What Do You Need to Open a Bank Account? | Novo

Read on to see our eligibility requirements to open a Novo business bank account.
by
Banking, Novo News
June 03 | 4 MIN

Since launching our invite-only release, freelancers, start up founders, and small business owners alike have been opening a Novo business checking account in minutes, securely and easily with no minimum balance requirements. Read on to see our eligibility requirements to open a Novo business bank account.

Can I get a Novo account if I’m NOT a business owner?

No, we only cater to entrepreneurs, so if you want an account, you’ll need to have a business or start one. Are you ready for entrepreneurship? Well, if you’re already running a business, we’ll help you save money — we won’t charge you any sneaky fees, make you pay to use ATMs, or require you to maintain a minimum balance. We’re here for you 24/7 in our convenient Novo app that goes everywhere you do.

Are there any industries that Novo DOESN’T support?

Yes, Novo doesn’t support businesses that deal in providing or exchanging cryptocurrency, privately owned ATMs, money services, unlawful internet gambling, or cannabis sales. Read more about this and other Novo FAQs.

What are Novo’s eligibility requirements for opening an account?

To apply for a Novo small business banking account you need to have a business registered in the US. You must be able to prove that your business is registered as a:

Can I open a personal banking account with Novo?

No, Novo only provides a business bank account and NOT personal banking solutions. However, there are a ton of personal mobile banking options like Chime which is pretty cool.

Can I apply for a Novo account if I am not a US citizen?

Yes, you can. If you are not a U.S. citizen, we’ll need to verify that you live here which you can prove by providing a W8. If you’re international, don’t have a W8, and need to prove that you live here, you can provide work authorization (copy of a visa).

In the Novo application process, you’ll need to provide some personal and business details, such as an Employer Identification Number (EIN), which is like a social security number for your business. You will also need to inform us of your “Doing Business As”, otherwise known as a DBA and/or the operating name of your business.

The Takeaway

If you are running a start up and need a new way to manage your business finances, apply for a Novo account today. We love to help entrepreneurs turn their big ideas into reality since we are hustlers just like you!

 

 

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