Novo Turns 3 Referral Terms and Conditions

Date Last Updated:

September 20, 2021

1. Overall Program Description

These “Novo Turns 3 Referral” terms and conditions (“Terms”) offered by Novo Platform Inc (“Novo”) govern the referral from a Referring User to a Referred User, where the Referred User opens a Novo business checking account (“Account”) and all parties meet the Qualifications as defined in these Terms (all of the aforementioned defined as the “Referral Program”).  If you have any questions about these Terms, please contact us at

2. Definitions

  • “Referred User” is the recipient of the Novo Unique Referral Link which has been sent to the Referred User by the Referring User.
  • “Referring User” is the Novo user with an Account that sends the Novo Unique Referral Link to the Referred User.
  • “Referral Bonus” is the bonus received by both the Referred User and the Referring User upon satisfying all of the Qualifications outlined in these Terms.
  • “Qualifications” are the requirements that must be satisfied in order for the Referred User to become a Qualified Account, which activates the Referral Bonus to be received by both the Referred User and the Referring User.
  • “Qualified Account” is a new Novo Account that is opened as a result of the Referral Program that satisfies all of the Qualifications outlined in these Terms.
  • “Novo Unique Referral Link” is a URL unique to the Referring User that MUST be used by the Referred User in order to become a Qualified Account.

3. Qualifications

In order for both the Referred User and the Referring User to each qualify for and receive the Referral Bonus, the Referred User must meet ALL of the following conditions:

  • They must not have previously opened an Account;
  • They must use the Referring User’s Novo Unique Referral Link when applying for a new Account;
  • They must successfully open a new Account;
  • They must complete a qualified deposit(s) into their Novo account totaling $100.00 or more within 14 days of Account Opening date;
  • The qualifying deposit(s) must be made by any user authorized to transact on the Referred User’s Account; and
  • The Referred User must hold a balance of at least $100 in their Novo checking account on October 31, 2021.

A. What types of transactions are not considered qualified transactions:

  • Money Order Deposit
  • Check Deposit

B. How referrer qualifies

The Referring User must be part of the Referral Program in order for each party to be eligible for a reward. The reward is paid to each party at the end of the program period (November 1, 2021) after qualifying deposit(s) are completed and credited to the referred user’s new Account.

C. Program Limitations

  • The Referral Program does not have a limit to the number of referrals that can be made; however, the Novo user may only receive up to $330.00 in Referral Bonus earnings. Novo reserves the right to change the cap in Referral Bonuses that the particular Novo User at any time and for any reason in its sole discretion. Novo reserves the right to not disclose that reason at its discretion.
  • Once the Referral Unique Link has been used by the Referred User, Novo cannot reverse its use or application. Each Referred User may only use one Novo Unique Referral Link to enroll in a Novo account, regardless of whether the Referral received or had access to multiple Novo Referral Unique Links from different referrers.
  • The Referral Program or Novo Unique Referral Link may not be transferred, sold, resold, or mass distributed.
  • By accepting this Referral Program, you agree that you have read and understood these Terms and agree to be bound by them.

5. Privacy 

The Referred User acknowledges that payment of the reward will result in the user’s knowledge of the individual’s establishment of a new Novo Account.

6. Novo’s control of the program

Novo reserves the right at its sole discretion to, upon written notice (which includes email notice or posting to our website), terminate or suspend the Novo Turns 3 Referral Program, in whole or in part, or modify it in any way. Without limiting the foregoing, Novo may terminate or suspend the Referral Program if it finds or believes that the Novo User using the Referral Program is manipulating or otherwise abusing the process, fairness, or integrity of the Referral Program or otherwise has become ineligible. Referral Bonuses earned through fraudulent activities or activities in violation of these Terms will be null and void and repayment may be requested by Novo.

Novo reserves the right at its absolute discretion to vary, delete or add to any of these Terms from time to time upon written notice (which includes email notice or posting to our website). In the event of conflict, these Terms will prevail over any of the contents of any promotional materials or statements, or any other communication regarding this Referral Program, whether written or oral from Novo, except where otherwise stated.

7. Incorporation by Reference.  

As a condition of participating in these Terms, the Referring User and Referred User acknowledge and agree that additional agreements govern their relationship with Novo, including but not limited to Novo Terms of Use Agreement, the Novo Business Account Agreement, MFS and Novo Privacy Policies, and the MFS and Novo Electronic Communication Agreements, each of which is hereby incorporated by reference.

8. Tax implications

Referral Bonus is considered miscellaneous income and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).

9. Banking disclosures

Banking services are provided by Middlesex Federal Savings, F. A., Member FDIC.

The Novo Mastercard® Business Debit Card is issued by Middlesex Federal Savings, F. A., Member FDIC pursuant to a license from Mastercard Incorporated and may be used everywhere Mastercard debit cards are accepted. Please see the back of your Card for its issuing bank.