Novo vs Wells Fargo vs Truist — Best Bank For Small Business Checking Accounts

As a fellow small business owner just starting out, getting a grip on your cash flow needs to be priority number one. But finding a bank that actually simplifies things for little guys like us? Easier said than done, trust me.

Now don’t get me wrong — today’s banks hype specialized solutions for entrepreneurs. But read the fine print and many are still built for big biz, not scrappy startups on a shoestring.

I’ve been around the block enough times to know picking a bank feels harder than getting approved for a business loan. And I’ve gotta be straight with you — I got burned more than once before finally finding the right fit.

Come along as I take you through the 3 different banks I’ve used over the years and why I had to show two major-name banks the door. Maybe you’ll avoid the headaches I encountered trying to turn business banking into something simple.

The key is finding a bank that actually works with you, not against you. I don’t need fancy buzzwords or 300 unnecessary features. Just essentials like free business checking, solid mobile banking, real humans when I call support, and transparency around what I’m paying for.

Stick with me and perhaps I can save you some pain and steer you towards solutions made for the small but mighty. There’s light at the end of the tunnel!

About Novo Bank, Some Background

Novo was created by a couple of tech entrepreneurs as frustrated as me with how traditional banks left modest startups in the dust. They set out to redefine things by providing an easy-to-use mobile banking platform with seamless integrations — a perfect combo for companies on the go like mine.

For me, Novo stood apart with truly free business checking without monthly fees or minimum balances. I could also connect Novo to the other tools I relied on daily like QuickBooks, Stripe and Expensify with just a few clicks.

Since getting off the ground in 2016, Novo has made waves by giving entrepreneurs simple but smart financial services.

Pros:

1. No monthly maintenance or transaction fees — everything is free
2. No minimum opening balance or balance requirements
3. User-friendly mobile app makes banking on the go a breeze
4. Seamless connections to accounting platforms like QuickBooks
5. Free debit card included for easy access to your funds
6. No caps on the number of monthly transfers or transactions
7. Fast and user-friendly account opening 100% online
8. Responsive customer service with no frustrating phone trees

Cons:

1. Limited physical branches for in-person banking
2. Minimal interest earned on deposited funds, but that’s typical for business checking

Overall, the biggest benefits I’ve experienced with Novo are the zero account fees, smooth digital experience, easy integrations, and top-notch customer support. The lack of physical branches and interest earnings are outweighed for most small business owners by the positives. Novo delivers exactly what I need for simple, smart business banking.

Wells Fargo, And It’s History

Wells Fargo’s journey began in 1852 when Henry Wells and William Fargo founded it to offer banking services in California during the gold rush era. From its humble beginnings, it has grown to become a multinational financial services company with a presence in 35 countries.

Wells Fargo is notable for its robust suite of services that cater not only to individual consumers but also to businesses of all sizes, and even institutions. These services encompass banking, insurance, investments, mortgage, and consumer and commercial finance. The bank operates through three business segments: Community Banking, Wholesale Banking, and Wealth and Investment Management, each catering to a specific set of customer needs.

With a long-standing commitment to customer service, Wells Fargo has made significant strides in incorporating technology into its services. It offers a variety of online and mobile banking solutions, making it easier for customers to manage their finances on the go. These digital services include online bill pay, mobile check deposit, and money transfers.

Pros:

1. Large national ATM and branch network for convenient in-person banking
2. Multiple account tiers to choose from based on needs
3. Mobile and online banking platforms for account management
4. Integration with accounting software like QuickBooks
5. Access to Wells Fargo business credit cards
6. Rewards programs on business checking balances

Cons:

1. Monthly service fees ranging from $10 — $30 unless minimum balance met
2. Transaction fees for cash deposits and incoming wires
3. Poor reputation for account scandals and unethical sales practices

Overall, Wells Fargo provides the geographic reach and capabilities expected from a major national bank. However, the high fees, transaction costs and negative reputation outweigh the benefits for many small businesses. I ultimately found better value and ethical practices with a more affordable provider like Novo.

Truist Bank And How It Fits In

Truist is a relatively new name in the banking sector, but its roots go deep. It was formed in 2019 by the merger of equals between BB&T (Branch Banking & Trust Company) and SunTrust Banks, two of the largest regional banks in the Southern United States. This merger resulted in the creation of Truist, the sixth-largest bank in the U.S.

The combined heritage of BB&T and SunTrust, which dates back to 1872 and 1891 respectively, gave Truist a solid foundation to build upon. Truist has a strong presence in high-growth markets and serves approximately 10 million consumer households and a wide range of business clients.

Truist offers a broad range of banking services, including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. It operates across a wide spectrum of industries that include entertainment, sports, non-profit, governmental, and commercial real estate.

Pros:

1. Large ATM and branch network primarily across Southern states
2. $0 monthly maintenance fees on certain account types
3. Online and mobile banking apps for account management
4. Free incoming domestic wires on most accounts
5. Access to Truist business loans and lines of credit

Cons:

1. Minimum opening deposit of $100 required
2. Limit of 150 transactions per month before fees apply
3. Low interest earned on deposit account balances
4. Only available in branch, no online account opening

Overall, Truist Bank offers solid regional capabilities focused mainly across the South. However, the transaction limits, low interest rates, and lack of digital account opening make them less ideal for my business needs as an entrepreneur. I prefer providers with national accessibility, robust digital services, and no caps on monthly banking activities.

My Wells Fargo Bank Nightmare

Opening a Wells Fargo business checking account was an immediate headache. Despite having an appointment, I wasted an hour in branch waiting to see a banker only to get bombarded with useless upsells. I just wanted to open a basic account, not every add-on under the sun.

The headaches continued once my account was open. Wells Fargo hit me with a $12 monthly service fee because my balance briefly dipped below their $1,500 minimum. Of course, no one informed me about this recurring fee when I signed up.

When I contacted customer service to remove the fee, I endured over 30 minutes of absurd hold times before reaching an agent. The rep completely refused to make any exceptions to waive the fee, even temporarily. Their rigid policies and lack of personal service left me frustrated.

Between the poor account opening experience, surprise monthly fees, and robotic support, I regretted ever giving Wells Fargo my business. For a major national bank, they did an abysmal job understanding or assisting my small business needs.

Truist Wasn’t Much Better

I opened a Truist business checking account largely because of their advertised integration with QuickBooks to sync my transactions. However, the integration constantly glitched and failed to properly transfer data.

Because of their faulty integration, payments didn’t sync over to QuickBooks correctly. I had no visibility into certain debits, resulting in multiple unexpected overdraft fees of $35 each from Truist.

When I contacted Truist to fix the integration problems and refund the unfair overdraft charges, their customer service was clueless. They had no idea how to address the technical issues and refused to take responsibility for the fees their problems caused me.

After countless frustrating calls with Truist’s so-called “support” team yielding zero actual assistance, I decided enough was enough. Their misleading claims about seamless integrations and lack of accountability cost me real time and money.

I immediately closed my account with Truist and took my business to a provider like Novo Bank that offers technology that actually works as advertised. Fool me once, shame on Truist — I won’t be burned again by their subpar systems and runaround service.

Finally Happy With Novo’s Small Business Checking Account

After the endless frustrations I dealt with using Wells Fargo and Truist for my business banking, discovering Novo Bank was life-changing.

Opening my Novo account took just minutes online and required minimal information — no wasted trips to a branch or pointless upsells.

Right away I appreciated Novo’s transparent, no-nonsense pricing. No hidden monthly service or transaction fees to decimate my balance like Wells Fargo did. Novo’s interface also seamlessly connected to QuickBooks with no technical glitches whatsoever.

The few times I’ve needed assistance, Novo’s phenomenal U.S.-based customer service agents solved my problems quickly and knowledgeably. No overseas call centers or unhelpful script-readers like I dealt with at the big banks.

After being treated like just another number at Wells Fargo and Truist, Novo finally made me feel valued as a fellow small business owner. I tell all my entrepreneurial contacts it’s the only place to take your business banking — Novo is truly in a league of their own!

How Easy Was It To Switch Everything To Novo?

Here’s how simple it was to switch my business checking to Novo Bank from Wells Fargo and Truist:

After the lousy service I received from Wells Fargo and Truist, I couldn’t close my accounts fast enough. But I worried moving banks completely would be a major hassle.

I had nothing to fear! Switching to Novo took just a few painless steps:

First, I opened my free Novo business checking account online in minutes with minimal information required.

Next, I connected my old Wells Fargo and Truist accounts to my new Novo account and scheduled transfers to pull my balances over. Easy as pie.

Once the transfers processed in a couple days, I went into my old Wells and Truist accounts and closed them for good, no questions asked. No more fees and headaches for me!

Within one week, I was fully running on Novo Bank with better business banking and zero baggage from my old providers. Novo’s user-friendly digital tools made the entire transition a breeze.

I tell all my small business owner contacts it’s easier than you think to make the switch to a truly customer-focused bank like Novo. Take control of your finances and say goodbye to business as usual!

Novo Vs Wells Fargo Vs Truist. How Do They Stack Up Side By Side?

Opening an Account

I easily opened my Novo account online in minutes without visiting a branch. Wells and Truist still required going to a physical location which wasted my valuable time as a business owner. The seamless process makes Novo extremely convenient.

Costs

Novo provides totally free checking, period, without monthly service or transaction fees. Wells and Truist both hit me with high recurring monthly fees unless I kept elevated minimum balances. Novo’s lack of fees saves me money every month.

Minimum Balance

I could start my Novo account without depositing anything to get up and running. Wells forced me to keep $1,500+ at all times to avoid monthly fees. Truist required a $100 deposit just to open an account in the first place. Novo is better suited for low activity small business accounts.

Linking Software

With a few quick clicks, I connected Novo to QuickBooks flawlessly in minutes. Wells and Truist had limited integrations that took more time and effort to setup and manage. Novo makes integrating accounting platforms painless.

Interest Rates

No one pays significant interest on checking account balances, but Novo did offer slightly better yields for saving options. Of course, I don’t use my checking account to earn interest anyway as a small business.

Security

All use standard security protections like encryption to safeguard accounts and data. Wells and Truist are larger banks with more cybersecurity resources, but Novo leverages the same digital security standards. Novo keeps my information just as protected.

Accessing Cash

Thanks to their large nationwide branch networks, Wells and Truist were more convenient for in-person banking and using ATMs versus digital-first Novo. But I can still access cash at Novo through ATM withdrawals.

Customer Service

I never waited long for fast, knowledgeable support from Novo’s U.S.-based team. Wells and Truist’s outsourced overseas reps and tedious phone trees were brutal whenever I needed assistance. Novo’s service experience is far superior.

Overdraft Policies

Novo avoids surprise fees by not authorizing overdrafts on my business account when funds run low. Wells and Truist do charge high overdraft fees, sometimes when I didn’t expect it. I appreciate Novo’s transparency.

Transaction Limits

Novo has no caps on the number of monthly transactions I can perform for deposits, payments or transfers. Truist limited me to only 150 activities per month before charging additional fees. Novo provides unlimited banking.

Insurance

We’re equally covered at all three banks with FDIC insurance protecting deposits up to $250k per account. My money has the same federal protection no matter where I bank.

Transferring Money

ACH transfers and incoming wires are free with Novo, making moving funds easy. Wells and Truist often added fees for certain domestic or international wire transfers. Novo simplifies sending business funds.

Borrowing Money

Wells and Truist provided more extensive business loan and credit products compared to Novo’s tighter focus on deposit accounts and cash management. More financing options with the bigger banks.

Monitoring Finances

Novo delivered much more robust expense tracking and financial reporting compared to the basic digital tools Wells and Truist offered. Novo provides the insights I need.

Here Are My Final Thoughts

Picking business banking ain’t easy — you’ve gotta balance priorities.

Some banks are free but limit your transactions. Others pay interest but make you keep minimum balances. You want killer apps and websites too.

After using Wells Fargo and Truist, I say Novo Bank is best for fellow entrepreneurs.

Novo provides free checking with zero monthly fees or balance rules. This saves you cash to invest in your business, not bank bloat.

Since Novo is all digital, their slick tools simplify money management on your phone or laptop. Everything works smoothly from day one.

If you want straight-forward business banking to make life easier, put Novo on your short list. They offer just what modest startups and small fry need to thrive.

For me, Novo hit the bullseye on balancing cost, technology and service. Check them out if you want banking that helps, not hurts, your bottom line.