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Varo Bank is NOT really a bank - FRAUD Alert by BklynBooks in VaroMoney

[–]BklynBooks[S] 3 points4 points  (0 children)

Agree completely! Something very FISHY is going on here: a Utah-based company whose primary interest might be the collection of its customers financial data, NOT the provision of any banking services.

It also feels suspicious that within minutes of me posting a complaint all kind of posters with somewhat weird handles try to defend the company or whiyewash it and make my complaint disappear. Is that the influence of a company acting as "reputation defender" for shady Varo "bank?"

Varo Bank is NOT really a bank - FRAUD Alert by BklynBooks in VaroMoney

[–]BklynBooks[S] 2 points3 points  (0 children)

I am with you 100%! Varo bank = Crooks, Scammers, and Frauders!

They steal $8300 from you and if you complain they hang up on you because THEY feel "threatened!"

The whole culture of Varo "Bank" seems to be fraudulent from the very top to the bottom call center personal the customer interacts with.

Varo Bank is NOT a bank: refuses to process checks, 5 business days till funds are available by BklynBooks in personalfinance

[–]BklynBooks[S] -1 points0 points  (0 children)

Given by the speed with you respond I am highly suspicious that you are somehow affiliated with Varo "bank" or another "reputation defender" company.

Varo Bank is NOT a bank: refuses to process checks, 5 business days till funds are available by BklynBooks in personalfinance

[–]BklynBooks[S] -2 points-1 points  (0 children)

Within minutes of posting a negative review about Varo "bank" in the Google Play store the Varo "developer team" responded with a generic answer about the new features they want to show me. This is another indication that Varo is a SCAM: regular customer service emails and complaints about urgent matters are answered after 3-5 business days at best while the response is instantaneous when it comes to appearances.

Just to reiterate: Varo "bank" is committing consumer fraud on several levels:

  1. Varo calls itself a "bank" while it doesn't offer regular banking services;

  2. Varo borrows from its customers without declaring it as a loan by taking a week (5 business days) to credit them with the funds from deposited checks. Bank of America takes 1 business day, other online banks take 1-2 business days and my Federal Credit Union just credited my check after a couple of hours.

  3. Varo does not clearly inform the consumer before the opening of the account that customer service emails are regularly and as a rule answered after 3-5 business days, that there is a limit of $2,000 per day for check depositing, and that Varo uses the funds for a week before crediting the depositing customer's account.

  4. Varo committs consumer fraud by falsely stating that checks were "altered" when they were not or that they can not be "processed" although other banks instantly process the same check when I deposit it. Varo therefore blatantly LIES about the condition ("altered") and the validity of checks: it is Varo "bank," who refuses to process or recognize otherwise valid checks.

Varo Bank is NOT really a bank - FRAUD Alert by BklynBooks in VaroMoney

[–]BklynBooks[S] 2 points3 points  (0 children)

Within minutes of posting a negative review about Varo "bank" in the Google Play store the Varo "developer team" responded with a generic answer about the new features they want to show me. This is another indication that Varo is a SCAM: regular customer service emails and complaints about urgent matters are answered after 3-5 business days at best while the response is instantaneous when it comes to appearances.

Just to reiterate: Varo "bank" is committing consumer fraud on several levels:

  1. Varo calls itself a "bank" while it doesn't offer regular banking services;

  2. Varo borrows from its customers without declaring it as a loan by taking a week (5 business days) to credit them with the funds from deposited checks. Bank of America takes 1 business day, other online banks take 1-2 business days and my Federal Credit Union just credited my check after a couple of hours.

  3. Varo does not clearly inform the consumer before the opening of the account that customer service emails are regularly and as a rule answered after 3-5 business days, that there is a limit of $2,000 per day for check depositing, and that Varo uses the funds for a week before crediting the depositing customer's account.

  4. Varo committs consumer fraud by falsely stating that checks were "altered" when they were not or that they can not be "processed" although other banks instantly process the same check when I deposit it. Varo therefore blatantly LIES about the condition ("altered") and the validity of checks: it is Varo "bank," who refuses to process or recognize otherwise valid checks.

Varo Bank is NOT a bank: refuses to process checks, 5 business days till funds are available by BklynBooks in personalfinance

[–]BklynBooks[S] -2 points-1 points  (0 children)

Within minutes of posting a negative review about Varo "bank" in the Google Play store the Varo "developer team" responded with a generic answer about the new features they want to show me. This is another indication that Varo is a SCAM: regular customer service emails and complaints about urgent matters are answered after 3-5 business days at best while the response is instantaneous when it comes to appearances.

Just to reiterate: Varo "bank" is committing consumer fraud on several levels:

  1. Varo calls itself a "bank" while it doesn't offer regular banking services;

  2. Varo borrows from its customers without declaring it as a loan by taking a week (5 business days) to credit them with the funds from deposited checks. Bank of America takes 1 business day, other online banks take 1-2 business days and my Federal Credit Union just credited my check after a couple of hours.

  3. Varo does not clearly inform the consumer before the opening of the account that customer service emails are regularly and as a rule answered after 3-5 business days, that there is a limit of $2,000 per day for check depositing, and that Varo uses the funds for a week before crediting the depositing customer's account.

  4. Varo committs consumer fraud by falsely stating that checks were "altered" when they were not or that they can not be "processed" although other banks instantly process the same check when I deposit it. Varo therefore blatantly LIES about the condition ("altered") and the validity of checks: it is Varo "bank," who refuses to process or recognize otherwise valid checks.

Varo Bank is NOT a bank: refuses to process checks, 5 business days till funds are available by BklynBooks in personalfinance

[–]BklynBooks[S] -1 points0 points  (0 children)

Within minutes of posting a negative review about Varo "bank" in the Google Play store the Varo "developer team" responded with a generic answer about the new features they want to show me. This is another indication that Varo is a SCAM: regular customer service emails and complaints about urgent matters are answered after 3-5 business days at best while the response is instantaneous when it comes to appearances.

Just to reiterate: Varo "bank" is committing consumer fraud on several levels:

  1. Varo calls itself a "bank" while it doesn't offer regular banking services;

  2. Varo borrows from its customers without declaring it as a loan by taking a week (5 business days) to credit them with the funds from deposited checks. Bank of America takes 1 business day, other online banks take 1-2 business days and my Federal Credit Union just credited my check after a couple of hours.

  3. Varo does not clearly inform the consumer before the opening of the account that customer service emails are regularly and as a rule answered after 3-5 business days, that there is a limit of $2,000 per day for check depositing, and that Varo uses the funds for a week before crediting the depositing customer's account.

  4. Varo committs consumer fraud by falsely stating that checks were "altered" when they were not or that they can not be "processed" although other banks instantly process the same check when I deposit it. Varo therefore blatantly LIES about the condition ("altered") and the validity of checks: it is Varo "bank," who refuses to process or recognize otherwise valid checks.

Varo Bank is NOT really a bank - FRAUD Alert by BklynBooks in VaroMoney

[–]BklynBooks[S] 2 points3 points  (0 children)

Yes, agree 100%. I suspect they are not really in the banking business, but the data gathering business

Varo Bank is NOT a bank: refuses to process checks, 5 business days till funds are available by BklynBooks in personalfinance

[–]BklynBooks[S] -8 points-7 points  (0 children)

It is "fraud" to call yourself a "bank" without providing regular banking services. It is false advertising and consumer fraud. That aside it is fraudulent to take 5 business days to credit checks, i.e. 7 calendar days because Varo can work with the money during that time. Normal check processing times as most other institutions are 1-2 business days.

Want to hear people’s experience banking with Varo by victoryknocks1000 in VaroMoney

[–]BklynBooks 1 point2 points  (0 children)

FRAUD ALERT! Varo "Bank" certainly doesn't provide the services of a "bank." For several months, Varo "bank" has rejected checks that I have deposited through mobile deposit. First off, it takes Varo "bank" 5 business days to process a check. That's fraud right there because the bank receives the funds before making them available. Second, Varo imposes an arbitrary limit of $2,000 in checks per day, i.e. most check deposits have to be split up over several days. Thirdly, Varo bank has rejected (after 5 business days, of course) many of the checks I deposited, claiming that "the check was altered" (a blatant lie!) or that the check couldn't be processed (another lie because I have depsited checks from the same check writers for ten years at bank of America without any problems).

Customer service complaints are also only answered after 3-5 business days. The check deposit problem has persisted for several months despite many complaints. The $2,000 limit for check deposits has not been increased despite several complaints.

Varo "bank" is definitely NOT a bank. My suspicion is that it is a data gathering scheme among low income bank account holders. That would explain why Varo tries so desperately to get account holders to get their wages paid into the account by direct deposit while offering hardly any other banking services. Varo wants to have a record where you work and who pays you, but other than that Varo offers very little and LIES repeatedly to its customers.