Complaints

This profile includes complaints for Novo Platform Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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  Novo Platform Inc.

  78 SW 7th St Fl 9 Miami, FL 33130-3402

• 

  Novo Platform Inc.

  222 Broadway Fl 20 New York, NY 10038-2510

• 

  Novo Platform Inc.

  222 Broadway Fl 20 New York, NY 10038-2510

• 

  Novo Platform Inc.

  43 W 23rd St Fl 6 New York, NY 10010

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:01/17/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I was victim of a scam by one of Middlesex Federals members - one of their member falsely listed a property for rent in my local area, ***********, and I paid them $2500 for what was supposed to be a security deposit. I reported this claim through my banking institution, Navy ********************* and they have since advised me that my fraud support claim has been denied based on the lack of response received from Middlesex Federal. I have reached out multiple times to Middlesex Federal in attempts to reach someone in their fraud support deportment, but am only given a number that sends me to a company called Novo Support. Ive called each branch location and no one there can point me in the direction of who can resolve this for me and attempt to reconcile my $2500. I reported this to the *** on 30 DEC 2023, the same date I submitted the fraud claim with Navy ********************* and completed a cyber crimes complaint (of which I have a multiple page report and it is attached to here detailing the entire incident). Can someone please help me with this? I feel like no one at Navy Federal, of which *** been a member for almost a decade, is willing to advocate on my behalf or work on resolving this based on the non-response received from Middlesex Federal. Additionally of note, I have included the email I sent to NFCU to appeal the decision made to deny my fraud claim. I spoke with a representative on 01/16/2024, but they advised I will not receive any updates until the new appeal has been properly investigated. Yet, they had no metrics of accountability or any timeline for this when I asked. And also no case, claim number, or reference number for me to refer to.

  Business Response

  Date: 01/30/2024

  On January 16, ****, you contacted our support team to report a transaction related to a scam for $2,500 which was sent to a Novo account. It was assured that the matter would be raised with the appropriate stakeholders. However, please note that we are unable to share any account details with an unauthorized third party.
  
  Post completion of our internal review, our support team requested that you follow up with your bank and request them to send a Letter of Indemnification/ Hold Harmless to ************************************** on January 24, ****.
  
  We genuinely understand the challenges associated with this unfortunate incident involving a money transfer related to a scam. In light of this, we recommend proceeding with the necessary steps to initiate the Letter of Indemnification process with your bank. This will enable our sponsor bank to respond accordingly.
  
  Should you require further guidance or have additional inquiries, we kindly ask that you respond to the aforementioned email from our support team dated January 24, ****.
  

  Customer Answer

  Date: 01/30/2024

   
  Complaint: 21161284
  
  I am rejecting this response because: Navy Federal has sent over the letter requested by the institution yet they have not received a response. I am currently speaking to someone in the fraud claim department who has confirmed the Letter of Indemnification has been sent with, once again, a COMPLETE lack of response from Middlesexs end  

  Sincerely,
  
  ***********************

  Business Response

  Date: 02/08/2024

  We understand your concern.
  
  We checked with our sponsor bank, it was identified that we are yet to receive the Letter of Indemnification/ Hold Harmless from your bank as of February 8, 2024.
  
  We advise you to request your bank to send a Letter of Indemnification/ Hold Harmless to **************************************.
  
  Should you require further guidance or have additional inquiries, please reach out to our support team at *************** 

  Customer Answer

  Date: 02/13/2024

   
  Complaint: 21161284
  
  I am rejecting this response because:
  
  I have spoke with Navy Federal again and they are advising that the letter is being sent as of 02/09/2024. Is there any way to confirm this has occurred? Clearly one party is not being truthful with whatever they are affirming; if that is Navy Federal, I would like the Better Business Bureau to pursue further action on that issue. 

  Sincerely,
  ***********************

• Initial Complaint

  Date:01/17/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  What happened was their system had glitch that lasted all through last year and would affect the depositing of checks.With the bank you can have 1 main account BUT then you can also basically partition the account and allocate money from each deposit into the different partitions to like save money easier and things like that. But this glitch in the banks system would take out the percentages I had set and put money into each partition then whatever that amount would be (it would vary depending on the amount of the check), lets just say it one deposit it was saving into the other parts of the account like $50 then the next deposit it was $200. The bank would take that amount and put them in the created partitions THEN that amount would ALSO BE TAKEN from my actual main part of my bank account like the everyday part. SO this would result in a negative balance because of the bank's glitched system and I reached out them many times about this they assured me that it was going to be fixed but it never was because this was happening to me all of 2023. Every single time. My account was in their system negative almost $6000 and now they have taken my money and they of course are fighting us and telling us they can do nothing to help us.WE have full proof from screenshots and ALL of our chats with their customer support and all of my statements and all of *********** and allocations to the partitions. I can upload all of the evidence but on some of it there is personal information. So once you guys read over this and decide to help then can I send over in a secure way all of our documents?

  Business Response

  Date: 01/25/2024

  On March 30, 2023, the customer inquired about the status of the available and reserve balance in his account where the available balance was showing a negative amount. After an internal review, on March 31, 2023, our support team informed the customer that this particular instance was due to a bug that is affecting the available balance when a check is deposited and automatic reserve allocations are on. While the check is pending, the funds are deposited into the Reserves but also subtracted from the available balance. However, when the check was clear the problem itself was resolved with the appropriate allocations being made to the available and reserves balances.
  
  The matter was escalated to the concerned department and the support team shared the three temporary fixes for the customer: 
  1. Wait until the check gets clear; or
  2. Release the funds from the reserve to cover the negative available balance for the duration until the check gets cleared; or
  3. Turn off the automatic percentage allocation to reserve to prevent the pending check amount from going into reserve.
  
  For further clarification regarding the functionality of the Reserves Feature, it is critical to define the following balances:
  
  Overall (Total) Balance: This is the total amount of funds in a customers Novo checking account, including all Reserves and Pending funds. It does not take into account pending debit charges or external transfers.
  
  Available Balance: This shows how much money is in the customers account and is available to spend. These are the funds that have not been allocated to a Reserve and are not currently being held for a Pending transaction. The Available Balance is the difference between the Overall Balance and the Reserve Balance.
  
  Reserves Balances: This is the total amount of funds the customer has allocated to their Reserves. Please note that Reserves are not a separate account, and all funds within Reserves remain a part of the Overall Balance of your Novo checking account.
  
  ******** Reserves feature is intended for budgeting, allowing Novo customers to set aside funds within a customers Novo checking account to save up for future expenses. Because ******** Reserves feature is a budgeting tool and not a sub-account, there is no actual money movement occurring. Put differently, this is a virtual allocation of funds that allows the customer to save for one purpose or another. Reserve funds are based on or derived from the customers overall balance.
  
  On January 9, ****, the customer reported a negative available balance of $4,732.34. Our support team confirmed that the negative available balance has nothing to do with the check deposit-related bug. The available balance was negative due to spending more than the available balance amount. It is important to note that the amount of the reserves were more than the negative amount in the available balance. As a result, the total account balance was positive $1,173.27 (Reserve balance + Available balance). Additionally, the support team shared the detailed calculations for reference. Within these calculations, it reflected released funds from the reserves that brought the available balance from -$4,732.34 to $1,173.27. The released funds from the reserves were initiated by the customer on January 9, ****. Again, there is no money movement outside of ******** checking account that generated a loss for the customer. The released funds were reallocated from the positive reserve balances to the negative available balance. The total balance remained the same.
  
  Please refer to the following example which illustrates the function of the reserves feature in a Novo business checking account:
  
  E.g. If a customer has $100 as their total account balance and $50 in the reserve that means $50 showing in the available balance [$100 (Total balance) = $50 (available balance) + $50 (reserve)], If they release $50 from the reserve the available balance will become $100, keeping the total account balance as $100 = [$100 (available balance) + $0 (reserve)]
  
  We apologize for the lack of communication regarding the issue you faced due to the technical bug. However, this bug was unrelated to the negative balance you inquired about on January 9, ****. The overall (total) balance remained the same throughout the release of funds from your reserves and did not cause any loss of money.
  
  We understand the frustration that *** have been caused by the attempts to clarify the functionality of Novo Reserves. We appreciate the feedback and will continue to assess how we can improve upon the use and understanding of the Reserves feature. We hope this response provides clarity regarding the Reserves not being a separate account and no funds being moved/transferred from ******** checking account.
  
  If the customer has any further questions or concerns, please reach out to our support team.

• Initial Complaint

  Date:01/11/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  First of all this bank has a reserve account which is just a savings account. And when you transfer money into you checking account from the reserve it just disappears! And when you contact customer service nobody helps they just give you help articles and say they are overwhelmed with customers. **************** in the app never replies. Also I noticed your checking account balance will change out of nowhere if youre not checking it daily! You know how REAL banks show you your balance after every transaction? Well not this bank! Not even on your monthly statements! They will only show a daily balance so its hard to see if the numbers are correct unless you do the math yourself to check if the daily balance is correct. Do your research on this companies Founder too!! They are still Scamming!

  Business Response

  Date: 01/16/2024

  On January 7, ****, the customer inquired where the funds were going after being released from the balance of the Reserves. Our support team responded that the transfers to and from Reserves simply allocate funds within the overall account balance, and do not reflect funds entering or leaving ******** checking account.
  
  ******** Reserves feature is intended for budgeting, allowing Novo customers to set aside funds within a customers Novo checking account to save up for future expenses. Because ******** Reserves feature is a budgeting tool and not a sub-account, there is no actual money movement occurring. Put differently, this is a virtual allocation of funds that allows the customer to save for one purpose or another. Reserve funds are based on or derived from the customers overall balance. You can learn more about Reserves here.
  
  It's important to understand that the overall balance is the total amount of funds in the checking account, which is the sum of the reserves and available balances.
  
  On January 9, ****, the customer expressed concern regarding the release of funds from her Reserves and there is no change in her checking account balance. As noted, the overall balance reflected for the checking account includes the Reserves balance as the Reserves is not a separate account. A release will not change the overall balance of the account, it will only change the balance reflected in the Reserves tool which shows the total funds allocated for the intended purpose of the Reserves.
  
  We understand the frustration that *** have been caused by the attempts to clarify the functionality of Novo Reserves. We appreciate the feedback and will continue to assess how we can improve upon the use and understanding of the Reserves feature. We hope this response provides clarity regarding the Reserves not being a separate account and no funds being moved/transferred from ******** checking account. 
  
  If the customer has any further questions or concerns, please reach out to our support team.

  Customer Answer

  Date: 01/16/2024

   
  Complaint: 21125406
  
  I am rejecting this response because. I have transferred funds from my reserve to my checking account several times and it transferred successfully into my checking account. But these 2 times it just disappeared. I want my money back or I will be taking you to court.
  
  Sincerely,
  
  *****************************

  Business Response

  Date: 01/25/2024

  We are happy to offer additional information.
  
  For further clarification regarding the functionality of the Reserves Feature, it is critical to define the following balances:
  
  Overall (Total) Balance: This is the total amount of funds in a customers Novo checking account, including all Reserves and Pending funds. It does not take into account pending debit charges or external transfers.
  
  Available Balance: This shows how much money is in the customers account and is available to spend. These are the funds that have not been allocated to a Reserve and are not currently being held for a Pending transaction. The Available Balance is the difference between the Overall Balance and the Reserve Balance.
  
  Reserves Balances: This is the total amount of funds the customer has allocated to their Reserves. Please note that Reserves are not a separate account, and all funds within Reserves remain a part of the Overall Balance of your Novo checking account.
  
  We highly recommend that the customer refer to their account statements for clarity regarding the movement of funds to or from the reserves account. The customer will observe that all transfers to or from the Reserves have no impact on the overall (total) account balance. Please refer to the account statements.
  
  Similarly, for these 2 reserve transactions of $7.99 and $61.70 in question, when funds were released from the reserves, it did not impact the total account balance. For additional context, before releasing the funds from the reserve the total account balance was $29.95 and $79.23 on December 23, 2023, and January 7, ****, respectively. After release, the funds moved to the available balance from the reserve balance keeping the total account balance the same. The overall (total) account balance represents the combined value of funds within the checking account, calculated as the sum of both the reserves and available balances.
  
  E.g. If a customer has $100 as their total account balance and $50 in the reserve that means $50 showing in the available balance [$100 (Total balance) = $50 (available balance) + $50 (reserve)], If they release $50 from the reserve the available balance will become $100, keeping the total account balance as $100 = [$100 (available balance) + $0 (reserve)]
  
  Following our earlier communication, it is important to note that ******** Reserves feature operates as a budgeting tool rather than a sub-account, with no actual monetary transactions taking place.
  
  If the customer has any further questions or concerns, please reach out to our support team.

  Customer Answer

  Date: 01/25/2024

   
  Complaint: 21125406
  
  I am rejecting this response because: This is not a real bank and they are scamming people if you don't watch them carefully! Before I made my complaint they had a money release button in the app, now it's gone! Can you tell me where money released too??? Now it's only a transfer funds button.  1st of all I have screenshots that I release money to go towards my available balance from the reserve & it never went in.  I did this twice to make sure.  I immediately contacted customer service because I never had this problem before. ****************  never responded to my claim only a auto message, then I called several times & the same person answered the phone with a Indian accent with the same reply like he was a computer. Very Sketchy!  It took them about a  week to reply back and they gave me the run around.  I asked them to show me that both of my transfers added to my available balance & they can't!! Only on their end. It's not even on my statement! Just a bunch of Lies!  If it was a glitch in the app just say that, not made up stories that you can't show proof of. GIVE ME MY MONEY BACK OR YOU WILL BE INVESTIGATED BY MY LAWYER.
  
  Sincerely,
  
  *********

• Initial Complaint

  Date:01/07/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  First, they freeze my account without any reason. Then they close my account without any reason. When I contacted them they said they closed my account for fraud activity. But I have a few balance to my account. I told them to pay this money to my linked account or I'll link my account send money to my bank.But they want to send me via Cheque via my mail address. I already told them I don't want to check because my mail address has already changed. When I ask then send me a cheque at my new mail address. they ask me a lot of documents to change addresses.This company totally fraud. No people can't use it.

  Business Response

  Date: 01/12/2024

  On December 5, 2023, the customer reached out to our support team to inquire why transactions were not going through the account. Our support team communicated that the account is currently frozen due to a review being performed by our Accounts Team. During this review, we are unable to speak to the specifics of this decision. Unfortunately, we can't provide a timeframe for resolution, and details of the review cannot be shared.
  
  The customer inquired about the status of the freeze between December 7 - 9, 2023, we reiterated that we couldn't share details until the matter was resolved.
  
  On December 22, 2023, it was concluded that we were closing the user's account based on the review performed. As delineated in Novo's Terms of Use Agreement, specifically in section 22, and in the "Amendments and Termination" segment of the Business Deposit Account Agreement, we maintain the right, at our sole discretion, to terminate our contractual arrangement with an account holder, along with access to our services. This decision may be made for any rationale, and it holds regardless of whether notice is provided to the account holder. Refer to section 22 in **************************** and ****************************.
  
  The closeout check for the remaining account balance of $49.16 was sent to the business address we have on file. However, the customer informed our support team on December 23, 2023, that the mailing address has been changed and she does not want to receive the amount via check. Our team acknowledged the message and escalated the concern internally to cancel the check which was already sent to the address on file. Please note that considering the account closure was initiated by Novo, funds must be sent via close-out check to the address that we have on file.
  
  On December 25, 2023, our team requested the customer to provide a notarized change of address form along with the most recent address proof. It is Novos procedure to perform a verification process relative to a customer's change in address, which is why the change of address form was sent with a request for supporting documentation. Please note that we cannot send the closeout checks to the new address until the notarized address change form request is received and successfully reviewed.
  
  Once we receive the above document, we will send the check for the amount of $49.16 to the new address.
  
  Novo performs an account review to ensure that activity within the account aligns with our service terms. The intent of this review is not to disrupt business operations but to ensure that our products and services are being used within the confines of Novos legal agreements, including the Business Deposit Account Agreement. The change of address form is requested and reviewed to ensure Novo remains in compliance with applicable regulations and as a security measure to ensure that funds and relative correspondence are being sent to the authorized entity.
  
  If the customer has any further questions or concerns, please reach out to our support team.

  Customer Answer

  Date: 01/28/2024

  Why They ask me lot of proof for my mail address?

  Business Response

  Date: 02/08/2024

  We are pleased to provide supplementary information regarding the request for a change of address.
  
  In adherence to regulatory guidelines, Novo has established address validation requirements in applicable use cases where a customer requests an address change. In addition to compliance with applicable regulations, this also ensures the secure transmission of funds and associated correspondence to authorized entities. The request for a change of address form to be executed is aligned with our procedures across all customers and needs to mail the check to the new address.
  
  Should the customer have any additional questions or concerns, we encourage them to contact our dedicated support team for assistance.

• Initial Complaint

  Date:01/05/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  10/26/2023 this business which I had a banking with froze my account. A business banking account which I did the majority of all my business. I have outreached them almost daily with no updates as the representatives i speak with state cannot provide additional information as the team who reviews are not front facing or have a number. My request has supposedly been escalated to supervisors to no avail. I made a complaint on one of the websites and received and immediate response but yet no resolution. It has been over 2 months and my assets in that account are still frozen. All I want is for them to close my account and issue a check for my funds. Please assist me.

  Business Response

  Date: 01/16/2024

  On October 26, 2023, the customer reached out to our support team to inquire about why the card was deactivated and the account was inactive. Our support team communicated that the account is currently frozen due to a review being performed by our Accounts Team. During this review, we are unable to speak to the specifics of this decision. Unfortunately, we can't provide a timeframe for resolution, and details of the review cannot be shared.
  
  The customer inquired about the status of the freeze between October 27, 2023, to January 3, ****, we reiterated that we couldn't share details until the matter was resolved.
  
  On January 12, ****, it was concluded that we were closing the user's account based on the review performed. As delineated in Novo's Terms of Use Agreement, specifically in section 22, and in the "Amendments and Termination" segment of the Business Deposit Account Agreement, we maintain the right, at our sole discretion, to terminate our contractual arrangement with an account holder, along with access to our services. This decision may be made for any rationale, and it holds regardless of whether notice is provided to the account holder. Refer to section 22 in *********************************; and ****************************
  
  A closeout check for the remaining account balance of $860.56 was sent to the business address we have on file and is expected to be received within ***** days.
  
  We understand the frustration that was caused by the prolonged review process before reaching the final decision. As noted, the details of the review cannot be shared and was a result of Novo terminating access to our services.
  
  If there are any further questions or concerns, please reach out to our support team.

• Initial Complaint

  Date:01/04/2024

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I have not been paid money that I should have earned from Novo Bank's referral program. I was under the understanding based on e-mail communication from ********* that I would be paid for all of these successful "COMPLETED" referrals.We have tallied up the numbers on December 26th 2023.In total, I have had 107 successful referrals to Novo Platform via their referral program.Out of 107 successful referrals made during this period, 60 (with another 20 pending) out of 107 of my referees are marked as "COMPLETED."1. I have received 11 e-mails from ********* that says:"*****, Youve Got a Referral Bonus Coming!"With the body of all 11 of these emails stating the following:"Thank you for helping another great business receive a Novo account. We hope you will continue to tell more small businesses about Novo, and earn more referral bonuses!"No terms listed, shown, nor linked to in any way in any of these emails.2. I received 47 e-mails from ********* that says:"A Novo Account Was Opened Using Your Referral Link!"With the body of all 47 of these emails stating the following:"After [NAME] maintains an account balance of $100 or more for 30 days, you'll receive a referral bonus! You will be notified when the referral conditions are met."No terms listed, shown, nor linked to in any way in any of these emails.3. This is the content of the misleading emails that ********* sent me from August 12th 2023 through October 6th 2023. There are a total of 42 of these emails to me from Novo."Hello *****,[REDACTED] has funded their new Novo account, which means you are one step closer to a referral bonus![REDACTED] must now maintain an average balance of $100 for 30 days and then you will both receive the referral bonus."No terms listed, shown, nor linked to in any way in any of these emails from Novo ********* Bank's e-mail communication is clearly missing essential disclaimers at best and at worst is an intentionally deceptive practice done in bad faith.ATTACHED

  Business Response

  Date: 01/12/2024

  On December 27, ****, the customer reached out to our support team to share his concern about not receiving the complete referral bonus amount he expected.
  
  As per Section 4 of our Referral Program agreement, referring users may only receive a referral bonus for up to 10 Qualified Accounts. Please refer to this link provided on the website for more details. ***********************************************. By accepting the Referral Program agreement, it was agreed that the customer has read and understood the terms and is bound by them, including all program limitations. The terms of the Referral Program are conspicuously placed within the Referral Dashboard which must be accessed each time a referral is made.
  
  In adherence to the program, the amount of $100 for each referral was credited to the customers account between September 14 to October 19, ****, for the 10 qualified users.
  
  We hope the above information has been helpful. If the customer has any further questions or concerns, please reach out to our support team.

  Customer Answer

  Date: 01/15/2024

   
  Complaint: 21095775
  
  I am rejecting this response because:

  I am expecting to me paid for the bonuses that I was expecting.
  
  "The terms of the Referral Program are conspicuously placed within the Referral Dashboard which must be accessed each time a referral is made."
  
  I never once saw the terms. I was receiving all communication regarding the referral program from communication from Novo via email. The emails that I was sent by **** told me that I would continue to receive referral bonuses if I referred more people. See my evidence from the original complaint.
  
  Don't worry, I've opened up other complaints with other government agencies and this situation is being looked into. I don't see anything in the previous reply from Novo where they even attempt to address the intentionally misleading communication they sent to me. But I know the **** FTC, FED, and other federal (and state) government agencies will be interested in these deceptive practices.
  
  For now I just want to be paid my promised bonuses. I have direct email communication from Novo confirming that I am due bonuses on the completed referrals.
  
  I also have 4 emails from Novo in January **** confirming 5 (!) additional payments (see attached). I will include copies of those to this complaint. SEE ATTACHMMENTS! Even ******** app and ******** app dashboard are communicating to me pending rewards that have NOT been deposited.
  
  I would like this situation to be settled immediately without further delay. I will consider it settled when payment(s) for the missing referral bonuses is paid into my Novo account.
  
  Novo really does not appreciate their customers. I referred a lot of business and a lot of businesses to this company. They seem so ungrateful. It's a disgrace that they want to not admit mistakes with their advertising and communication. I'm not sure if it's just me or all customers. Needless to say we're looking into it. I just know that I need to be paid my promised bonuses.
  
  Sincerely,
  
  ****************

  Business Response

  Date: 01/24/2024

  We are happy to offer additional information.
  
  It is essential to reiterate the terms outlined in our Referral Program agreement, where referrers are eligible to receive a referral bonus for a maximum of 10 qualified accounts. In this particular case, the customer made referrals for multiple accounts, and the bonus for 10 qualified accounts was not credited considering that 10 accounts did not satisfy the program requirements at the time those referenced emails were sent to the customer. Consequently, the customer continued to receive system emails until the bonus for 10 referrals was successfully applied to the account.
  
  We would like to emphasize once more that the terms and conditions of the Referral Program are prominently displayed within the Referral Dashboard, which is visible each time a referral is initiated.
  
  Should the customer have any additional questions or concerns, we encourage them to contact our dedicated support team for further assistance.

  Customer Answer

  Date: 01/25/2024

  Complaint: 21095775I am rejecting this response because:
  
  I used my personal link. I never once used the aforementioned mentioned dashboard to send a referral. I have received nonstop email communication from ********* stating clearly that I will be paid further bonuses. The nonstop emails from ********* enticed me to keep sharing my link to get more referrals.
  
  I can't believe that instead of taking responsibility for the clearly misleading communication and provide the promised compensation for additional referral bonuses that they keep pointing to a Terms of Service that does not apply to this case.
  
  Novo tries to blame their customer, including the customer who has referred over 60 businesses to their bank. This is unacceptable that they will not make this right by providing the promised referral bonuses voluntarily. They are forcing that more complaints must be filed until a resolution is found.
  
  There is misleading communication from ********* for months. ********* should take responsibility for this and make it right for me. Just in the last two weeks I have received no less than 6 emails from ********* reaffirming again and again that I would be receiving bonuses for my early and mid-December, 2023 referrals.
  
  You can point to your Terms of Service, but your Terms of Service were not displayed in any of the emails or anywhere else I ever saw. I never used the "dashboard" that you refer to for making referrals. I used my personal link. I suspect other ********* customers are in the same situation as me.
  
  Every communication that I received from Novo has indicated that I am due these missing referral bonuses. SEE ATTACHMENTS of the 6 emails I've continued to receive that clearly state I will be receiving the payment for my completed referrals.
  
  ********* should just make this right instead of ducking responsibility. ********* created this problem with their false and deliberate email communication. It sounds like from their lack of concern that the only way to make this right is to file further complaints and to seek legal retribution. This is absolutely the wrong way to treat a customer who has driven so much business to your platform.

  Sincerely,
  
  ****************

• Initial Complaint

  Date:01/03/2024

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  On October 2nd someone at Novo gave access to my account to an hacker. ******** employee was names ******. The hacker stole $1,300 out of my account. **** still has not refunded the money back to my account

  Business Response

  Date: 01/17/2024

  On October 2, 2023, our accounts team reached out to confirm the authenticity of the change in account details relative to an authorized user of the account.
  
  The customer confirmed that the change of the account information was not initiated by them and the account was subsequently frozen by our team.
  
  On December 9, 2023, the account details of the users were reverted to the original information.
  
  On December 12, 2023, the customer reached out to report an unauthorized transaction for $1,330. Subsequently, Novo Support reapplied the freeze to protect the customers account and prevent any further loss. At the same time, **** began to investigate the matter. 
  
  We are happy to report that upon review, we have determined that this customer is eligible for a full refund. A full credit will be applied on January 17, 2024.
  
  We are deeply saddened by the frustration experienced due to this event but we are glad it has been resolved. We always strive to improve our products and services to protect our customers interests and provide an exceptional experience.
  
  If there are any further questions or concerns, please reach out to our support team.

  Customer Answer

  Date: 01/18/2024

   
  Complaint: 21092515
  
  I am rejecting this response because I have not heard from anyone in customer service with *********. Whenever they changed my credentials, they entered a new SSN to access the account. Our account is locked now and we can't get in to access our funds. I again ask someone contact us regarding our account. ************ or ************
  
  Sincerely,
  
  *************************

  Business Response

  Date: 01/25/2024

  As conveyed in our prior correspondence, an amount of $1,330 was successfully credited to the customer's account on January 17, ****. Our ****************** team sent an email to the customer on the same day at 9:35 AM EST, within the same email chain that the customer was actively corresponding to as of January 24, ****, at 11:55 AM EST. A response was provided to the customer on January 25, **** at 2:06 PM EST.
  
  Please contact customer support for further assistance.

  Customer Answer

  Date: 01/25/2024

   
  Complaint: 21092515
  
  I am rejecting this response because we still do not have access to our account. We have repeatedly let Novo know this with no reply. They do all communications via their app which we are locked out of. This has not been resolved. Someone needs to call us or email directly so we can access our account. Their emails only say go to the app for more information. We can's access the app anymore. You can't reply to the emails. My number is ************ or my wife at ************
  
  Sincerely,
  
  *************************

• Initial Complaint

  Date:12/28/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  A fraudulent transaction was attempted on my bank account. I immediately notified the bank, and they identified the transaction, and it was canceled. I was told that the situation is being investigated and that they will update me via the mobile app messaging. I was not told that my account would be frozen. I found out that my account was frozen by attempting to make a purchase and it was declined. I called the bank again and I was informed the freeze was placed on the account due to the investigation and that they have no idea how long my account will be frozen. I have since sent 6 messages via the mobile app, 2 emails, and have made several calls and have not been able to get any additional information. None of my 6 messages nor my 2 emails have been answered at all. The phone calls have only resulted in the representative regurgitating what was said in the mobile app and that they could not provide me any information as to what the status of the investigation is or how long the investigation will take. This account is used to make business transactions, and due to the freeze, not only am I not able to make payments to vendors and/or subcontractors, but I also cannot receive any payments from my clients either. This situation has been ongoing for about a week, and I still do not have more information than I had at the beginning and my business is suffering because of the lack of information. I would be happy with some information as to when I will receive my refund and when the freeze will be lifted from my account and the situation fully resolved, so that I can inform my clients and subcontractors.

  Business Response

  Date: 01/05/2024

  On December 19, 2023, the customer reported an unauthorized transfer out of his account for $49,000 through a third-party payment service provider. Our support team promptly assured the customer that we had initiated our investigation and requested the customer's cooperation in providing any additional details or documentation that could assist us in our investigation.
  
  On December 21, 2023, the account was put under freeze status by our investigation team, per Novo procedure, to secure the account from further unauthorized transactions. We acknowledge the concern regarding the communication of the account freeze. Actions taken on the status of the account are intended to protect our customers from further harm.
  
  In addition, we communicated that our investigation prompted us to contact the third-party payment provider to recover the funds.
  
  Between December 22 - 27, 2023, the customer reached out to inquire about the updated status of the refund while we were awaiting the revert from the third-party payment provider.
  
  On December 28, 2023, the payment provider requested us to get some additional information from the customer to proceed ahead with their investigation. The customer promptly provided us with the information on December 29, 2023.
  
  On January 2, 2024, we received confirmation from the payment provider that the refund had been approved, and the same was communicated to the customer by our support team. The account was also changed to active status for the customer to transact.
  
  Considering the nature of the event and additional information provided by the customer, it is pertinent to note that for enhanced account security, Novo will never contact an individual via phone, email, or text to request a one-time passcode or any security codes provided in alerts. In the event of a call, email, or text requesting such information, the individual is advised to promptly end the communication (or refrain from responding), reset the account password, and directly reach out to Novo using the phone number on the back of the card or through the official website.
  
  It is truly our intention to provide great customer care and we are glad to share that the refund has been approved by the payment provider. The exact timeline has not been shared by the payment provider who is initiating the refund, but the standard ACH return time frame is 2-3 business days.
  
  If the customer has any further questions or concerns, please reach out to our support team. 

• Initial Complaint

  Date:12/16/2023

  Type:Billing Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  A withdrawal to my personal account bounced back to Novo, at which time it did not add to my account balance it simply disappeared. When contacting customer service they let me know if the money is in my reserves my regular account will show negative. The money is neither in my reserves nor my main account and has simply disappeared. Seems to be a trend with Novo.

  Business Response

  Date: 12/22/2023

  On December 7, 2023, the customer reached out to our support team to inquire why the account balance went negative. The support team requested a screenshot of the balance to understand the request better. After receipt, the support team explained to the customer that the overall balance was not in the negative. There were more funds in the reserves than the available balance. For reference, the overall balance (on December 7) in the account was $1,001.29, which is the sum of the available balance of negative (-) $1405.96 + Reserve balance of $2,407.25.

  Please note that ******** Reserves feature is intended for budgeting, allowing Novo customers to set aside funds within a customers Novo checking account to save up for future expenses. Because ******** Reserves feature is a budgeting tool and not a sub-account, there is no actual money movement occurring. Put differently, this is a virtual allocation of funds that allows the customer to save for one purpose or another. Reserve funds are based on or derived from the customers overall balance, which means that the overall balance cannot be less than the reserve balance. The available balance does not consider the funds within the reserves. The overall balance should be viewed as the total amount of funds that the customer *** transact with. 

  The customer continued to transact in the account. On December 11, 2023, a $1,400.00 withdrawal was rejected due to insufficient balance. In another instance, a $1,020 withdrawal was rejected on December 13, 2023. These were both rejected due to the overall balance not covering the amounts of these separate withdrawals.

  Rest assured that there was no movement of funds outside of the customer's possession. The overall balance was not impacted and can be leveraged for executing debits from the account. We recommend that the customer review their account statements over the same period that the rejections occurred to validate that funds were not removed from the account and the overall balance remained the same after the rejection of the withdrawal.  

  We understand the frustration that *** have been caused by the attempts to clarify the functionality of Novo products and services. We appreciate the feedback and will continue to assess how we can improve upon the use of our products and services. If you have any further questions or concerns, please reach out to our support team.
  

  
  

• Initial Complaint

  Date:12/14/2023

  Type:Service or Repair Issues
  Status:

  ResolvedMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I am a small business owner. A bank institution should not require 120 day 4 months to do an investigation to return money on fraudulent transactions. Money was stolen from my account twice. Amounts for $1200; $120 , $20. I have filled a police report as well. I notified to the bank and submitted evidence to support my case . It has been over 80/days and they are still doing an investigation. Due to this happening it caused me to have to borrow money at high interest rates because the money was not in my account to cover payroll. Telling a business that it can take 4 months 120 days to recover funds that are stolen from your account its not right it fair . Most banks take ****************************************** having to borrow money to pay bills. This happened back in September and its now December and I have still not got my money back. Also when you call you cant reach the investigator they do not have a number or anyone to speak to.

  Business Response

  Date: 12/21/2023

  On September 19, 2023, the customer reached out to our support team to report the transaction for the amount of $1200.90 that she did not authorize with the merchant. The transaction was settled on September 20, 2023. Additionally, the customer informed our team that she approved the $100 transaction for the same merchant but this time the funds were taken out unauthorized.
  
  Our support team acknowledged the concern and deactivated the card. Also, the support team suggested working directly with the merchant to resolve the issue as this is often the fastest and easiest way to get funds back, considering the dispute investigation can take up to 120 days to complete.
  
  On September 20, 2023, The customer submitted the requested documents and details to our accounts team as proof that the merchant was contacted regarding the matter, and the dispute was subsequently filed.
  
  As noted, the investigation can take up to 120 days to be conducted, although it typically does not require the full duration. We are following the chargeback process and timeline of the card network provider, which involves the merchant, bank card processor, and network provider. Within the stages of a chargeback process, time is allotted for each party to challenge the decision for actioning the dispute, which accounts for the 120-day timeframe.
  
  On October 17, 2023, the customer filed for the disputes on three other unauthorized transactions of $100, $10, and $10 settled in the account on October 14, 2023. Which are also pending and within the 120 days of the dispute investigation timeline.
  
  The customer continued to reach out inquiring about the status of the disputes since it was filed. However, the decision of investigation is pending to be finalized. Rest assured that we will communicate the decision to the customer as soon as it arrives.
  
  We understand the customers frustration considering the length of time of the dispute resolution process. Novo is adhering to the guidelines of the card network provider and will update the customer regarding the decision of the dispute when finalized. We appreciate the patience of the customer. If the customer has any further questions or concerns, please reach out to our support team.
  

  Customer Answer

  Date: 12/21/2023

   
  Complaint: 21006404
  
  I am rejecting this response because: tomo credit its a scam company who has an F rating on BBB they have many complaints about the same issues. I never authorized the transaction of $1200.00 and I am in jeopardy of losing my business behind this . I have tried contacting and emailing the company they do not respond. It should not take 4 months to resolve this and I have waiting 100 days already . Also my card was stolen and I have a police report. The cash app transaction are not me and that should be refunded as well. I would like all my funds to recovered. I have proof and have provided evidence. 
  
  Sincerely,
  
  ***************************

  Business Response

  Date: 12/28/2023

  We apologize for the frustration that was caused throughout the time frame of resolving this matter.
  
  We would like to reiterate that we follow the chargeback process and timeline of the card network provider, which involves the merchant, bank, card processor, and network provider. Within the stages of a chargeback process, time is allotted for each party to challenge the decision for actioning the dispute, which accounts for the 120-day time frame. Also, please note that the regulations relative to card transactions exhibit distinctions between consumer and commercial entities. Our organization is committed to adhering to the regulatory requirements that pertain to our commercial entity customers.
  
  Please note, that the dispute investigation concluded for the disputed amount filed in the amount of $1,200.90 on December 26, 2023, and the decision was granted in your favor. A credit was posted to your account accordingly. At this time, **** does not provide provisional credit prior to the chargeback decision. Once the decision is made in favor of the customer (within the aforementioned timeline of 120 days), we will credit the account accordingly.
  
  Please note that the disputes relative to the $120 is pending to be finalized. Rest assured that we will communicate the decision to the customer as soon as the decision is provided.
  
  We are glad the matter has been resolved for the dispute of $1,200.90. If the customer has any further questions or concerns, please reach out to our support team.

  Customer Answer

  Date: 12/28/2023

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. Thank you so much . 
  
  Sincerely,
  
  ***************************