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.
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.
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 $18.00 at Vio OUT).
As someone pointed out, My Savings Direct has a higher rate and no restrictions on SIZE of Deposits OR withdrawals. Just the 6 ACHs a month W/d which is fed rules.
I started an account considering high advertized interest rate for deposit account. However, it was a hassle to get through teh application and initial deposit. Today I learned that the initial money I deposited is held for 9 business days and won't be available for transactions. They have not mentioned anything about restriction on fund availability during the application process or fund transfer process. I checked online info available on the deposit account fund availability rules for FDIC insured accounts, it appears what they are doing may be not be correct. While it is banks description to hold some money up to 9 business days, they should have released at least partial deposit with in 1 day after the transfer. So when you open the new account beware that the initial deposit money is gone for 9 business days until you have access to it.
There is nothing internet about this account. I have had to call 3 separate times and suffered through extensive holds each time.
ACH test deposit charged against my account on 8-21, funds are still being held on 8-28. No Funds Availibility Notice (Reg. CC violation assuming account is MMDA), no reason to hold a settled NACHA transfer. Best to give up 5bp and deposit with an experienced internet bank. Off to Capital One.
Just tried to apply for Vio Bank Online Savings Account. Was denied due to "incorrect" answers to security questions. This is the first time in my life (40 years of financials) that I was not approved for a bank account. The interesting part is that half of those security questions had absolutely nothing to do with me or my life history. They pull "public records" and if those records are wrong, you are @#$! 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...