Business Profile

Financial Services

Novo Platform Inc.

Headquarters

This business is NOT BBB Accredited.

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Complaints

This profile includes complaints for Novo Platform Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

238 total complaints in the last 3 years.
63 complaints closed in the last 12 months.

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The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

Initial Complaint
Date:02/09/2025
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
On December 5th 2024, I contacted Novo (small business banking) about why my account had been frozen. They provided no explanation and simply read from a script that the accounts team was "working diligently" on getting my account unfrozen, and that it would be no more than 14 days until I would hear back. 14 days later, I reached out again, and then 14 days after that, I reached out again. It is now February 9th. 2025 and I have not received any glimpse of information behind why my account is frozen. I have not even acted in a manner in which I have the basic first clue about why my account would be frozen. I also had talked to a Novo support agent who assured me that, if I didn't hear back fast enough, I could simply close my account and receive a check in the mail of the full balance. Turns out, that wasn't true either, and when I followed up on that promise and attempted to close my account, the SAME customer support agent, ****, told me that I actually CANNOT close my account. I feel I have been misled and kept quiet by the support team at Novo (and the fraud line, who proved no more helpful). I am currently being kept from operations of my small business because a part of my capital is tied up in Novo's hands, with no real explanation as to why or for how long. I am owed $700 and an explanation.
Business Response
Date: 02/19/2025
Hi *********,
On December 5, 2024, you contacted our support team regarding a notification that your account was under review. At that time, we informed you that the account was frozen as part of an ongoing review. During this process, transactions are not permitted, and we were unable to provide a specific timeframe for resolution.
Novo conducts account reviews to ensure that account activity aligns with our service terms. While these reviews are not intended to disrupt business operations, they are necessary to maintain compliance with ***** legal and service agreements, including the Business Deposit Account Agreement.
As outlined in Novos Terms of Use Agreement and the "Amendments and Termination" section of the Business Deposit Account Agreement, Novo reserves the right to terminate an account or decline services at its sole discretion. This decision may be made for various reasons and does not require prior notice to the account holder. You can review these policies here - ****************************************** and *********************************;
On January 6, 2025, you inquired about closing your account and were initially advised that a closure request could be submitted and a check would be issued for the remaining balance. However, since the account review was still in progress at that time, the account could not yet be closed. We understand that this caused confusion, and we regret the additional frustration this may have caused.
Following the conclusion of the review, on February 11, 2025, we informed you that your account would be closed and that a closeout check was issued to the business address on file and delivery typically takes ***** days.
We are working with our teams to improve our customer care to ensure prompt and accurate information is provided. We sincerely apologize for any inconvenience this process may have caused and appreciate your patience throughout. If you have any further questions, please contact us at **********************.
Best,
Novo
Initial Complaint
Date:02/07/2025
Type:Sales and Advertising Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I had a business account with them through Novo online banking. Due to Novos lack of sufficient security logistics, my business was hacked. Even though I rarely, if ever used my business debit card, my account information was obtained, and my small business lost over $4000 dollars.****************************** provides the banking services for Novo customers.However, Novo has no intention of paying back the money that their insufficient security logistics caused the loss to my small business. They have locked me out of my business account, and they continue to try and mislead me that they will bring a resolution to this problem. I truly believe that they are stalling.
Business Response
Date: 02/19/2025
Hi ****,
We sincerely regret any stress this may have caused and appreciate your patience as we worked through the dispute process.
You initially filed disputes on December 25, 2024, and followed up multiple times regarding the status through January 28, 2025. At that time, we informed you that the investigation process could take up to 120 days, which aligns to the chargeback process and timeline of the card network provider.
The transactions were initially reviewed and denied in alignment with our card processors dispute guidelines. However, after further investigation, we determined that a credit would be issued for the unauthorised transactions, totalling $4,892.70.
Since your account is now closed, a closeout check for the credited balance has been issued to the business address on file, and the tracking details are as follows:
Tracking Number: [9505512537265050210360]
Carrier: USPS
Estimated Delivery Date: February 22, 2025
You can use this tracking number to monitor the status of your checks delivery.

We appreciate your patience throughout this process. If you have any further questions, please dont hesitate to contact us at **********************.
Initial Complaint
Date:01/31/2025
Type:Sales and Advertising Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
In mid-January '25, Novo decided to close/cancel my account without disclosing an actual reason as to why. This comes after 5 years of banking with them without having any complaints, issues. Their support team I cannot reach them over the phone and their responses have been absolutely robotic. They used to be called a bank but since they're a fintech company, that had to be removed from their title. I opened this complaint because I need my bank statements from the previous year, all 12 months. So far, reaching out to them via email has gotten me nowhere as they went completely silent. Sending statements to my business email, secure doculink, or snail mail to my business address should be straightforward and I hope that they can fulfill this ASAP. I warn others reading this to stay away from this fintech neobank, far far away.
Business Response
Date: 02/10/2025
Hi ****,
Your account ending in 5317 and ***** were closed on January 30, 2025, as part of an account review. As outlined in Novo's Terms of Use Agreement and the "Amendments and Termination" section of the Business Deposit Account Agreement, Novo reserves the right to terminate an account or decline services at our sole discretion. This decision may be made for various reasons and does not require prior notice to the account holder. You can review these policies here:
Terms of Use Agreement - ******************************************
Business Deposit Account Agreement - ****************************
On January 30, 2025, you requested account statements for 01/01/2023 01/31/2025. Following your request, our team completed identity verification (IDV) and provided the statements for your account ending in 5317 on January 31, 2025.
On February 6, 2025, you requested statements for an additional account ending in 8042. As advised, we kindly ask that you submit a new request using the email associated with that account. This ensures that we can verify the request and securely provide the requested statements. Our support team also reached out to you on February 10, 2025, to advise on the next steps. Please review that communication and follow the outlined process to proceed.
If you need further assistance, please follow up via **************** and we will be happy to help.

Customer Answer
Date: 02/10/2025

Complaint: 22881425

I am rejecting this response because: Novo failed to provide the full transaction reports of either of my accounts. The transaction report is different from the *** statements as its in excel or CSV format. Also, their support has been unhelpful in providing any justification as to the closure of my account ending with *****.

For future customers, please avoid Novo fintech neobank at all costs, their offshore support staff isn't fluent in English, nor is friendly in helping, if any issues are to arise.

Business Response
Date: 02/19/2025
Hi ****,
We understand that you were expecting transaction history reports, and we appreciate your patience while we worked to fulfill your request. As noted, the transaction history report for your account ending in 5317 was provided on January 31, 2025, and the report for your account ending in 8042 was sent on February 11, 2025. If there are any specific details you still need, please let us know, and well be happy to assist.
Regarding your concern about the closure of your account ending in 5317, we acknowledge your request for further justification. As previously stated, Novo reserves the right to close an account at its sole discretion in accordance with our Terms of Use Agreement and Business Deposit Account Agreement. While we understand this may not have been the outcome or level of detail that you had hoped for, please know that these decisions are made after a comprehensive review.
We value your feedback and are continuously working to improve our support processes. If you need further assistance, please dont hesitate to reach out to **********************.
Best,
Novo
Initial Complaint
Date:01/22/2025
Type:Customer Service Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
My novo account all of sudden got frozen without notice and i havent done anything wrong they will not tell me why or give me the money from my account and close the account
Business Response
Date: 01/31/2025
Hi *****,
On January 21, 2025, you contacted us regarding the status of your account. At that time, we informed you that your account was frozen as part of a review conducted by our Accounts Team. During this process, transactions may not be processed and remain restricted.
Following the conclusion of the assessment on January 31, 2025, it was concluded that we are closing your account. As delineated in Novo's Terms of Use Agreement, specifically in section 22, and in the "Amendments and Termination" segment of Business Deposit Account Agreement, we maintain the right, at our sole discretion, to terminate our contractual arrangement with an account holder, along with access to our services. This decision may be made for any rationale, and it holds regardless of whether notice is provided to the account holder. Refer section 22 in **************************** and **********************************;
Novo performs an account review to ensure that activity within the account aligns with our service terms. The intent of this review is not to disrupt business operations, but to ensure that our products and services are being used within the confines of Novos legal agreements, including the Business Deposit Account Agreement. We also acknowledge that this may not be the level of detail that you are looking for, but the details of the review cannot be shared and were a result of Novo terminating access to our services.
The closeout check for the remaining account balance of $75.59 was sent to the business address we have on file on January 31, 2025 and expected to receive within ***** days.
If you have any further questions, please feel free to reach out to us at **********************.
Initial Complaint
Date:01/21/2025
Type:Customer Service Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Missing invoices, customer service less than speedy
Business Response
Date: 01/29/2025
Hi *****,

We are truly sorry to hear that you are not pleased with our previous responses. Unfortunately, we can only send this information to an email address that is associated with the account. In alignment with our security policy, we only share account details and documentation with authorised users of the account. Please note that this request was made on January 5th, 2025 and was resolved between January 6th to 7th of this year (2025).

Best,

Novo
Initial Complaint
Date:01/08/2025
Type:Customer Service Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
We received your complaint. Thank you.We will review your complaint. Depending on what we find, we will typically:Send your complaint to the company for a response; or Send your complaint to another state or federal agency, or help you get in touch with your state or local consumer protection office; or Let you know if we need more information to continue our work.YOUR COMPLAINT I have had an incredibly frustrating and unprofessional experience with ******************. My account has been under investigation for over a month now, and during this entire period, they have repeatedly stated that the process would take "7 business days" to complete. However, that time frame has come and gone multiple times, and they have yet to provide any updates or information regarding the status of the investigation. Despite my repeated attempts to get answers, every question I ask is ignored, and I am given no clarity on where they are in the process. To make matters worse, they have been holding $1,200 of my funds without any explanation. Their lack of transparency, communication, and failure to resolve the situation in a timely manner is deeply unprofessional and unacceptable.
Business Response
Date: 01/28/2025
Hi ******,
On November 29, 2024, you contacted our support team about pending deposits to your account. At that time, we informed you that your account was frozen due to an ongoing review by our Accounts Team. During this review, transactions are not permitted, and we are unable to provide a specific timeframe for resolution.
Novo conducts account reviews to ensure activity aligns with our service terms. While these reviews are not intended to disrupt business operations, they are necessary to maintain compliance with ***** legal and service agreements, including the Business Deposit Account and Mobile Check Deposit.
As outlined in Novo's Terms of Use Agreement and the "Amendments and Termination" section of the Business Deposit Account Agreement, Novo reserves the right to terminate an account or decline services at our sole discretion. This decision may be made for various reasons and does not require prior notice to the account holder. You can review the details in our Terms of Use Agreement here: ****************************************** and *********************************;
In concluding the review, the decision was made to close your account in which a closeout check for the remaining funds of $1,203.61 was issued on January 23, 2025 and sent to the business address on file. Delivery typically takes 1520 days.
We apologize for the delay and inconvenience this may have caused. If you have additional questions or require further assistance, please contact us at **********************.

Best,
Novo

Customer Answer
Date: 02/10/2025

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

****** *******
Initial Complaint
Date:01/01/2025
Type:Service or Repair Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
*************** card issuer (************) allowed nearly $4,000 of fraudulent transactions to be debited from my account. These charges were made on the east coast, when my business is located on the west, as are the majority of my purchases. These transactions were so obviously fraudulent (small$+small$+large$$$; all characterized by multiple attempts & declines) that Novo's own fraud detection flagged it and notified me via text. I immediately logged onto my Novo app, disputed the charges and froze the card myself. Additionally, I promptly called their fraud department to report the unauthorized activity. ******* didn't care to collect any proof or documentation from me that the charges were unauthorized, instead, they said they'll reach out in ***** business days if more info was required. On the 14th business day, Novo responds with dispute denials for every single charge. No explanation. No documentation. Just "regretfully we can't help" and "this decision is final & cannot be appealed". I asked for the reasoning behind denying these 3 disputes, they will not offer any further information. Novo proceeds to skirt all responsibility, pinning the denials on their card issuer/processor. I request documentation of the "extensive investigation" they claim to have conducted on my behalf, and they say cannot offer me any documentation as everything they do is "electronic". Over a month has passed since my hard earned funds were stolen while under Novo's stewardship, yet they still will not/cannot provide any reasoning or documentation. Since I have my physical debit card, it is unclear how my card info was stolen & used to make these purchases. However, Novo's illusive behavior and vague scripted responses raise the question - was my card information leaked from them? It very much appears as though ******* could be complicit in the theft of my $4,000, and they are 100% guilty of withholding information while ignoring my pleas for fair & ethical treatment.
Business Response
Date: 01/27/2025
On November 29, 2024 you called our support team to report 3 unauthorized transactions on your debit card ending in 6179. You claimed that the physical card was in your possession and the charges were not made and authorized by you. Within the same day you were able to file a dispute with the transaction in the amount of $3,812.82. The two other transactions were still pending at the time that the initial report was filed, so you were advised to wait until the two other transactions settled in the account to file the dispute. On November 30th, 2024 the two other transactions were filed as unauthorized transactions. One dispute for $29.37 and another dispute for $122.46.
On December 19, 2024, after careful review of the account activity and relative transactions, a determination was made to decline the filed disputes. Relative and pertinent information pertaining to the use of the card supported the authorization of the associated disputed transactions. This includes the entering of the PIN associated with the card regarding the transactions in the amounts of $3,812.82 and $122.46. Please note that the PIN is considered personal information and should be safeguarded. If anyone other than the card holder uses the PIN to process a transaction, then liability shifts to the customer and significantly impacts the dispute decision. Furthermore, in concluding the review of our internal systems monitoring account access logs pertaining to your account on November 29, 2024, it was determined that Novos commercially reasonable security measures, including multi-factor authentication (MFA) were successfully executed. In summary, the investigation identified a lack of evidence to suggest a compromise in the access of your account and unauthorized use of your Novo debit card considering the aforementioned security controls - including the use of your confidential PIN and MFA.
We understand your frustration with the experience surrounding this series of events. Furthermore, we understand that this may not be the news you hoped for and apologize for not providing the clarity you were searching for within prior correspondence. We are working with our teams to improve our customer care to ensure prompt and accurate information is provided. However, if you do have any further questions or concerns, please reach out to our support team.

Customer Answer
Date: 02/01/2025

Complaint: 22754846

I am rejecting this response because:
In the response Novo claims a PIN was used, and *** was executed. Even though we asked up front if they needed any additional information from us NOVO never asked us for additional information, or questions to verify details. The execution of the *** November 29th was my husband and me both trying to get logged into the account on our phones to help each other figure out what was happening, to freeze the card, and to dispute the fraudulent charges. This took place while we were in ****** over Thanksgiving, and if the *** execution shows location that could be verified. Additionally, as we stated up front the cards were in our possession. If a pin was used, which we were not told was the case, it must have been stolen also.
When the claims were denied, we requested documentation and an explanation pertaining to this decision. We were told by NOVO that for security reasons and fraud protection they could not provide that. Our response to that statement can be seen in SCREENSHOT_2025101-004544_NOVO.jpg to this no response was given and the ticket was closed.
It is suspicious, and seems potentially illegal, that we were denied documents and an explanation, yet NOVO freely discloses here their reasons behind the denial. It appears as if NOVO didn't want to allow us any potential avenue to appeal the decision. We could have provided information showing the *** execution was us logging into our phones at the time of the fraud charges popping up. Cards could have been proven to be in our possession, and all information used for these transactions shown to have been stolen from a ****** ******* to us.
The lack of transparency leaves us to believe NOVO may have not acted legally. At best if there is no legal line that was crossed it is terrible business practice to deny a customer documents and explanation regarding their account, especially when dealing with fraud to their account.

Sincerely,

***** *****
Business Response
Date: 02/17/2025
We understand your frustration regarding the activity that occurred within your account and the result of the dispute investigation. Please note that additional requests were not made considering the information that was available in our systems that monitor and consist of account access and card activity.

As part of our investigation, we review for risks of account takeover, in which a bad actor may gain access to the account and subsequently transact. The previous reference to the execution of Novos security measures were a part of concluding the review for risks of account takeover, validating that there were no issues identified with the relative activity of accessing the account.

We are unable to provide documentation from our internal monitoring systems that are used to protect our customers from fraudulent activities. However, we do apologize for the lack of information that was initially shared with you during your initial request that occurred subsequent to the rejection of the disputes filed.

As detailed within the Account Security section of the Business Account Agreement, electronic access devices, including the PIN, must be safeguarded by the account holder. Furthermore, the liability and review of these transactions align to the details agreed to within the Cardholder Terms and Conditions, sections 5.25 and 5.26.

We are saddened by the experience you have endured. Our process of dispute handling is within the confines of the Novo agreement and dispute resolution practices.
Initial Complaint
Date:12/29/2024
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
I took a local vacation which included a digital detox at the beginning of August and did not return back home until mid October. Upon returning home I learned that my cell phone and wallet had been stolen and that many of my accounts had been compromised, as well as a few accounts being opened in my name without my knowledge. I began informing the authorities, submitting identity theft reports and notifying the financial institutions that help each account in question. However, when I attempted to access my novo account, I no longer had access and was given the message that my account had been closed. I sent numerous emails to novo support alerting them of the identity theft and fraud but never received one response back. I have been unable to reach anyone for months now. The only correspondence I receive from them are bills that they expect me to pay when I am not liable for any debts made in my name fraudulently. I have lost the balance of my accounts which were over $10,000 dollars and incurred who knows how much debt and yet I have absolutely no recourse since the company will not even acknowledge my existence.
Business Response
Date: 01/28/2025
Hi *****,
Thank you for reaching out. We are saddened that you had to experience this unfortunate event and the frustration that may cause as you proceed with the necessary steps to report identity theft.
Resultant of an account review, your Novo account was scheduled for closure on October 9, 2024, following a notice sent to you on September 25, 2024. The notice provided instructions to transfer any remaining funds via *** before the closure date. Your account was officially closed on November 4, 2024, and no further transactions or access have been permitted since then.
Concluding the review of our internal systems monitoring account access logs pertaining to your account, it was determined that Novos commercially reasonable security measures, including multi-factor authentication (MFA) were successfully executed to access the account.

Additionally, regarding the collections correspondence you referenced, this pertains to the funding account you maintained with Novo. Your funding application was submitted on February 26, 2023, and from February 2023 to June 2023, you made draws and repayments on this account. Between July 2024 and September 2024, additional draws were made.
To move forward with providing further account documentation, we must verify your identity and additional documentation related to your claim of identity theft. Please respond to the latest response by our Customer Support team made on January 28, 2025.

We are working with our teams to improve our customer care to ensure prompt and accurate information is provided. If you have further concerns please feel free to contact us at ****************
Customer Answer
Date: 01/28/2025

Complaint: 22742093

I am rejecting this response because: it does not address the concern I have brought forth. My wallet and cell phone were stolen in August and I did not return back until mid October, which is when I first became aware that accounts had been compromised. So you closed the accounts on me prior to my return back. Any correspondenche or 2 factor authentication from my cell phone would just be further proof of my account being compromised as I was not in possession of the phone at the time account access was granted. Furthermore, your available contact is through either a phone number or an email. If you call the phone number, a recording will ask you to key in your account number. Since you closed my account prior to my return back, I no longer have an account number. The recording than refers you to the email which I know from experience never gets any response back. I have sent numerous emails notifying support of the fraud and identity theft yet no response is ever received. Your company seems to be absolutely fine with a customer losing the entirety of their funds and and being held liable for debt created by someone else rather than opening up an investigation. I was a member of this financial institution for years. Had I known about the utter disregard shown toward clients, I would have never placed a ***** of mine in your control. The first response I ever saw was only after making a complaint here. Maybe after I file on Middlesex federal savings with the ******* F.D.I.C., and C.F.P.B. you will take my claim a little bit more serious.

Sincerely,

***** *******
Business Response
Date: 02/06/2025
Hi *****,
We understand how frustrating this situation must be, especially given the theft of your wallet and phone. We regret any challenges this may have caused as we work to resolve your concerns.
Your account was closed on October 9, 2024, as part of an account review. As outlined in Novo's Terms of Use Agreement and the "Amendments and Termination" section of the Business Deposit Account Agreement, Novo reserves the right to terminate an account or decline services at our sole discretion. This decision may be made for various reasons and does not require prior notice to the account holder. You can review these policies here:
Terms of Use Agreement - ******************************************
Business Deposit Account Agreement - ****************************
We acknowledge your request to access your account statements to review any unauthorized transactions. Our support team reached out to you on January 28, 2025, and again on February 4, 2025, with directions on the next steps to access these details. Identity Verification (IDV) is required to ensure that account information is only shared with the rightful account holder. This process helps protect sensitive financial data and prevents unauthorised access. We encourage you to complete the necessary steps provided in our communication so we can assist you further.

Please note that our Accounts Team also performed an initial review of your account activity and did not identify any unauthorised transactions. The transactions conducted during this period aligned with merchants previously associated with your accounts historical activity, including withdrawals from the same *** locations. Additionally, the *** withdrawals were PIN-entered, indicating that the card and designated PIN were used to complete these transactions.
Novo maintains commercially reasonable security measures to prevent unauthorised access to accounts. However, safeguarding the debit card and other account access tools remains the customers responsibility. Novo does not assume liability for any activity that occurs after our security controls have been successfully executed or when account access tools have not been properly safeguarded.
As outlined in the "Account Security" section of the Business Deposit Account Agreement:
"It is your responsibility to protect the account numbers and electronic access devices (e.g., an ***/debit card) we provide you for your account(s). Do not discuss, compare, or share information about your account number(s) with anyone unless you are willing to give them full use of your money."
As previously noted, please respond to our latest email so we can proceed with providing the necessary account details. If you have additional questions, please respond to the support teams message or contact us at s*********************.

Best,
Novo
Initial Complaint
Date:12/21/2024
Type:Billing Issues
Status:
ResolvedMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
********* closed our account for no reason. we had balance for 2000usd approxinmately. they were supposed to send check but no check received till dateOur account was closed on october, till date no check received
Business Response
Date: 01/08/2025
On September 18, 2024, you contacted Novo about an account freeze and issues moving money. At that time, we informed you that your account was under review by our Accounts Team and that updates would be provided once the review was complete.
On September 19, 2024, you followed up again and Novo confirmed the account was still under review.
On September 29, 2024, you requested an update and someone to speak with regarding your concerns. Novo informed you that the review was ongoing and that updates would follow.
On October 4, 2024, after the review, your account was closed, and a check for $2,570.90 was issued to the business address on file.
On December 21, 2024, you reported that you had not received the check.
Our Customer Support agent reached out to you on January 6, 2025, at 10:15 AM. Please respond to their message, and our team will assist with coordinating the re-issuance of your check. We apologize for the inconvenience and appreciate your patience as we work to resolve this promptly.
If you have further questions, please contact Novo Support for assistance.
Customer Answer
Date: 01/27/2025
not yet received the check as on date. please send tracking number. we have not received check till now
Customer Answer
Date: 02/03/2025

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

Sincerely,

******* *********
Initial Complaint
Date:12/20/2024
Type:Billing Issues
Status:
AnsweredMore info
Complaint statuses
Resolved:
The complainant verified the issue was resolved to their satisfaction.
Unresolved:
The business responded to the dispute but failed to make a good faith effort to resolve it.
Answered:
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Unanswered:
The business failed to respond to the dispute.
Unpursuable:
BBB is unable to locate the business.
Novo did exactly what everyone else here said. ,They froze my account without warning stated it's a security freeze. then they are investigating and **** release your money. They have now closed my account and supposedly sent a check. in the mean time I had to go take a small loan to keep my business afloat while they screwed around. this is the worst bank to ever do business with get your money out now. Would love for them to reimburse the interest charges i have accrued borrowing money to keep my business afloat but they are scammers who wont do that and just will refer to their business terms stating they can shut down and freeze an account when they feel like it. Im an ****** business with nothing shady going on so this can truly happen to anyone.
Business Response
Date: 01/10/2025
Hi ******,
On November 26, 2024, you contacted our support team to inquire about the reason you were not able to transact on the account. Our Support team informed you that the account was frozen due to an ongoing review by our Accounts team. During this review, no transactions are permitted, and unfortunately, we could not provide specifics about the decision to freeze the account.
You continued to reach out to inquire about the status between November 27 - December 10, 2024, when the account was still under review by our Accounts team.
Following the conclusion of the assessment on December 18, 2024, our Accounts team determined it was necessary to close the account. As delineated in Novo's Terms of Use Agreement, specifically in section 22, and in the "Amendments and Termination" segment of the Business Deposit Account Agreement, we maintain the right, at our sole discretion, to terminate our contractual arrangement with an account holder, along with access to our services. This decision may be made for any rationale, and it holds regardless of whether notice is provided to the account holder. Refer to section 22 in ***********************************************; and ****************************.
The closeout check for the remaining account balance of $4,938.63 was sent to the business address we have on file and is expected to be received within ***** days.
Novo performs account reviews to ensure that account activity aligns with our service terms. The intent of this review is not to disrupt business operations but to ensure that our products and services are being used within the confines of Novos legal agreements, including the Business Deposit Account Agreement.
If you have any further questions or concerns, please contact our support team.
Customer Answer
Date: 01/21/2025

Complaint: 22714778

I am rejecting this response because:
this is absolutely garbage business tactics. You cant provide a reason why youd shut down a ****** businesss account. Youre a garbage company and Ill make sure everyone knows

Sincerely,

****** ******
Business Response
Date: 01/24/2025
Hi ******,
We understand your frustration regarding the status of your account. However, we cannot provide further information and are aligned to our business account agreement. We see that the check was negotiated on January 2, 2025. If you have any further questions, please contact our support team at **********************

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