Varo


Overview / Commentary
800-827-6526
111 Sutter Street
San Francisco, CA 94104

Varo is the 2,781st largest bank in the nation. It was established in 2020 and as of June of 2021, it had grown to 651 employees. Varo has a C health rating.

Regular Cuts On APY

Posted by: |

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.

Worst Bank Ever

Posted by: |

This the worst bank I ever had I had a deposit of 353
It was stolen the next day with out me knowing
I would never recommend this bank to anyone
After I lost all my money

The Worst Bank

I have been with Varo for quite some time now. Never any issues with them. Had to call them a couple times to raise my deposit limit so that I could deposit income tax refunds. Never an issues. So yesterday for some reason I woke up after being sick all night. I recently moved from an apartment full of black mold and have been battling pneumonia for 7 months. I also am a cardiac patient. All that being said I check my email and there are two emails from varo stating they have close my accounts. ?? No reasons why. Like I said never any issues. I am two hours from home. Just had testing for heart surgery and I am stranded now with no way to get home. No way to get my heart medication of which I will run out of on Friday. They have left me stranded with my dogs two hours from home. No money for gas and no money for my medications. I work for an attorney who I have contacted and will be handing this matter. And I have contacted the FDIC and the Attorney Generals office. They can deal with the feds. And the customer service is a useless as tits on a board hog. No help. It is my hopes for Varo that they go bankrupt. I would give zero stars but not an option. All I get is security put my account t in review and decided to close it. No dispute ever. Neber asked for refunds on any purchases, no overdrafts. Absolutely perfect account since it has bern opened. Varo is the worst. Not recommended. Do not use.

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Health
Additional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. Varo has a negative return on equity.

Health Grade Components

Overall
FDIC Certificate #59190
Year Established2020
Employees651
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-53.46%
Return on Equity - YTD-256.43%
Annual Interest Income$318.00K
Assets and Liabilities
AssetsQ2 2021$247.9MM
LoansQ2 2021$4.5MM
DepositsQ2 2021$152.4MM
Equity CapitalQ2 2021$66.9MM
Loan Loss AllowanceQ2 2021$3.2MM
Unbacked Noncurrent LoansQ2 2021$2.00K
Real Estate OwnedQ2 2021$0
Rates
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Varo Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%-$5kVaro Savings Account
Locations

Varo is an Internet only bank and does not have branch locations. Its headquarters is located at 111 Sutter Street - San Francisco, CA 94104

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