I tried to open up a savings account and received the same "Thank you for your interest in opening a new account.Unfortunately, we are unable to process your application at this time." message that everyone else is getting. No elaboration. I sent them an email asking for assistance and two days later they responded asking me for a copy of my DL and ALL the financial information for the bank account I want to link. Because, yeah, supplying ALL the information needed to steal my identity over unsecured email is obviously a super smart thing to do. Shame on them for these awful business practices, I do not trust them with my information or my money.
Went to set up an account, you have to apply twice to get an online access which you should just be able to set up all in one go.
I wait a week for test transfers to complete application, then use them to complete application, and once it was done I COULD NOT LOG IN. No access. Considering I gave them a bunch of private information this should all be a lot faster and their system should function.
I quickly transferred funds in my other account so they can't pull out the savings amount I indicated. I want nothing to do with them anymore and I'll probably have to call and go through a lengthly process to delete my account.
Not worth it!!
Just be advised that this bank limits ACH transfers (in or out) to a maximum of $5,000.00 per transfer. And with a maximum of 6 transactions per month, it can take a long while to transfer any substantial amount in or out. Guess they're only looking for small savers. I'll be closing my account after I wait the 3 weeks (really!) hold time on my initial opening transfer.
I attempted to open an account online for myself and a joint owner. I was impressed with the interest rate and wanted to take advantage of that. I finished the application and was given the 'unable to process your application' message as others have noted. I called the 800 # and was on hold for 20 minutes before giving up. Reading other reviews, I am assuming that I failed to answer the personal security questions quickly enough. My joint owner was at work and we exchanged the info via email, so it took a bit. If that's all it takes to reject an application, I'm moving on.
I opened my savings account on 7/5/2019 without any hiccups. The trial deposits appeared in my funding account on 7/8/2019 and I was able to confirm and the account was opened. My initial deposit posted on 7/9/2019. I received an email on 7/9/2019 confirming my account opening with instructions on how to setup online banking which I successfully did. So far so good.
I will update my post when I attempt other transactions.
Tried twice today to open HYS account online. The first application attempt failed because it timed out while I was reading the disclosure documents I had to accept. The second attempt "could not be processed." When I called VIO, the CSR explained that I took too long to answer the personal identification questions for myself and my joint account owner. He explained these questions had to be answered quickly to prevent someone from researching info online. Now I should wait at least 24 hours to try again. I also learned that I will need to unfreeze all of my credit reports before trying again or this too will cause my application to be rejected. Advertised rate is great, but having second thoughts now. Unfortunately, all my personal info entered into the application form (twice) is still floating out there somewhere in VIO space. Boo!
Tried to setup an account to take advantage of the 2.52% APY rate for high yield savings account. However, the online automated system could not completely verify me and I was instructed to call Vio customer service. The CSR said I needed to email them a copy of my driver license, which I did immediately. After 3 days pass I call to followup on status. The CSR looked up my request on a "spreadsheet" and told me it takes 2 weeks to get through the so called "overrides". I cancelled the request and will find a real bank that has "real" information systems and proper staffing to handle business. If they cannot on-board new customers, what will service be like after they have my money? !!!
After jumping through the application process firey hoops, my application for a sizable savings acct was denied. The CSR said that I had failed to adequately answer questions drawn from "publicly available records". I was told that I could not reapply for 24 hours because there was now a hold on my account. The good news is that gave me time to read all the negative reviews, and look for another bank.
Vio refused my application without notifying me in any way. Verification page simply didn't work. The person on the phone gave some BS excuse. I expect they aren't making any money off their HYS accounts and would prefer you not open one.
Waste of time.
I was dismayed to find out could only transfer 5000 a day or 20,000 a month. There is also small limit to how much an external bank can pull out. But you can have VIO wire the money which they did. Took a day extra but was able to get my funds out more quickly
Opened account 2/5/19, Vio sent 2 deposits to myfunding bank account, for verification. Using those amounts I completed the process at Vio on 2/6/19 and they stated they will pull the funding amount from my funding bank.
Later on 2/6/19 I received an email from Vio stating "On 02/06/2019, we were unable to process your request to transfer ..... The account you are transferring to cannot currently be used for transfers".
Called CS asking what happened, why my new Vio account could "not be used for transfers". The CS person was totally unhelpful and said he has to check with a back-office group that went home 2 hours ago. So the CS person turns into a "note taker"... He said he would call me TOMORROW when he gets in at NOON. After pushing this guy for a supervisor or someone else to talk to I am placed on an extended hold. Hung up and called back and got the same guy (guess only 1 person on duty) who said he spoke to someone that comes in early or something like that and I "should" hear from that person... I look at this episode as a sign that it may be in my best interest to NOT go thru with the funding! Also had a chance to read all the comments and it seems I am not the only one with CS problems. CAUTION!!!!
My experience with Vio started out fine, account approved and funded with 2k for the past few months and earning interest.
This week I initiated a transfer from my Capital One 360 account for 7k. It was shown as pending in Vio and cleared Capital One. Two days later it's nowhere to be seen in Vio.
I give them a call and am told our account has been frozen with no explanation (customer service could see nothing about the freeze nor the 7k deposit)?!?! The department that handles frozen accounts isn't open on weekends, so now I have to wait two days to find out why they froze a savings account and where my money is. My only thought is that the deposit was flagged as suspicious activity (silly me, I thought that's what savings accounts were for—deposits).
I'm writing this review before I even talk to the department that froze my account because I'm so turned off by this experience. My online account shows nothing about being frozen (but it gives me an error when I try to initiate transfers in or out). Also, no emails or phone calls about the freeze. Terrible and stressful experience.
So in summary, Vio is holding my 2k balance hostage and my 7k is missing until further notice (hopefully on its way back to Capital One in 5 days). The best part is that the customer service gal told me to have a nice day after I expressed my anger about them freezing my account with no explanation and having no idea where my 7k transfer was.
Stay away from Vio, the poor customer service and sick feeling over missing savings are not worth the extra bit of interest. I think we'll be opening a Capital One Money Market.
Stay away from this bank - you can only withdraw $5k/day from a Savings account to your own bank accounts. Savings accounts should be liquid and readily accessible. Limits like this on a savings account give me no confidence about the financial stability of a bank (especially an online bank).
I was rejected, too. My credit score is almost perfect. The decision was instantaneous, so it was triggered by some computer parameter. When I called, I was only told that it was related to my "banking history". I have a hunch it's because I had an account with another on-line bank, but pulled it out after ten months because their interest rate wasn't competitive. I think Vio wants to make sure the money is with them a long time. The CSR was cordial, but was obviously bound by the bank policies.
WORST online bank account I have ever had. I have had the account for a month and set up the external account transfer capability and said is "active" - will allow me to deposit funds in account but not remove from account. I am in the process of getting all money out of account and closing the account as my account and am told that if close account mid month then don't receive interest for that month....
As of today Vio is holding $40,000 of my money hostage and I have to pay $30 to w/d it.
I was able to put $60,000 into the account and thought I'd make more $. Then I realized that I could only link ONE checking account. I used TD. TD has a policy of only using an ACH transfer up to $10,000/month. So I called VIO and they confirmed my only choice (they will not send you a check) is to WIRE IT to TD. That will cost $15. at TD (in) and $18.00 at Vio OUT).
As someone pointed out, My Savings Direct has a higher rate and no restrictions on SIZE of Deposits OR withdrawals. Just the 6 ACHs a month W/d which is fed rules.
$2,000 daily transfer out from vio bank, but no limit initiated from external bank
after 12 month of no activity there's $5 monthly fee (great shame!)
calling CS was cool, no issue with wait times
holding period, first time 7 business days, then 5 business days, you earn interest during holding period
after I verified the test deposits (make sure you write down full account number or you have to call CS like I did), I registered for the login account, put in your vio bank account #, your balance is 0 as you initial has not been transferred yet, and it said it will take 1-3 days to get approved (WTF), but since I had to call for my account #, CS approved my login access instantly after they asked me a bunch of questions
does not work well with lastpass but I'll live
Home page with banking advertisement looks good, but after you login it looks dated and there are quite a few links that don't work that are for a checking account, they are owed by a brick and mortar bank.
Only last 4 of account number on website and there's no routing number on the website and have to call in to ask for it even though I sent secure message for it, they responded by saying I need to call in,
The android app will ONLY make transferts to other vio/midfirst bank accounts, not too sure about this bank, but hey it has a great interest rate.
I started an account considering high advertized interest rate for deposit account. However, it was a hassle to get through teh application and initial deposit. Today I learned that the initial money I deposited is held for 9 business days and won't be available for transactions. They have not mentioned anything about restriction on fund availability during the application process or fund transfer process. I checked online info available on the deposit account fund availability rules for FDIC insured accounts, it appears what they are doing may be not be correct. While it is banks description to hold some money up to 9 business days, they should have released at least partial deposit with in 1 day after the transfer. So when you open the new account beware that the initial deposit money is gone for 9 business days until you have access to it.
There is nothing internet about this account. I have had to call 3 separate times and suffered through extensive holds each time.
ACH test deposit charged against my account on 8-21, funds are still being held on 8-28. No Funds Availibility Notice (Reg. CC violation assuming account is MMDA), no reason to hold a settled NACHA transfer. Best to give up 5bp and deposit with an experienced internet bank. Off to Capital One.
Just tried to apply for Vio Bank Online Savings Account. Was denied due to "incorrect" answers to security questions. This is the first time in my life (40 years of financials) that I was not approved for a bank account. The interesting part is that half of those security questions had absolutely nothing to do with me or my life history. They pull "public records" and if those records are wrong, you are @#$! out of luck. Called them up - the answer was - sorry, we can't do anything for you. Meanwhile, they now have my SS number and all the various personal information. So, yeah - not good...