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Novel bank - likely a scam

N

newNomad

Active Member
Jan 25, 2021
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#1
Hi, after going through the Novel bank website content I am more and more convinced it's a scam
Too many errors and discrepancies, heck they even classify "remote IT support" or cruises and consulates as a high risk business.
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What are these guys smoking? I think the only one compliant to their TOS would be a fully licensed Ali kebab shop :D

Is there any digital US bank opening private accounts or accounts for digital nomads without hassle and stupid do's and dont's? (no corp account)
 
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#2
I'm not familiar with this bank, but "Remote IT support" is usually an Indian scam (locking people's PCs, pretending to be Microsoft and asking them for $ to re-open it)

Cruises and travel in general are known to be high risk. Nothing special about having these in the TOS.
 
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#3
What is high risk in travel btw? Full of brick and mortar travel agencies and they seem to work just fine...Then also subsription services are high risk...what is one supposed to sell via web, apples? I mean I would not expect to see long TOS like that from a "digital" bank
More likely they open the accunt and then later freeze the funds
 
#4
Yeah I have seen worse T&C's in my time. That one is pretty mild.
 
#6
do they have a license? do they have swift? these day a bank license is too value to run with 20 milion at least 100

Novel Financial, Inc. is a financial technology company, and is not a bank. Banking services provided by Five Star Bank, Members FDIC. The Novel Visa® Debit Card is issued by Five Star Bank, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa is accepted. FDIC insurance is available for funds on deposit up to $250,000 through Five Star Bank, Member FDIC.

All Rights reserved. ©2024 Novel Financial Inc. Novel Business Banking and Novel Financial Technologies are trademarks of Novel Financial, Inc.

they are not a bank is fintech , but we needd to see who hold the funds
 
#7
csp dubai said:
do they have a license? do they have swift? these day a bank license is too value to run with 20 milion at least 100

Novel Financial, Inc. is a financial technology company, and is not a bank. Banking services provided by Five Star Bank, Members FDIC. The Novel Visa® Debit Card is issued by Five Star Bank, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa is accepted. FDIC insurance is available for funds on deposit up to $250,000 through Five Star Bank, Member FDIC.

All Rights reserved. ©2024 Novel Financial Inc. Novel Business Banking and Novel Financial Technologies are trademarks of Novel Financial, Inc.

they are not a bank is fintech , but we needd to see who hold the funds
Click to expand...
You can clearly see the bank backing this institution is Five Star Bank and funds are held directly there - since the FDIC is through them too.

That's how US FinTechs work, they don't segregate funds or have high capital requirements like UK/EU, they just have to find a banking partner.
 
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#12
That's from a 3 years ago, any updates? You were able to use the card without fully activating it? Have there been any indication that the issuer is seeking the money that you admit to fraudulently withdrawing? If direct b is in fact a bank, and you are aware they sent this to you in error, and you use the funds, the fact that you setup a fake email account to use the funds does not look favorable on you.
 
#13
12345 said:
they didn't reply to my emails at all and it took them 50 days to review my application - that is why I assume they are not reliable
Click to expand...
Do you have a working website with business information matching what was listed on the application? They will not approve any applications without a functioning website and clearly defined contact information. The banking service is not terrible nor is it good. Its also one of the easiest US accounts to get approved. Again its not the greatest option but they are also not running a scam.
 
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#14
g1gltd said:
Do you have a working website with business information matching what was listed on the application? They will not approve any applications without a functioning website and clearly defined contact information. The banking service is not terrible nor is it good. Its also one of the easiest US accounts to get approved. Again its not the greatest option but they are also not running a scam.
Click to expand...
Thank you very much for your honest review. I believe you have personal experience with this bank since you made this post ?
 
#15
g1gltd said:
Do you have a working website with business information matching what was listed on the application? They will not approve any applications without a functioning website and clearly defined contact information. The banking service is not terrible nor is it good. Its also one of the easiest US accounts to get approved. Again its not the greatest option but they are also not running a scam.
Click to expand...
Yes I have a website with contact information and I managed to open many accounts with the company: mercury, wise, payoneer etc
 
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