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Bank Novo (36)
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Bank Novo Frequently Asked Questions
What if my business partner does not have an SSN?
During the application process, any additional business owners must be added to the application if they own more than 25% of the business. If your ultimate beneficial owner is outside the US without an SSN, they may provide their ITIN number instead. Either an SSN or ITIN number will be required for all additional business owners on the application.
Are my deposits insured by the FDIC?
Your deposits are insured up to the FDIC standard insurance amount, which is currently $250,000 per depositor. This insurance is provided through our partner bank, Middlesex Federal Savings. Their FDIC certificate number is 28368 and can be found on the FDIC BankFind Tool.
How do I send my business documents when applying?
You will have the ability to upload your business documents right into your application. Our system supports pdf, jpg, jpeg, and png file formats. If you need further assistance or facing complications, please contact Novo at [email protected].
What business documents do I need to open an account?
Novo requires that all applicants have a copy of their signed personal identification, a mobile phone using one of the major US carriers, and a Social Security number, and a US address to complete the application. All applicants must be at least 18 years old. Depending on your business type, they may require certain information for you to apply.
What Are the Qualifications to Receive the Novo Referral Program 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:
must not have previously opened an Account;
must use the Referring User's Novo Unique Referral Link when applying for a new Account;
must be approved and open a new Account;
must have a deposit(s) into their Novo account totaling $100.00 or more within 30 days of the Account Opening Date;