Novo Business Checking
No monthly fee + invoicing/integrations; online-only; no cash deposits; 0% APY
PNC Business Checking
Branch + cash deposits + analyzed treasury for higher-volume businesses; monthly fee waivable but not unconditionally free; no APY on standard checking
Costs & Fees
| Metric | Novo Business Checking | PNC Business Checking |
|---|---|---|
| Monthly maintenance | $0 unconditional | BC $12; Plus $22; Analysis $25; TEP $50. First 3 statement cycles $0 on BC/Plus/TEP. |
| Fee waiver | N/A — already $0 | BC: $500 avg monthly collected balance OR $500 linked PNC business-card purchases OR $500 linked Merchant deposits. Plus: $5,000 collected OR $5,000 card OR $5,000 merchant OR $20,000 combined business checking+MMA. TEP: $30,000 combined collected across master + beneficiaries. Analysis: offset by earnings credit. |
| Transaction fees | No excess-item fees on schedule. Operational limits on ACH, RDC, mailed checks, ATM, POS (raisable in-app). | Combined items = deposits + deposited items + paid items + ACH credits/debits received. BC: 150 free then $0.50 each. Plus: 500 free then $0.50. TEP: unlimited per 2026 marketing (confirm PDF). Cash priced separately on volume. |
| Overdraft/NSF | $0 Insufficient Funds; $0 Uncollected Funds Returned. No overdraft protection product. | $36 per item; max 4/day. Auto-refund if overdrawn ≤$5 after all items post. |
| ATM fees | Novo ATM fee $0. Third-party operator surcharge rebate max $7/customer/month. No branded free network disclosed. | PNC ATM $0. OON: $3 US/CA/PR/USVI; $5 other countries. Plus: first 2 non-PNC ATM transactions reimbursed/statement. TEP/Analysis: $0 PNC fee at non-PNC ATMs (surcharge may remain). |
| 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. | Incoming domestic $15 (Plus/TEP: 1 free received domestic wire/month). Outgoing domestic $95. Incoming intl $21. Outgoing intl $135 same-currency / $110 cross-currency. ACH received counts toward item bucket; no separate ACH received fee. |
Interest & Yields
| Metric | Novo Business Checking | PNC Business Checking |
|---|---|---|
| Checking APY | 0% — non-interest-bearing (fee schedule Annual Percentage Yield 0%) | None on BC, Plus, TEP DDA. Non-interest checking. |
| Savings APY | N/A — Reserves earn 0%; same deposit account | |
| FDIC coverage | FDIC pass-through at Middlesex Federal Savings, F.A. — $250,000 per depositor per ownership category | Standard FDIC $250,000 per depositor per ownership category at PNC Bank, N.A. |
Features & Access
| Metric | Novo Business Checking | PNC Business Checking |
|---|---|---|
| Branch/ATM network | No branches. Any ATM for withdrawal only — $7/month rebate cap. No ATM cash deposit. | ~2,300–2,419 branches in 27 states + DC. ~58,000–60,000 PNC + partner ATMs. Night depository at many branches. HQ lobby Fishers-style hours vary by location. |
| Mobile app | iOS ~4.8; Android ~4.5–4.6 (secondary 2026 aggregators) | iOS ~4.8–4.9 (~1.9–2.0M ratings); Google Play ~4.6 (~306k). NerdWallet weighted 4.72 (May 21, 2026). J.D. Power 2025 mobile #2 at 675/1000. |
| Virtual cards | Virtual debit included. Fine-grained merchant locks not documented. | Easy Lock + standard Visa controls. Full virtual-card program not offered as checking feature. |
| Opening deposit | $0 ($1,000 recommended) | $100 |
| Eligibility | U.S. sole prop (incl. DBA), LLC, corp, partnership, 501(c)(3). Trusts not offered. One checking login per EIN. | Sole prop, partnership, LLC/LLP, corporation, unincorporated association, nonprofit. Holding companies/funds/SPVs not listed — expect enhanced KYC. |
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
PNC Business Checking
Pros
- Official all-market fee PDF current (effective 5/31/2026) — rare clarity
- BC monthly fee waives at only $500 average collected — low national-bank bar
- Real cash rails (branch, night drop, Quick Deposit) with free caps to $50,000 on TEP
- TEP packages 4 extra checking accounts, aggregated limits, and $0 QuickBooks Direct Connect
- $400 / $1,000 bonuses through 9/30/2026; business phone line and ~58k ATM network
Cons
- No APY on core checking; Interest Checking rate unpublished and historically ~0.01%
- Outgoing wires $95 domestic / $110–$135 intl at list — among highest in SMB sets
- $36 OD max 4/day; only ≤$5 overdraw refunded
- Combined-item definition broader than checks written — 150 can burn fast on BC
- QuickBooks Direct Connect $15/month unless TEP; FDIC stays $250k
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.
PNC Business Checking
PNC's SMB checking is a conventional regional-national bank stack from PNC Bank, N.A. (direct FDIC member). Four tiers: BC ($12, 150 items, $5k cash), Plus ($22, 500 items, $10k cash), Analysis ($25 analyzed + ECR), TEP ($50, unlimited items, $50k cash, 4 beneficiary accounts, ECR >$125k). Fee schedule effective 5/31/2026: outgoing domestic wires $95, OD $36, incoming wires $15. No APY on core DDAs. First 3 months fee-free; waivers by collected balance or card/merchant activity. ~2,400 branches in 27 states + DC. $400/$1,000 bonus through 9/30/2026. Strong app; weak site-level CSAT. Poor filter match for wire-heavy, APY-seeking, or out-of-footprint digital-only firms.