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How do refunds work on Novi?

Novi has built-in protections against fraud to detect and flag suspicious activity. If you suspect there’s been an unauthorized transaction on your Novi account, you can create a claim to report it. We ask that you create a claim as soon as possible, but no later than 120 calendar days from the date the transaction first posted to your transaction history.
If you suspect there’s been a transaction-related error on your Novi account, you can contact our Customer Care team 24/7 in the app to report it by asking to file a complaint. If we determine in our sole discretion that a transaction is erroneous or unauthorized, we’ll provide a full refund back to your Novi balance. You may appeal a claim decision up to 15 calendar days after we communicate our decision via SMS message or push notification. Your claim or appeal may be denied if created beyond the applicable time period.
Below are two lists: (1) Scenarios that may be eligible for a refund, and (2) Scenarios that are ineligible for a refund. It’s important for you to know that, as our products and experiences develop, we may modify these lists at any time at our sole discretion without notice. You can always contact our Customer Care team if you have any questions.
Transactions Eligible for Refund
This list does not address every scenario that may be eligible for a refund, but is meant to be a guide for you.
A transaction you did not authorize ("Unauthorized Transaction") may be eligible for a refund if someone uses your Novi account to:
  • Send money from your Novi account; or
  • Withdraw money from your Novi account by transferring money to a bank account, or picking up cash at a withdrawal location.
We may also refund you if there was a mistake made by Novi ("Erroneous Transaction"), such as:
  • Novi made a computational or bookkeeping error;
  • Novi debited or credited the incorrect amount to your Novi account;
  • Your transaction history does not accurately reflect a transaction; or
  • You failed to receive a transaction confirmation, or the amounts displayed on your transaction confirmation and transaction receipt differ.
Note: If you think your Novi account, a linked payment method, or any device you use to access your account has been compromised, you can reset your password. You can also contact Novi's Customer Care team to file a claim.
Transactions Ineligible for Refund
This list does not address every scenario ineligible for a refund, but is meant to be a guide for you.
Novi will not provide a refund where you file a claim with Novi and you also dispute the charge or ask your debit card issuer or financial institution to reverse a charge (typically referred to as a "chargeback") for the same transaction. We do this to avoid scenarios where you may be refunded twice for the same transaction.
Novi also does not provide a refund for a transaction that:
  • You initially authorized and then later decided you wanted to rescind or revoke;
  • Results from you entering incorrect bank account information when you added a bank account to your Novi account;
  • Results from you sending money to the wrong person;
  • Results from you buying or selling a good or service from a third party (including one that presents itself as a charity or other organization). Note: Novi does not currently support merchant services, and any transactions conducted to buy or sell a good or service is at your own risk;
  • Someone else initiated, including someone you know; or
  • Results from someone accidentally sending you money.
If you do not agree with a claim decision made by Novi, you can appeal the claim decision.
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