Bank Novo Middlesex Bank Just a PIA due to internet only presence and Paranoia New Jersey

This bank has incredible problems due to being new. Because they are Internet oNLy, they have concluded that it makes them a target of International thieves and scammers. In response to this they have extra hoops for new accounts. It took us 3-5 weeks to setup initial account. We thought it would be faster than going to the local bank near us where they try to sell you credit cards, mortgages, life insurance, you name it. We thought wrong, it was a major PIA. I had a large check from a customer that I needed to start work on his car, and the long process put the project behind schedule. After opening the account everything seemed normal with the exception of imposing long clearance times, 10 days, for checks. I think this is rather extreme in this electronic age. The final nail in the coffin is where I was traveling and the bank randomly declared fraud on my ATM card, canceled it, and sent a new card out to our physical business address, rather than the “mailing address”. Our business doesn’t receive mail at that address because the mailbox is now 20 feet into the woods due to reconstruction of the road out front converting it into a traffic circle. The replacement of the card has cost me at least 100 dollars in late fees on my storage units and other fees having to transfer money to other accounts, and using ATMs. The account is still open but first chance I get when I get off the road, is to go open a real bank account at a physical location.