What to do when a Novo account holder dies
Report the death to Novo Support
After an account holder at Novo dies, accounts with beneficiary designations or trust ownership transfer to the designated recipients without probate. Solely-owned accounts require the estate's representative to contact Novo Support with the proper legal authority documents.
Claims can be filed by phone or by emailing documentation to support@novo.co. Before reaching out, gather the account holder's full name, account numbers, and the death certificate.
Death claim process
To file a claim after an account holder's death, here is what Novo requires:
Filing a claim
- With account access: submit a ticket from the Support page (on the web, profile menu at top right, then Support; in the app, More, then Support)
- Without account access: email support@novo.co from the email address on the account or application
- On the web: profile menu (top right), Settings, Users, then the delete icon next to the user
- In the app: More, Settings, Users, choose the user, then the delete icon
- Novo asks why the user is being removed and asks for confirmation, then sends an email confirmation
- The request shows as "In Review"; Novo may ask for more information, and sends a confirmation email if the request is approved
- One UBO can be updated at a time
- Transfer out the remaining balance before closing
- Download statements (PDF or CSV) before closing
- Create the closure request after logging in: on the web, profile menu, Settings, close account; in the app, More, Settings, close account
- Novo cards, including additional users' cards, are canceled right away, and pending or scheduled ACH transfers that have not cleared are canceled or returned as "Account Closed"
- Linked services such as Venmo, PayPal and Stripe are disconnected
- A closed account cannot be reopened
Required Documents
- Valid trust document naming the fiduciary, or a court appointment, for a fiduciary, such as an executor, administrator or conservator, to be added to act on the accountNovo requires the fiduciary to be named in a valid trust document or appointed by a court, with that documentation provided, before the fiduciary is added.
What happens to each kind of account1
- Business account
The primary owner on an existing account cannot be changed, for security and compliance reasons. A business that needs a new primary owner closes the account, and the new owner applies for a new one.1
Accounts handled elsewhere1
- Middlesex Federal Savings, F.A.
Holds Novo deposits; the bank party to the Novo Business Account Agreement2
What Novo provides to the estate1
- Statement copies
Novo recommends downloading statements (PDF or CSV) before closing. After closure there is no login access to account details, transaction history or Reserves, and records retained after closure may require contacting support.3
What Novo's agreement and guidance say2
- Telling the institution
The Novo Business Account Agreement with Middlesex Federal Savings, F.A. asks the account holder to notify the bank promptly if any person with a right to withdraw funds dies.2
- Payments after the death
Under the agreement, the bank may pay or certify checks drawn on or before the date of death for up to ten days after the death, unless someone claiming an interest in the account orders payment stopped.2
Not in Novo's published guidance2
- How long a claim takes
- A department for deceased-customer accounts
Novo Support can be reached by email at support@novo.co for questions throughout the claims process.
Sources
Data sourced from Novo primary sources (33 pages reviewed). How we research.
Novo death claims support
Novo Support
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