Mercury Business Banking
Startup / multi-user digital ops — $0 monthly fee, free USD wires & ACH, no cash deposits, 0% checking APY
Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
Costs & Fees
| Metric | Mercury Business Banking | Novo Business Checking |
|---|---|---|
| Monthly maintenance | $0 on deposit accounts. Optional Plus ~$29.90–$35/mo; Pro $299/mo (software subscriptions, not DDA maintenance) | $0 unconditional |
| Fee waiver | N/A — core banking is $0 unconditional; Plus/Pro are optional paid software tiers | N/A — already $0 |
| Transaction fees | No per-item fees on ordinary ACH, wires, checks. Unlimited USD ACH, domestic wires, USD intl wires (SHA), RTP (Column). | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). |
| Overdraft/NSF | $0 overdraft fee; overdrafts not permitted — items may be rejected. Persistent negative ≥30 days may trigger closure. | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. |
| ATM fees | Mercury does not charge own ATM withdrawal fee (U.S.). Operator surcharge possible; business ATM rebate not confirmed on current help page. 3% FX on non-USD ATM cash. | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. |
| Wire/ACH | Incoming domestic: $0. Outgoing domestic: $0. Incoming intl: $0 from Mercury. Outgoing intl USD SHA: $0; USD OUR: $15; non-USD: 1% FX. ACH in/out: $0. Same-day ACH $0 if before 12pm PT and <$1M. | Incoming domestic: $0. Outgoing domestic: up to $45 (online only, eligibility-gated). Incoming intl: $0 Novo-side. Outgoing intl: via Wise (Wise fees apply). Standard ACH in/out: $0. |
Interest & Yields
| Metric | Mercury Business Banking | Novo Business Checking |
|---|---|---|
| Checking APY | 0.00% — non-interest-bearing (Column Exhibit 1, Aug 14, 2026) | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) |
| Savings APY | 0.00% APY on business savings (0.001% rate; Column Exhibit 1). Not a high-yield account. | N/A — Reserves earn 0%; same deposit account |
| FDIC coverage | Standard FDIC $250,000 per depositor per ownership category at Choice or Column | FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category |
Features & Access
| Metric | Mercury Business Banking | Novo Business Checking |
|---|---|---|
| Branch/ATM network | No branches. Mastercard chip ATMs for cash withdrawal only — $1,000/card/business day, $3,000 company-wide. No cash deposits. | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. |
| Mobile app | Trustpilot 4.0 (~2,761 reviews); Google Play ~4.6 (~1.76k); App Store ~4.9 (CA listing) | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) |
| Virtual cards | Included — physical + virtual debit with freeze, merchant lock, spend limits | Virtual debit included. Fine-grained merchant locks not documented. |
| Opening deposit | $0 | $0 ($1,000 recommended) |
| Eligibility | U.S.-formed LLC, corp, partnership typical. EIN letter required. Trusts refused on business onboarding. International founders OK if U.S. entity and not in prohibited residence country. | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. |
Pros & Cons
Mercury Business Banking
Pros
- $0 monthly, $0 min, $0 overdraft fee on deposit accounts
- $0 domestic wires, $0 USD intl wires (SHA), $0 ACH, $0 same-day ACH under $1M/12pm PT
- Sweep FDIC marketed up to $5M; RTP/FedNow-style rails $0 on Column accounts
- Strong multi-user, virtual cards, QBO/Xero/NetSuite feeds, bill pay, invoicing on free tier
- IO charge card 1.5% cashback, $0 annual fee (Patriot Bank; separate product)
Cons
- Business checking/savings APY 0.00% — yield requires Treasury ≥$250k (SIPC, not FDIC)
- No cash deposits at all; ATM cash-out capped $1k/card, $3k company
- Fintech + partner-bank stack; documented closure/freeze complaint pattern
- 3% card FX and 1% non-USD wire; Plus/Pro needed for advanced AP/AR automation
- Treasury wrap fee 0.15%–0.60%; Choice consent order and bank migration uncertainty
Novo Business Checking
Pros
- $0 monthly, $0 minimum, $0 NSF/stop-pay/statement/card replace (Feb 2026 schedule)
- Free standard ACH both ways; $0 inbound domestic and foreign wires
- Invoices + up to 20 Reserves in one account
- Stripe/Shopify/Square/QuickBooks/Xero connectors (40+ integrations)
- Virtual + physical debit; $7/month ATM rebate; fast U.S. online open including nonprofits
Cons
- No cash deposits at all
- 0% APY; Reserves earn nothing
- Advertised FDIC $250,000 only — no marketed multi-million sweep
- Outbound wires up to $45 and eligibility-gated; FX via Wise only
- Weekday support; added users get full owner access; freeze/hold complaints recur
Verdict
Mercury Business Banking
Mercury is a fintech front end with deposits at Choice Financial Group and Column N.A. (FDIC), optional sweep to $5M. Core checking and savings have $0 monthly fee, $0 minimums, $0 overdraft fee, and $0 USD ACH/wires/RTP (Column). Checking and savings APY are 0.00%. Yield is separate Mercury Treasury (Apex/SIPC, 0.15–0.60% wrap) unlocked at $250k. Cash deposits not offered. Differentiator is startup-grade ops: multi-user permissions, virtual cards, QBO/Xero/NetSuite, bill pay, invoicing on free tier. Weak on 0% checking, no cash, partner-bank risk, and closure complaints. Do not treat Treasury yield as checking APY or Mercury as an FDIC member.
Novo Business Checking
Novo Business Checking is a single-tier online account from fintech Novo Platform Inc. with deposits at Middlesex Federal Savings, F.A. (FDIC Cert. 28368). Feb 26, 2026 fee schedule: $0 monthly, $0 NSF, $0 standard ACH, $0 inbound wires, 0% APY. Costs appear on Express ACH (1.5%), Express Check Deposit (up to 2%), outbound wires (up to $45 when enabled), and ATM surcharges above $7/month rebate. Up to 20 Reserves inside same 0% account. Strong ecommerce integrations. No cash, no branches, $250k FDIC advertised. Fits indie digital businesses; weak for cash, treasury, international founders, and teams needing permission controls.