Read 34 Varo Money Customer Reviews and Complaints (Page 2)

Write a Review
Average Customer Rating: 1.4
Rating Snapshot:
5 star: 3 4 star: 0 3 star: 0 2 star: 0 1 star:  31
Bottom Line: 9% would recommend it to a friend
Showing 12-22 of 34
Sort reviews by:

  • 10 out 12 people found this review helpful

    Great concept, poor performance

    • Brooklyn, NY,
    • Jul 17, 2018
    • Verified Reviewer

    I opened this account for the higher interest rate for a savings account. It seemed to work well for the first transfer I made, after that, I would sign in and see an error message every day. "There was an issue linking your TD Bank account."

    At first, it was only mildly irritating, but after I noticed it was an ongoing thing, I got tired of it. It seemed like I had to initiate a deposit in order for the message to go away. The transfer process also took longer than any bank to bank transfer I have ever done. It would not post into my Varo account until at least two days after it had been withdrawn from my funding source. This error message has scared me into not using the account at all. There are also extremely low limits for transfers; $200 per transfer. There are better online banks that provide service that is consistent, providing the security one needs for their money. It’s almost as though this app is still in Beta, to be honest.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    • Sep 12, 2018

      Company Response from Varo Money, Inc.

      Hi Patricia, we appreciate your feedback, and we want you to know that we are listening. We are putting in a lot of work to improve the strength of the account connections, and we are also working to improve the speed of bank transfers. There are several ways to transfer money to the Varo Bank Account that have much higher limits. Direct Deposit is the easiest and quickest way (no limit) to get funds into the account. You can also do instant transfers from online wallets such as PayPal, Cash App, and Venmo. If you have any other questions about funding your account, please reach out to us at help@varomoney.com.


  • 13 out 17 people found this review helpful

    Don’t do it, it’s not worth the headache

    • New Orleans, LA,
    • Jul 27, 2018
    • Verified Reviewer

    I decided to open an account with them for almost 6 months now. I randomly get an email stating my account is closed and there is no appeal for it. I immediately contacted customer service and they told me I have to email them in order to get any information. (Calling customer was a waste of time, they never have any answers for you.) So I email them and ask how did I violate the terms and conditions. Apparently, my transactions are a problem, the person emailing me clearly stated that based off my transaction history they made the decision to close the account effectively and immediately. I have direct deposit, so that means now my paychecks will be delayed and thrown off.

    They are so inconsiderate, and they will not give you any specific details such as why my transactions would be an issue with anything, it’s my money. I would not recommend them to anyone, they don’t even deserve one star.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    • Sep 12, 2018

      Company Response from Varo Money, Inc.

      Hi Michelle, we are sorry you are unhappy with our service. However, we do everything we can to help our responsible, trusted customers. Banking is a two-way relationship, we need to verify financial activity to ensure we keep our whole community safe from fraud. When we cannot verify activity we are on the side of caution, in order to maintain the security and quality of our service. We wish you the best in finding a service that works for your needs.


  • 10 out 12 people found this review helpful

    Where is my card?

    I opened this account over a month ago and I’ve supposedly been sent three cards. Two by US Mail and one was supposed to be brought to my front door no later than last Friday. I’ve already set up direct deposit, but without a card, I won’t be able to access my money, and therefore I fear I may have to close my account. I really wanted this to work out.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    • Sep 12, 2018

      Company Response from Varo Money, Inc.

      Hi Caitlin, thanks for reaching out to our customer service team. I see that they were able to update your address and send you out a new card. It looks like your new card was received. Yay! If you need any other assistance, please don't hesitate to reach out to us at help@varomoney.com.


  • 13 out 15 people found this review helpful

    Closed my account for no reason

    • Virginia Beach, VA,
    • Sep 20, 2018
    • Verified Reviewer

    From out of nowhere I get this "account closure" email stating they decided to close my account. I have no idea why nor would they give me any explanation. I have not done anything illegal. I just get my Uber payments deposited through Instant Pay, and bought food, gas, and paid bills. I wrote to Varo again and they said: "they made an appropriate choice based on my transaction history." All I get are vague and generic responses. I didn’t know using my Varo card for Uber Instant Pay and buying food and gas was illegal.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    • Oct 23, 2018

      Company Response from Varo Money, Inc.

      Hi Karin, it's always a difficult decision to close Varo Money accounts, although an objective and detailed analysis of account and transaction history, along with leveraging intelligence from sophisticated technology help support conclusions and ultimate decisions. Based on this analysis, we strongly believe the appropriate action was taken. We wish you the best moving forward!


  • 11 out 13 people found this review helpful

    Possible Regulation E violation

    • Portland, OR,
    • Sep 20, 2018
    • Verified Reviewer

    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

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    • Oct 23, 2018

      Company Response from Varo Money, Inc.

      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 help@varomoney.com. 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!


  • 14 out 17 people found this review helpful

    Noise

    • Capitol Heights, MD,
    • Sep 27, 2018
    • Verified Reviewer

    I'm very upset. They closed my account at the last minute, when I just reloaded my card with money. They emailed me at the last minute about my account with no reason at all. I’m very pissed off, and I have to wait 14 days until they send my refund check.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    • Oct 23, 2018

      Company Response from Varo Money, Inc.

      Hi Brittany. While we wish we never had to close a Varo Bank Account, an objective and detailed analysis of account and transaction history, along with leveraging intelligence from sophisticated technology help support conclusions and ultimate decisions. Based on this analysis, we strongly believe the appropriate action was taken. We wish you the best in finding a service that works for your needs.


  • 16 out 19 people found this review helpful

    Very confused

    • Long Beach, CA,
    • Oct 11, 2018
    • Verified Reviewer

    Some months ago, I signed up for Varo after hearing it was better. Time goes by, and I realize I never received my card. I then emailed them and asked them to send me a new card. The reply asked me to verify my current email, which I did.

    This morning I got an email saying that my new card has been ordered, so I decided to finally switch my direct deposit info to them. About 30 minutes ago, I got an email that said they were closing my account all of a sudden. The email begins with "Based on a review of your account activity, we have decided to close your Varo Bank Account and, if applicable, your Varo Savings Account." But the crazy thing is, I haven’t even had any transactions yet, so I am very confused. After 4-5 months of me having this account in my name, why are they just now saying they have reviewed my account. Plus how can I have any transactions when I hadn’t even received my card yet.

    I’m not sure what game they are playing, but I don’t appreciate it, especially since I just changed over my direct deposit and now I have to change it again.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no
    • Oct 23, 2018

      Company Response from Varo Money, Inc.

      Hi Lauren. it's always a difficult decision to close a Varo Bank Account. An objective and detailed analysis of account and transaction history, along with leveraging intelligence from sophisticated technology helps support conclusions and ultimate decisions. Based on this analysis, we strongly believe the appropriate action was taken. We wish you the best in finding a service that works for your needs.


  • 16 out 16 people found this review helpful

    Horrible, time wasted!

    • Atlanta, GA,
    • Dec 7, 2018
    • Verified Reviewer

    I recently had my card stolen while I was going through personal things, and when I returned, my account was drained. I called Varo and they told me wait ten days until I hear something back for a provisional credit. On the 11th day, they didn’t tell me anything, I had to call, only for them to say they aren’t going to refund my money because the transactions look too familiar. That’s BS and not my problem. Visa's policy is to issue the credit because I am not liable. This bank is horrible, and I have to come back up with $700.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no

  • 17 out 18 people found this review helpful

    Worst bank ever

    • Sacramento, CA,
    • Dec 8, 2018
    • Verified Reviewer

    The worst bank I’ve ever been with. Their app is supposed to link with other accounts, but when I linked my main account, it made me log in every single time I logged into the app as if I never linked it before, so I had to delink and relink every login.

    Then I set up direct deposit and I kept getting pop ups saying I haven’t set up direct deposit yet and need to do so. So I quit have any deposits go to that account.

    Then I tried to cash a $3 check that took 5 days to clear. And eventually I became overdrawn, so I transferred money to that account from another one of my accounts, and it took 5 days to clear, and when it finally did, it said it was reversing the transaction.

    I called customer service and got an agent who put me on hold for 20 minutes and hung up. Then I called back multiple times and someone would pick up and hang up again. So I emailed and three days later got a response that it happened because of our user agreement. I read the attachment which doesn’t explain ANY reason why this happened.

    I would never recommend this bank to anyone. I have no idea where my money went. They will not tell me. It never went back to my other bank. It’s just gone. Chime is a million times better. In every way.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no

  • 15 out 17 people found this review helpful

    Glad I was denied

    • North Carolina,
    • Dec 12, 2018
    • Verified Reviewer

    Reading all these negative reviews, I was glad that my application was denied. I was really pissed when I was not approved for the checking account because I have never been denied a bank account my whole life. I was never given a reason for denial, but now I am so glad that I don't have to go through all the hassles people are having.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no

  • 29 out 30 people found this review helpful

    Don't bank with them

    • Las Vegas, NV,
    • Dec 16, 2018
    • Verified Reviewer

    I had some transactions I did not authorize. I had called to dispute it and they did not send me an email saying I will not get my money bac. This bank isn't 100% trustworthy. If you want a trustworthy bank, you are better off staying where you bank as they do not take care of their customers at all. I lost $600 that was supposed to go on my car note thanks to them. I have to come up with it. I repeat, do not go to them, stay with who you are banking with.

    Bottom Line: No, I would not recommend this to a friend

    Help others find the most helpful reviews

    Was this review helpful?

    yes no

Showing 12-22 of 34

Write a Review for Varo Money!

Share your experience to help others shop smarter & discover great products.

Write a Review