I had my phone stolen while I was in London on 8/15/2018. It has been insanely frustrating not being able to review ANY transactions with my own eyes, as they only provide the statements IN-APP.
I honestly think Varo is in violation of this:
Reglation E, section 205.4: § 205.4 General disclosure requirements; jointly offered services. (a)(1) Form of disclosures. Disclosures required under this part shall be clear and readily understandable, in writing, and in a form the consumer may keep. The disclosures required by this part may be provided to the consumer in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (E-Sign Act)(15 U.S.C. 7001 et seq.). A financial institution may use commonly accepted or readily understandable abbreviations in complying with the disclosure requirements of this part.
Yes, I did agree to enroll into their online banking service; however, I now have zero access to my transactions and statements. I have no clue if their are unauthorized charges on my account, which if there are could be blamed on me for not disputing timely. Which is where their second violation of Reg is comes in:
Section 205.6: (a) Conditions for liability. A consumer may be held liable, within the limitations described in paragraph (b) of this section, for an unauthorized electronic fund transfer involving the consumer’s account only if the financial institution has provided the disclosures required by §205.7(b)(1), (2), and (3). If the unauthorized transfer involved an access device, it must be an accepted access device and the financial institution must have provided a means to identify the consumer to whom it was issued.
I've reported this to the CFPB and encourage more people to do so, as they really need to change this ASAP. The more complaints the CFPB gets for this will def put them on the spot (https://www.consumerfinance.gov/). As for the time being, I finally was able to save up enough money and will be getting a phone this Friday, will attempt to download my statements from the app? I am not even sure if that's possible. If it isn't, please take the time to screenshot and include them in your CFPB complaint.
Bottom Line: No, I would not recommend this to a friend
11 people found it helpfulLink to this Review
Hi Wilfred, we're sorry to hear your phone was lost! We understand that can be scary and frustrating. Our service team can help with reviewing transactions, locking your card, or getting access to a bank statement. Simply give us a call at 1-800-827-6526 or send an email to firstname.lastname@example.org. Please, rest assured that Varo closely follows all federal regulations regarding disputes. When you purchase your new device, simply download the Varo Mobile App and log in. You will have full access to your transaction history and statements on the new device. If you have any other questions or concerns, please reach out to us. We're here to help!