Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
Chartway Premium Business Checking
Credit-union business checking with tiered dividends up to 4.00% APY and a $10 fee waived at $2,500 ADB
Costs & Fees
| Metric | Novo Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Monthly maintenance | $0 unconditional | $10.00/month |
| Fee waiver | N/A — already $0 | Waived if average daily balance of $2,500 maintained during the month. Product page also markets 'No Minimum Balance' for ongoing operation. |
| Transaction fees | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). | Hybrid limited analysis — not classic earnings-credit. No published excess fees for ACH batches, teller visits, checks written, or electronic items. |
| Overdraft/NSF | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. | Overdraft Privilege $30/transaction (can cover up to $750 per fee schedule; ODP brochure cited $500 — conflict). NSF/returned item $30. Returned deposited item $20. Opt-in required. OD transfer from linked savings/MM $0. |
| ATM fees | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. | Chartway-owned / CO-OP Network $0 Chartway fee. Out of Chartway-owned and out of CO-OP: $1 inquiry + $1 transaction (owner surcharge extra; no rebate disclosed). |
| Wire/ACH | 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. | Outgoing domestic wire $25. Incoming domestic, incoming/outgoing international, ACH origination per-item/monthly fees not disclosed on business fee PDF. |
Interest & Yields
| Metric | Novo Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Checking APY | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) | Tiered variable share dividends — progressive bands by balance (site Sep 2026) |
| Savings APY | N/A — Reserves earn 0%; same deposit account | Business Money Market Plus separate — relationship APYs 1.25% ($10k) to 4.00% ($1M+) plus 1.00% relationship bonus with business checking and ≥$10k ADB in MM |
| FDIC coverage | FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category |
Features & Access
| Metric | Novo Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Branch/ATM network | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. | ~33–42 branches in VA/NC, Utah, Houston TX (2025 snapshot). CO-OP Network ~37k–50k surcharge-free ATMs plus Chartway-owned. Direct Teller ITMs expanding (~50 path cited). |
| Mobile app | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) | Chartway Mobile Banking iOS 4.5/5 (5.7K ratings); Android 4.2/5 (~2.7–2.8K reviews). General app, not separate business treasury app. |
| Virtual cards | Virtual debit included. Fine-grained merchant locks not documented. | Not disclosed |
| Opening deposit | $0 ($1,000 recommended) | $100 membership share |
| Eligibility | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. | Sole prop, GP/LP, LLC (SMLLC may use SSN), corporation (incl. incorporated nonprofit), unincorporated association/club. Beneficial ownership required. |
Pros & Cons
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
Chartway Premium Business Checking
Pros
- Official tiered checking APY up to 4.00% with no spend or direct-deposit gate (site Sep 2026)
- $10 monthly fee waived at relatively low $2,500 ADB
- NCUSIF insurance at federally chartered CU — not fintech/partner-bank stack
- Cash management (ACH origination + online wires) explicitly tied to Premium tier
- Loan origination and rate discounts for Premium holders; CO-OP ATM + shared-branch access
Cons
- 4% APY only at $500k+ — most SMBs earn 0.50–2.50% on lower bands
- Business fee PDF omits incoming, international, ACH origination, FX, and card replace prices
- Analysis fees on cash above $10k in+out and deposited checks above 250/month
- $250k NCUSIF only — no extended-insurance sweep for large balances
- Shared debit card number across authorized users; regional membership and branch footprint
Verdict
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.
Chartway Premium Business Checking
Chartway FCU Premium Business Checking is NCUSIF-insured share checking with $10/mo (waived at $2,500 ADB), $100 membership share, tiered APY to 4.00% at $500k+, and limited analysis on excess checks/cash. Outgoing domestic wires $25; many wire/ACH prices undisclosed. Treasury Management requires this tier. No ICS sweep above $250k NCUSIF. Strong for regional CU relationship and high-balance yield; weak for national digital-first SMBs and thin multi-user controls.