Calculating Stripe fees for customer payments is easy with our calculator. Enter the payment amount to calculate Stripe's transaction fees and what you should charge to receive the full amount.
Calculate how much you’ll pay in Square fees for online, in-person, and manually-entered payments.
Enter your loan information to get an estimated breakdown of how much you'll pay over the lifetime of your loan.
ave any questions about your Novo account? We’re here to help. Keep reading to get answers to some of the most commonly asked questions about Novo.
About Novo
What bank is associated with Novo?
Novo's deposit account services are provided by Middlesex Federal Savings, F. A.; Member FDIC, a community bank located just outside of Boston, Massachusetts.
Virtual cards are provided by Patriot Bank, N.A., Member FDIC, pursuant to Mastercard International. Physical debit cards are provided by Middlesex Federal Savings or Patriot Bank.
What is Novo’s routing number?
The routing number for Novo accounts is 211370150. The bank name associated with this routing number is Middlesex Federal Savings, FA.
To locate your account and routing number, please follow these steps:
- Log into your Novo account.
- Click on the ‘Account’ tab.
- Your Novo routing number (211370150) and your Novo Account number are located at the top of the screen. To view your full account number, click on ‘View’.
Please note that some electronic funds transfer apps will display our sponsor bank's information, which may appear as Middlesex Federal Savings, F.A., or Patriot Bank.
Is Novo a bank account?
Novo is a fintech company and acts as a service provider to Middlesex Federal Savings, F.A. The deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A. Novo Platform Inc. (“Novo”) is not a bank and does not accept deposits or provide banking products.
Your Novo application
Does Novo run your credit?
Novo will not check your credit history when you apply for a Novo account. Also, having an account with Novo will not affect your credit score.
What do I need to set up a Novo account?
Novo requires that all applicants have a copy of their signed personal identification, a mobile phone using one of the major US carriers, a US Social Security number, and a US address to complete their Novo application. All applicants must be at least 18 years old. Depending on your business type, we may require certain information for you to apply. Please see the links below for these requirements:
The documents we require vary state-by-state depending on your entity. During the application, you'll be provided with a list of documents necessary to apply for an account. Any delay in submitting these documents could lead to a delay in your application being approved.
If you have not filed your business with a state, you can apply as a sole proprietorship. This means you will not have to provide a copy of your articles of organization. If you operate under a business name that is not your own, you will be required to provide a copy of your Do Business As (DBA) documents.
Apply for a Novo account today!
Does Novo require ID?
Yes, you will need a signed and current driver's license or passport when applying for an account with Novo. We also require that you provide a photo of your ID that includes all 4 corners. If you can't board a plane with the ID, we will be unable to use it to verify your account.
We are unable to accept photocopies, scans, passport cards, or partially obscured IDs as acceptable IDs.
How long does Novo's application take?
It takes less than 10 minutes to apply for a Novo account.
Making and receiving payments with Novo
How can I set up direct deposits into my Novo account?
To set up direct deposit ACH transfers into your Novo account, you will need to provide your payer with your Novo account number and routing number.
The routing number for Novo accounts is 211370150. You can find your routing number and account number in the "Account" tab of your Novo account at the top of the screen. Click "View" to see your account number.
You can easily share your account details with anyone by clicking on the “Share” icon located on the right-hand side of your Novo app.
Can I receive ACH payments to my Novo account?
Yes, you can receive ACH payments into your Novo checking account. To receive a domestic ACH transfer to your Novo account, you will need to provide your payer with your Novo account number and routing number.
The routing number for Novo accounts is 211370150. You can find your routing number and account number at the top of the screen in the "Account" tab of your Novo account. Click "View" to see your account number.
You can easily share your account details with anyone by clicking on the “Share” icon located on the right-hand side of your Novo app.
How long does Novo ACH take?
With your Novo account, there are three ways to make ACH transfers:
ACH Deposit
An ACH Deposit, or pull, involves pulling funds into your Novo account from connected external bank accounts. These transfers usually take 1 business day upon request but can take up to 5 business days to reflect in your account. Some ACH pull transfers may be subject to an additional 2-day holding period.
ACH Payment
An ACH Payment, or push, involves “pushing” or sending funds out of your Novo account and into an external account or payee. These transfers can take up to 1-3 business days to arrive at the receiving financial institution, depending on if you use Express ACH or Standard ACH.
For faster ACH payments, check out our Express Delivery ACH option.
Incoming ACH transfers
An incoming ACH transfer involves receiving funds from an external payer. These transactions can take 0-3 business days to reflect in your account balance.
Can I send wires with Novo?
Novo account holders can receive domestic and international wire transfers but cannot send wires domestically by using their Novo account. Instead of domestic wires, we do offer ACH transfers that are fee-free and can be made easily through the Novo app.
We have also integrated with Wise in order to send wires internationally with low fees and great service. You'll find this in the "Apps" tab of the Novo app.
How can I receive a wire transfer?
For domestic wires, please use the following details to receive a wire from a domestic account to your Novo account:
ABA / Routing Number: 211370150
Beneficiary Bank Address: Middlesex Federal Savings One College Avenue Somerville, MA 02144
Beneficiary Name: Your name or your business name. This needs to match the primary name on your Novo account.
Beneficiary account: Your Novo account number
For international wires, please use the following details to receive a wire from an international account to your Novo account:
Beneficiary Bank Address: Middlesex Federal Savings One College Avenue Somerville, MA 02144
SWIFT: MFEDUS42
Beneficiary Name: Your name or your business name. This needs to match the primary name on your Novo account.
Beneficiary account: Your Novo account number
Beneficiary address: The physical address on your Novo account
How do I deposit checks with Novo?
You can deposit checks directly from within the Novo mobile app using our mobile deposit feature. Follow these steps to make a check deposit:
1. Log in to your Novo App.
2. Click on the ‘Move Money’’ tab.
3. ‘Add Money’ and Select ‘Deposit a check.
4. Enter the check amount and click on ‘Continue’.
5. Enter the name on the check. Please make sure the check is made out to one of the following:
- You
- An additional user on your account
- Your company name
- The DBA on file with your Novo account
6. Sign and endorse your check. Make sure your check follows the endorsement format:
- Your signature on the first line on the back of the check, in black or blue ink
- "For mobile deposit at Novo" on the second line of the back of the check, in black or blue ink
- The details on the second line are clear and do not contain any scribbles or crossed-out items
7. Follow the instructions on the Novo App to take a photo of your check.
8. Review the details of your deposit. Use the slider at the bottom of the screen to submit your deposit.
That's it! Note that all check deposits, including money orders, and cashier's checks will be placed on a standard 1 – 4 business day hold.
Does Novo offer invoicing?
Each Novo checking account comes with our powerful invoicing tool built in. Create and send an unlimited number of invoices for free, from any device. Learn more about our invoicing tool.
Your Novo debit card
Can I use my Novo card at an ATM?
You can use any ATM with your Novo debit card. Novo will refund any ATM fees incurred at the end of each month back into your account.
Does Novo charge ATM fees?
Novo does not charge ATM fees. Novo will refund any ATM fees incurred at the end of each month back into your account. Including International ATM Fees!
Novo integrations
What payment processing platforms does Novo integrate with?
Novo integrates with Square, Stripe, Venmo, PayPal, Cash App, and Wise. Novo does not offer an integration with Zelle at this time.
What other product integrations does Novo offer?
Currently, Novo integrates with Gusto, Freshbooks, Zoho, Slack, Xero, Zapier, WooCommerce, Shopify, eBay, Etsy, and Amazon.
Does Novo offer partner discounts?
One of the benefits Novo users enjoy is exclusive access to Novo’s partner perks. Get more than $3,000 in savings on best-in-class tools for payments, payroll, marketing, and more. We regularly Learn more about our perks program.
Fees & requirements
Does Novo charge fees?
Novo accounts are completely free. We also do not have any regularly scheduled or hidden fees like most other business accounts. See our fee schedule for a full list of fees we charge.
How much does Novo charge for insufficient funds?
If a transaction is made and there are insufficient funds to complete the payment, your Novo account will be charged a $27 fee.
Does Novo have a minimum balance requirement?
We do not require a minimum balance to open a Novo account.
Other FAQs
How do I invite friends to join Novo?
You can find your Referral Link by going to the Referrals Widget on the Dashboard screen of your Novo mobile or web app.
You can invite friends and colleagues to join Novo by sharing your Referral Link with other business owners in your network.
What are the qualifications to receive a Novo referral bonus?
In order for both the Referred User and the Referring User to each qualify for and receive the Referral Bonus, the Referred User must meet ALL of the following qualifications:
- The Referred User must not have previously opened an Account;
- The Referred User must use the Referring User’s Novo Unique Referral Link when applying for a new Account;
- The Referred User must be approved and open a new Account;
- The Referred User must have a deposit(s) into their Novo account totaling $100.00 or more within 30 days of the Account Opening Date;
- The deposit(s) must be made by an Authorized User on the Referred User’s Account; and
- The Referred User must maintain a balance of at least $100 in their Novo business checking account for at least 30 days after the first deposit(s).
Please see our full terms and conditions here.
How do I add another user to my Novo account?
Adding another user means that you grant them full access and account owner privileges. This includes but is not limited to the ability to transfer and withdraw funds. Please be aware that we cannot add additional users who are under 18 years old.
To add a user to your account, you will submit your request by logging into the Novo mobile app and selecting Account (Info) > Settings > Users > then clicking on the 'Add user' icon on the top right side of the screen.
Enter the details of the person you'd like to add to your Novo account, including:
- Name and email address
- Choose their relation to the business in the drop-down window (CFO, Founder, Accountant, Employee, Office Manager, CEO, Investor, Other)
Here, you will also let us know if you want us to send that person a debit card by selecting either 'Not Now' or 'Yes, I want it.' If you select 'Yes, I want it' for the debit card, click on 'I Agree' for the Novo Card Disclosure. Select the option 'Owner, full account permissions' and hit 'Submit.'
After this, you will receive a message saying, 'We have your request!'
Finally, you will click 'Done' as your part in the process is now complete.
An invitation will be sent to the additional user's email inbox shortly. There are a few steps that they will need to complete. They will be added to your Novo account as soon as their application is submitted and approved.
Once they receive the email with an invitation to join your Novo account, they must hit 'Get Started' in order to create their profile. First, they will be asked to create a login (a password for the email on file).
Then, they will be asked to provide the following:
- Legal Name
- Citizenship
- Date of Birth
- Social Security Number
- Mobile Phone Number
- Personal Address
- Driver's License or Passport
At this point in the application, they will have to upload any documents where asked and, upon completion, hit 'Submit.' As soon as they hit submit, our team will be able to review the request and approve it, considering their information aligns and all the requested documents have been provided.
If you or your additional user face any difficulties with this process, please reach out to us in 'Support' for further assistance.
Does Novo have a savings account?
Currently, we do not offer savings accounts or interest on our checking accounts. But this is something that we are interested in exploring for our users in the future.
All-in-one money management
Take your business to new heights with faster cash flow and clear financial insights —all with a free Novo account. Apply in 10 minutes.
