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Business Profile

Financial Services

Novo Platform Inc.

Headquarters

This business is NOT BBB Accredited.

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Reviews

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

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Novo Platform Inc. has 3 locations, listed below.

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    Customer Review Ratings

    1.03/5 stars

    Average of 36 Customer Reviews

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    Review Details

    • Review fromAmia L

      Date: 10/04/2024

      1 star
      I just started banking with novo and deposited a large amount of money into my account. Then they decided to disable my account with no reason whatsoever. They didnt even give me a heads up so I could take some money out my account to live. Now my account is frozen with my money in it when I need it for expenses. I wouldnt recommend this bank to anyone. The customer service is horrible they couldnt even tell me why my account is frozen. They wouldnt even tell me a time frame.This has got to be illegal

      Novo Platform Inc.

      Date: 10/07/2024

      Hello Amia,

       

      Thank you for your honest feedback and direct feedback. I am able to see that there is an open ticket with your inquiry. I will ensure we can further assist you through your opened ticket. If you have any questions in regards to your Novo account, you can ask within your opened ticket. Thank you.

    • Review fromShane H

      Date: 09/26/2024

      1 star
      this company is absolutely horrible. I recommend everyone stay far away. Direct deposits take multiple days for them to process which is absolutely unheard of especially if youre waiting for your paycheck and when you call customer service its an extremely small call center. I called literally 12 times the same person answered the phone every single time not only did the same person didnt answer the phone. They were extremely rude and disrespectful every time I call this company, the customer service **** are foreigners. They talk to you very disrespectfully and they truly do not care about your account or your money. This company needs to be shut down ****.

      Novo Platform Inc.

      Date: 09/30/2024

      Thank you so much for your honest feedback. I'm really sorry that we have fallen short of your expectations. This is not what we intend for any of our account holders. We are constantly working to improve the quality and resources with your Novo account. While we cannot directly guarantee the timeframe of when funds will be released into an account, an approximate timeframe for ACH transfers is up to 3 business days. This information can be found on our FAQs page for quick access and additional details. Please be assured that we take your concerns seriously, and your feedback is valuable to us. Im sorry for your experience with customer support. We will aim to improve our communication and ensure that your concerns are addressed and you are kept informed to the best of our ability. If you have any further questions or concerns, please let us know in a support ticket and we'd be happy to follow up. 

    • Review fromChad H

      Date: 08/16/2024

      1 star
      I started a small business in real estate. After utilizing their functions for a bit. I tried logging in and the account would not log in. I contacted customer service only to find out my account was deleted. There was no warning, no notification. I was really using the invoicing function on this account for my clients. Luckly unlike *****, I had zero balance. I already had a **** poor interaction with this fintech company on getting an upgrade allowance on funds that could be sent. My business ebbs and flows with 100s of thousands of dollars. Thus, I went to Chase and was using some functions of novo. The customer service of this company is one of the worst.
    • Review fromRobin L

      Date: 07/18/2024

      1 star
      My co-founder and I have a small nonprofit that is just getting off the ground. We needed a bank with no or low fees and no limits. Novo fit the bill perfectly. I submitted an application, and it was approved. We moved our donations and bills over to Novo. Everything was going great until one day when I logged into the account and saw a notice saying, "This account is closed." There was no warning, no notification, and all our money had been removed from the account.After emailing customer support (you can't call them), I was told the account was under review. Then I received an email saying the account was closed because "your business falls outside the scope of Novos risk tolerance." The email also stated that a check with our money would arrive in ***** business days.Waiting ***** business days for them to send us our money is unacceptable. We have bills to pay. Stay away from ****. It is only a matter of time before they s**** you over.

      Novo Platform Inc.

      Date: 07/22/2024

      Hello *****

      Thank you so much for your honest and direct feedback. We are so very sorry this has been your experience. Please note that although Novo does support companies that register as a 501c not for profit status, there are certain transactions such as crowdfunding that Novo does not support as this time. Although we allow for a mailing time of ***** days, we do not anticipate taking this time to receive funds. We truly apologize for your experience and hope that you understand our position.

    • Review fromMatt H

      Date: 07/01/2024

      1 star
      **** refused to change the name of my wife's business on file. She provided all the necessary paperwork that our state requires or has available to prove the name change and they still would not comply. They are literally keeping an account active for a business that does not exist. Because my state doesn't provide the type of paperwork they require their solution is to start a new account with a new EIN, even though her EIN was changed with the **** My wife provided them the exact information to confirm the change on the secretary of states website and they refuse to actually do any form of due diligence to check that the change was made (a process that would take no more than 60 seconds to see the new business name is active and that the old business name doesn't exist anymore). This company has no way to actually talk to someone for assistance. You have to create a support ticket and then have an interaction back and forth that can take WEEKS because they only respond every couple of days at best. This is a horrible organization. If you are a small business find a local bank or credit union to service your needs they will be 1000% more helpful to your business in the long run. I also have an account with this "bank" for my small business but I am also closing my account out of lack of trust.

      Novo Platform Inc.

      Date: 07/02/2024

      We are so very sorry for this experience and we are deeply saddened that you and your wife have decided to close your accounts with us. 

      We take full responsibility for the service you received and because of this, we are currently reviewing our procedures to ensure this doesnt happen in the future.

      Thank you for bringing this to our attention, your feedback is valuable to us and we are committed to restoring your trust in us if you should choose to choose Novo again in the future.

    • Review fromBrandon W

      Date: 05/15/2024

      1 star
      PLEASE STAY FAR AWAY FROM THIS BANK: ********* will provide no explanations for freezing accounts even if you're account is in good standing. If you want your business to run smooth you're better off going to a regular bank or credit union. They will randomly stop accepting mobile deposit checks and will provide no answer, this bank will stress you and the business out, its not worth it. Steer clear from this bank:

      Novo Platform Inc.

      Date: 05/16/2024

      Thank you for your honest and direct feedback. While we understand your frustration, we want to assure you that these decisions are made in accordance with our business policies and regulatory requirements. We strive to provide fair and transparent service to all of our customers, and account closures are sometimes necessary based on various factors, which may include but are not limited to regulatory compliance, risk management, and business considerations.


      Unfortunately, due to privacy and confidentiality reasons, we are unable to disclose specific details regarding individual account closures. However, please rest assured that our actions were not discriminatory in nature and were taken in compliance with applicable laws and regulations.
      We apologize for any inconvenience or confusion this situation may have caused. Please feel free to reach out to our Customer Support Team at *************** and we are happy help.

    • Review fromCassidy S

      Date: 05/14/2024

      1 star
      I opened a business account with them a few weeks ago for my small tutoring business. I gave them all my business documents and was given an account. When I tried to deposit a bank check from Chase, they denied the check saying their was a problem with how ***** issued it. When I deposited the check into a different personal checking account with a different bank, I had no issue. Also, I woke up this morning with an email from Novo that they were closing my account immediately because my small business fell outside their risk tolerance. What? That makes zero sense and they have no phone number for me to talk to someone. I have had a horrible experience with Novo and would encourage anyone looking for a small business banking account to look elsewhere.

      Novo Platform Inc.

      Date: 05/16/2024

      Thank you for your honest and direct feedback and I truly apologize that this has been your experience.

      Unfortunately, due to privacy and confidentiality reasons, we are unable to disclose specific details regarding individual check rejections and account closures. However, please rest assured that our actions were not discriminatory in nature and were taken in compliance with applicable laws and regulations.

      If you would like to have our Customer Support Team look into this matter further, please reach out to us at ***************

    • Review fromBreonca B

      Date: 04/17/2024

      1 star
      I deposited my check into my account they cleared the check but froze my account I have 4 children and I had that money to pay my rent. Now me and my children are going to have to move because they took my money and I cant get access to it. DO NOT BANK WITH THEM AT ALL!!!

      Novo Platform Inc.

      Date: 05/07/2024

      Thank you for your honest and direct feedback. We can truly understand how account freezes can be a source of frustration. Our Team is diligent about performing the necessary due diligence before they come to these decisions. I am happy to work with you further if you would reach out to our Support Team at ***************
    • Review fromryan w

      Date: 03/29/2024

      1 star
      Just like everyone else here. I regret opening my account with Novo. I deposited a check and it was accepted. Two days later they sent me an email saying it was rejected. I spoke with support and they actually reinstated my deposit and apologized. But Today i received a noticed that the money was deposited into my account But my balance is still $0. Support is now ignoring me and I'm just frustrated that they somehow managed to mess up my money twice in a row. Awful, absolutely Awful.

      Novo Platform Inc.

      Date: 04/03/2024

      Hi there ****

      Thank you for your honest and direct feedback I am so very sorry this has been your experience and I apologize for your frustration. I have reached out to you in ******** support thread and am looking forward to assisting you further.

    • Review fromMarianne T

      Date: 02/13/2024

      1 star
      Like others are saying I would give it negative stars if that was an option. I opened an online account, deposited 4 business checks from a reputable payee via mobile deposit and was declined the deposit, days later. The only option to talk to Novo is via chat and email. The reason given for declination of the deposits was that they could not verify the payee and there were discrepancies on the check. They were literally government checks with an official seal on them. They would not give any details on what the discrepancies were either. Basically said they didnt have to give a reason because it is in their agreement. Oh. AndThey are not even a bank, but claim it is modern banking for business. When I told them I intended on closing the account I suddenly was no longer able to log into my account. **** never notified me they were closing the account. I also had not actually instructed them to do so, nor filled anything out to do so. No email from them to notify me of the closure.. and since I no longer could loginNo access to the live chat I was having with them when they decided to close the account. Apparently they didnt like being questioned and didnt care if they lost a customer. I found out the account was closed by sending them an email. Here is their response We are unable to speak to the specifics around why your account was closed by our Accounts Team. We can say that the basis of the decision is due to our risk tolerance for accounts and businesses. We understand that this is not the best answer and apologize for any inconvenience. Please let me know if you have any further questions. Super thankful I had not actually put any funds into the account. But sadly they do have all of my personal information. Sounds like a huge scam to me. We are a new business starting out and had legit funds to deposit. I went to my local bank and was able to open an account with them and deposit the same checks with no problem. No thank you to digital.

      Novo Platform Inc.

      Date: 02/23/2024

      Thank you for your honest and direct feedback, I am so sorry this has been your experience. Please know that this decision was not taken lightly and was made in accordance with our banking policies.


      We understand that this situation may have come as a surprise, and we deeply regret any inconvenience it may have caused you. It is always our goal to provide our customers with the best service possible, and we apologize for falling short of your expectations in this instance.


      We want to assure you that we are here to assist you with any outstanding matters related to your account closure. If you have any questions or concerns, please do not hesitate to reach out to our customer service team at *************** , and we will do everything we can to help resolve the issue.

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