiving the verification SMS.

In order to receive the SMS verification text message from us, the following must apply:

• You’re using a US area code
• Your phone number is affiliated with a US phone provided
• You are currently in the US
• You’re not using a VOIP or virtual phone number
• If all of these apply to you, first try restarting your phone and requesting the code again. If you still do not receive the verification SMS, we suggest reaching out to your phone carrier, as you may have short codes blocked on your device. We do require your phone number to be verified to continue in our application. 

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Home Address

I want to add a PO Box as my home address.

Unfortunately, we can only accept residential addresses at this time. 

My home address is not recognized by USPS.

As you type, your home address should appear in the dropdown search options powered by Google, and we suggest selecting that option. If you don’t see your home address as a search option please check the format of your address (for example, ‘apt’ versus ‘apartment’, ‘blvd’ versus ‘boulevard’).

My home address is overseas.

At this time, we accept applications only if your home address is located in the U.S. 

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Date of Birth

I can’t enter my date of birth.

If you’re unable to add your date of birth, this is most likely because you are under the age of 18. Applicants must be at least 18 years or older. However, we are happy to pause your application, and we invite you to apply again once you turn 18! We appreciate your understanding of this policy.

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Social Security Number (SSN)

I don’t have a social security number.

In order to open an account with us, you must have a social security number. If you do not have a social security number at this time, we are happy to pause your application, and we invite you to continue your application once you have an SSN. 

If you have a business partner who has a SSN, they also can apply for a Novo account and add you as an additional user.

Why do I have to add my social security number?

Just like any bank in the US, the government requires us to verify your identity before opening your account. We know your Social Security Number is sensitive, so we promise to use it only for identity and security purposes.

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Your Business Information

Business Type

I don’t know my business type.

In order to apply for a Novo account, you must indicate your business type. If you’re just starting your business, you may not know what business type is best for you. Read about what business type to register, or how to form an LLC by state.

I can’t select sole proprietorship as my business type.

If you’re looking to incorporate your business, click here on how to do so. You can continue your Novo application once your business is an LLC, corporation, or general partnership. If you become a US citizen, be sure to update your citizenship status in your application. Then, you will be able to apply as a sole proprietor.

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Business Address

My business address is not recognized by USPS.

As you type, your business address should appear in the dropdown search options powered by Google, and we suggest selecting that option. If you don’t see your home address as a search option please check the format of your address (for example, ‘apt’ versus ‘apartment’, ‘blvd’ versus ‘boulevard’).

My business address is overseas.

At this time, we accept applications only if your business address is located in the U.S. 

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Employer Identification Number (EIN)

I don’t have an EIN.

An EIN is required if you’re applying as a corporation, LLC, or general partnership. If you do not have an EIN at this time, we’re happy to pause your application, and we invite you to continue once you obtain an EIN. Learn how to apply for an EIN.

I don’t know my EIN.

Unsure what an EIN is, or what it’s for? We're happy to tell you more. Learn more about EINs.

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Additional Owners

I have multiple owners who do not own more than 25% of the business but want access to the account.

If this situation applies to you, you have two options: 

• In order to provide the owner(s) with access to the Novo account and debit card, send them an invitation link to fill out their section of the application. They will have shared access to your Novo account and can opt in to use the Novo Debit card.
• After your account has been created, you can invite the owner(s) as an additional user to your Novo account. They will be able to access the account and can opt in to use the Novo Debit card.

My additional business owner does not have a SSN.

If your ultimate beneficial owner is outside the US without a Social Security Number, they will still need to be included in the application if they own 25% or more of the business. Please instruct them to use their Individual Taxpayer Identification Number (ITIN) in place of their SSN. Either an SSN or ITIN number will be required to continue with the application. Please note that they will not be able to be added as a multiple user on the account without a SSN.

My business is owned by another business entity.

At this time, we can support only businesses that are owned by an individual and not a subsidiary. We appreciate your understanding of this policy, and if this changes in the future, we will gladly reach out!

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Your Documents

Upload Identification

I can’t upload my identification.

Please be sure to take a photo of your ID directly from the application, or upload it from your photo library.

If you are having trouble taking a photo of your ID directly from the application, try taking a photo on your phone camera outside of the Novo app. Then, select the option to upload it. 

Make sure that all four corners of your ID are visible, and please note that we cannot accept scanned photos of IDs. If you are uploading your ID photo from your photo library, make sure it is either a JPG or a PNG, and that it is under 10 MB. If you need to decrease the resolution of your photo, you can do so here.

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Upload Business Documents

I don’t have the documents you’re requesting for my application.

If you operate your business as a sole proprietor, the only business documentation you are required to provide is your ID.

If your business is an LLC, an S- or C Corporation, or a partnership, you are required to provide your ID, your articles of incorporation, and a signed operating agreement. If you are unable to provide these documents, we also list other business documents we accept in your application.

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Other Frequently Asked Questions

Unsupported Business Types

If your business falls under one of the following categories, you will not be able to open a Novo account at this time. We appreciate your understanding of this policy. If this changes in the future, we will gladly reach out!

• Cryptocurrencies 
• Privately-owned ATMs
• Marijuana/cannabis 
• Gambling 
• Crowdfunding 
• Money services 
• Adult entertainment

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I can’t continue my application at this time

If you aren’t able to continue your application at this time, that’s okay! You can come back to resume your application at any point in the future. Just make sure to remember your login information.

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I need help logging into my application

I don’t remember my email associated with my application.

If you have more than one email address, please search for emails from Novo. If you received an email from us, this is the email address associated with your application. If you’re unable to find the email address associated with your application, you’ll have to reapply with a different email address.

I don’t remember my password.

Please select Forgot Password. This will send an ‘Reset Password’ email to the email address we have on file with your application. Then, follow the steps provided on how to reset your password.

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I need further assistance

If this guide wasn’t able to answer your questions, send an email to support@novo.co and our team will be able to further assist so you can have your account opened as soon as possible.

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Why Choose Novo?

Learn more about what sets us apart.

Novo is built for Small Businesses

Novo was created with the needs of small businesses in mind. Experience all the benefits of modern business banking with our award-winning, free business checking account. We are proud to offer business checking with no hidden fees, annual fees, or account minimums.

We understand that our customers are busy, and more often than not, on the go. We offer mobile-first banking, so you can manage your business finances from anywhere, all in the palm of your hand. The Novo App is available to download on both iOS and Android.

Your security and peace of mind are a top priority for us. That’s why, with Novo, your money is FDIC insured through our banking partner, and your information stays secure with bank-grade encryption

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Human-Powered Customer Service 

We value every customer, and we aim to provide best-in-class customer service. We are proud to offer customer service that’s always human-powered.

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Free to use, Innovative Features Built Into your Novo Account 

At Novo, we live and breathe innovation. We continuously strive to improve our product offering, so that as a business owner, you’re empowered with the tools you need to run your business, at the quality you deserve. Below are just a handful of the free features that come with your Novo account.

Novo Reserves enables you to allocate your cash inflow into up to 10 categories that you define. With this feature, you can automatically set aside funds for business expenses, from tax preparation to accounting to budgeting and more. Our profit-first package is also available to all Novo account holders, with pre-set percentages for each Reserve category that match the Profit First methodology.

Free and customizable invoicing is also available, so getting paid is easier than ever. Our free invoicing feature allows you to create and send an unlimited number of invoices right from your Novo App. Customize, send, and track invoices – and even create duplicates for recurring payments.

Reduce cash flow friction with Novo Boost, which is a completely free feature enabling you to receive your business funds up to 95% faster than with a standard ACH transfer. A payout process that could take 3 days or more now happens in a fraction of the time. 

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Integrations and Connections with Top Business Tools

Novo offers over a dozen native integrations with software for small businesses. We make it easy to streamline essential workflows, from payment processing and point-of-sale to taxes, bookkeeping, e-commerce, and more. 

Some of our most popular integration options include Stripe, Wise, Shopify, Xero, and Slack. The integrations offered in our App Marketplace are available to all Novo customers, and we do not charge for access to them.

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Business Debit Cards

You’ll have access to a physical business debit card and a virtual card, free of charge with your Novo account. The Novo Virtual Card is available to activate as soon as you open your account, for immediate access to your business funds. It is also usable for both online and in-person purchases. As an added benefit, it can connect instantly with Apple and Google Pay.