Novel Arvostelua 185

Best financial management service at an affordable price.

Novel Bank closed our business account as well after I tried to execute a large business transaction.
Now we unable to reach Novel for comments about the closing of our account. Is this platform a scam? If that is the case we will have report them to the OCC.
Does anyone know what other steps to take?.
At what phone number can I reach a manager of the bank? Please help

Novel Bank has customer support that helped me and answered any and every question I had. Really can’t give any criticism to their team.
I would recommend Novel Bank as your primary for any e-commerce business (integration with Stripe and PayPal is flawless), their packages and fees are competitive and m-bank portal as well as iPhone app are flawless.

Great service and very helpful product. The customer service specially Grace has been very kind and helpful.

I've been using Novel for almost a year now and their service is quite exemplary. I had just had an issue with my phone where it was 100% completely useless but it would've been needed to unlock the 2FA process to get into my account. Theresa assisted me very gracefully with simple instructions to attain the recovery key and can once again log into my account without my phone but now with my ipad. Thank you!

They froze my account when I recieved 10K USD ,they ask for supporting documents which is already being sent to their email
Now it’s been 3 days they have not replied yet,and I am afraid like all others who have submitted review of loosing their money,but I can make sure since my father is running law firm ,if this does not get resolved I can make sure Novel banking will not be showing up anywhere on internet ..👍

Update below....

I really hate having to give a negative review, but here it is. I'm so frustrated I can't see straight. They have my money and my business held hostage, with no end in sight.

I've been using my Novel account since November of last year. Everything was going really well, and I was very happy with the service. If I sent money into my bank via a wire, the money would come fast. My debit card worked really well, so well that I set up all of my vendors and expenses to use that sole debit card. I pay my vendors and accept payment from my customers in one place.

The trouble started when I received a wire transfer for $10k from my mother. I transferred a bit of money into another account and paid some bills. Suddenly, my account is frozen due to "fraud."

I sent in a message to support, and after some back and forth with Grace, she asked me to justify my business (it's an e-commerce drop-shipping business with some wholesaling involved). I gave her everything she asked for. She asked about the $10k deposit, and I told her it's from my mother. Then she demanded to see some kind of proof, so I sent her my birth certificate. Nothing for the rest of the day, I ask for status, "account is under investigation, thank you for your patience."

So far my account has been locked for a week, and she tells me the compliance team needs more time to complete their investigation. Investigation for what, I asked? But she can't tell me anything because their compliance team is a black box with super secret formulas, I guess. She also told me authorities are involved.

What the heck did I do to deserve this treatment?! I guess the sin was having my mom invest in my company? Why am I being accused of fraud when I've done nothing wrong? I guess what disappoints me greatly is the lack of transparency in this process, and the fact that I'm being accused without being able to confront my accuser and examine the witnesses and evidence against me.

She told me this: "Understand that we are also trying to figure out triggered the system to flag your account so that moving forward this will not happen again."

But my problem with this is that if your system is broken, don't debug it on my time--use your own time and let me get on with my day. I cannot get on with my day since my bank account, which was the financial hub of my business, is offline now.

If they unlock my account soon, I will update this review and depending on the outcome, change my rating. However so far I cannot recommend this company due to this out of the blue security pat down and incarceration with no end in sight. This is a slam against the wall in my mind, not a great way to treat a customer.

Update: So Novel has reinstated my account and given me lots of apologies. I spoke on the phone with one of the auditors, and once he verified I didn't have any fraudulent transactions, they opened my account back up. He agreed with me, though, that their treatment of me was uncalled for merely on suspicion of fraud, and they need to fix the way they do things. Shutting someone out of their account for a week is really bad, and he assured me he would pass my experience on to the product team to fix this issue.

I'm upgrading my review to 2 stars in light of this, as we go I'll up the stars. I still have to decide if I want to stay with Novel or not, but in the meantime I've opened another business account just in case and learned my lesson about not having all my eggs in one basket.

Grace is always so helpful and understanding. The customer service is really good and always helpful.

Quickest response! Best Customer support and the best banking support..

Grace is one of the most efficient girland responds to all concerns quickly.

I had an account with them for 9 months, but my account was closed due to an alleged fraud on November 10, 2022, I have requested specific information by mail about what type of fraud it is, since all the time I made transfers to the Same providers as always, but they don't give explanations about it, the response in the email was exactly this:
After further review, our bank's compliance team has decided to close the account. Any outstanding funds will be issued via check to the business address on file in the next 30-60 days
From that time until now I'm still waiting for the check. I have requested that they make a transfer but I also received a negative response.
I sent another email requesting proof of sending the check but this time they no longer responded to my email, although they were kind all the time, unfortunately they did not solve my problem and I still have not received my money after 5 months.

Big help!!! Without the proper customer service I would have been stuck!

Our experience with Novel was 10/10. Their whole team and specifically Grace Ann Litan helped us resolve an error that happened within the timeframe that she provided to us, we are beyond happy with their support.

- Tin

My account was closed due to fraud?
What fraudelent activities?
I am selling for more than 3 years and this system is suck.
My money is frozen and they said they will send a check.
I am a foreigner living outside of US, the address was rented only to open the LLC.
Look at Mercury, when they close the account, they ask for your bank account to send the money left
This is no more than a scam

Only problem is, I need a way to track where my physical card is

Hey guys what’s going on? I trusted your company to do my banking on my US business and all of the sudden you freeze my account?

You guys have no physical address, no phone, don’t respond to emails, I see there’s like tens of people here complaining about you guys stealing their funds and now I’m beyond scare that I’ll lose my money wich is like $4,000 usd in your hands

I sell legal services in the US and I was recommending your bank to my more tan 120 customers that have opened an account with novel, as you may see on your records I’ve opened like 60 accounts with you guys to this day for my clients

Now I have to go on every client I have that opened an account with you after forming their business through my company and tell them to withdraw their funds immediately cause you may freeze their accounts “due to fraud”? And never respond or free their funds?

Come on you can do better, the founder of your company is the same at jumpstart filings and they both have received capital from YC combinator; that’s why I trusted you but I’m afraid if this doesn’t come to a good en I’m gonna have to sue you guys here in the US and then start calling all the people in Minneapolis, YC combinator and all the other venture caps you’ve been raising funds from

Maybe that way I can be heard,

I sent an email, (wich is the only way one can reach you) and I have no answer

I’ve been looking at cases here about people that never got their money back, and the way you answer to them tell me that maybe you guys don’t care

What’s it gonna be? Please respond ASAP to my email and give a solution to this, my business needs that money for payroll and paying providers, I don’t have the time to wait until you guys decide on your own terms if you’re unfreezing my funds or not

If I don’t get an answer soon I’m gonna sue your CEO directly for fraud and your company as well

I’m HERE IN THE US, and won’t tolerate this behavior on US SOIL

Thank you and this post will be DELETED if you guys start giving a decent customer support

reaching support is mission impossible but everything else looks good

I opened an account and funded it. When I received a wire transfer for $71,500 my account was frozen “due to suspected fraud”. I have sent documents to the only customer support agent at Novel (who is named in many other reviews) showing that the wire transfer was sent from a physical bank branch location with the assistance of a bank representative as well as copies of ID, proof of address, etc. She said she would forward these due diligence documents to “compliance” for review. It has been 2 weeks and I have not received and update nor any response to my subsequent emails which I send daily.

This behavior by Novel is very suspicious and by reading the comments on Trust Pilot I can identify that this is a pattern for Novel. Seems like they are withholding large amounts of capital that does not belong to them.

If you are having this same issue, I believe we should contact each other and build a class-action lawsuit against Novel. Please feel free to contact me directly so we can unite against this Company and recover our funds.