Varo is the 1,401st largest bank in the nation. It was established in 2020 and as of December of 2021, it had grown to 833 employees. Varo has a C- health rating.
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I Would Recommend Varo To Anyone
I'm shock of the reviews I've been using varo for 7 months now I never had a problem with my card with direct deposit or nothing I'm sorry any of you had to go through this but since it never happen to me they must improve they help build credit I'll have to give varo five stars Great Card to use I will recommend anyone to use varo.
Regular Cuts On APY
Totally untrustworthy if you want to use this bank looking at the Savings APY. They keep cutting APY on regular basis, and you'll never keep your APY you signed up for longer than some weeks. I joined with 0.40%, 1 month later they cut to 0.20%. Their high yield was 2.80% topped $10k, it's been raised 0.2% to 3% but the limit cut in half to $5k. So, in real life, you end up with less money. I should have believed in many, many, many customer reviews everywhere stating the same situation.
Really Ridiculous System
So I left Bank of America and did a ton of research and decided on Varo. Seemed great and overall I liked it in the beginning but then I noticed that there were some pretty stupid limitations or convoluted ways of doing things. For example to deposit a check, you need to add a note that its for Varo Bank only on the check. The really frustrating part was that the mobile deposit had a really low limit. As a freelancer, I get checks of varying sizes and having a limit on single deposits wasnt going to work. When I reached out to customer service about this issue, I didnt get a response for almost 2 weeks. The process of removing that limit was equally as ridiculous and frustrating. People shouldn't have to jump through hoops to get their money.
Over $2500 STOLEN!
I woke up to numerous unauthorized transactions on my account immediately calls Varo, and filed a police report. I sent the report to Varo and explained the situation thoroughly. They reached out soon after saying there was no fraud detected and will not be crediting my account. I am soooo beyond pissed and will be seeking legal advice. This Moby was saved for my procedures happening in 2 months. Not only am I likely not able to get the procedure I am loosing out on over $7,000 due to Varo neglect if they can not fix this before the date of my procedure. I WILL GET MY MONEY BACK! Do not do business with them!
Data as of Q4 2021
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 59190 |
| Year Established | 2020 |
| Employees | 833 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -52.11% |
| Return on Equity - YTD | -130.27% |
| Annual Interest Income | $983.00K |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2021vs Q4 2020 | $649.3MM$515.1MM |
| Loans | Q4 2021vs Q4 2020 | $7.7MM$1.6MM |
| Deposits | Q4 2021vs Q4 2020 | $251.1MM$415.3MM |
| Equity Capital | Q4 2021vs Q4 2020 | $345.5MM$81.8MM |
| Loan Loss Allowance | Q4 2021vs Q4 2020 | $1.8MM$1.9MM |
| Unbacked Noncurrent Loans | Q4 2021vs Q4 2020 | $0$7.00K |
| Real Estate Owned | Q4 2021vs Q4 2020 | $0$0 |