I opened an online savings account in July 2019. The website is very easy to navigate and I had no problems transferring money from a low rate savings account into Vio Bank. They even sent a thank you letter by Fed Ex overnight to my home address. Have never had to call customer service. Just take your time and provide the information they request accurately. It is a two-step process: 1. Set up and transfer initial deposit 2. Set up your online user name and password. I love this bank!
After reading several negative reviews, l would like to clarify how "linked" transactions work. Regarding daily ($5,000) and monthly ($20,000) deposit/withdrawal limitations: These limits ONLY apply for transactions "initiated" from your Vio external transactions panel. If you don't want to be limited by Vio's policies, simply establish your linked account(s) from an external source (other bank), and initiate transactions through THEM. This way, the linked institution's policies (if better) will supercede Vio's limitations. For instance, one of my linked banks has FAR greater transaction limits and no 5 day holds, etc. Simply put, wherever the transaction is "initiated" from determines whose policies will be enforced. Vio's FAQ page substantiates what I've noted, although in far less detail. My experience with Vio has been good to this point, including their customer service. Hope this helps.
On June 12, i discovered the 2.52% APY rate that VIO Bank began offering on June 7 so I phoned with questions about limits on external transfers. Dominique was very cordial and answered all my questions. THEN, I read reviews on this site which contradicted what I was told by phone. Phones again and Casey gave me different information which mirrors the negative reviews on this website.
Thus, I kept my $ at other banks.
August 19, 2019, phoned VIO again because my other banks keep lowering their rates. Spoke to Alicia who confirmed the $5K daily and $20K monthly ACH limits if initiated at VIO website. I also confirmed that to close an account with a large amount there is no closing fee but wire transfer costs $18.
BOTTOM LINE: I will now go through the application process and report any new findings thereafter.
Like many here, we made application for a joint account with VIO. Before advancing the application, we read 20+ pages of information. By the time we got to the end of application, we timed out & had to reapply. We reapplied but only to learn that it couldn't be processed. Two phone calls later we learned we had been denied. They refused to tell us why for "security reasons." Meanwhile all our personal information is out there. PLUS we have excellent credit without any financial problems ever & we were shocked that we were denied without reason. I learned a denial is an adverse action & they are required to tell me why my application was denied. Customer Service was contacted & their reply was nonresponsive to my request for the reason for denial. I will continue to pursue this with MidFirst & FDIC, but will never bank with them EVER. Very poor customer service. Very disappointing.
|FDIC Certificate #||4063|
|Return on Assets - YTD||1.53%|
|Return on Equity - YTD||16.86%|
|Annual Interest Income||$405.3MM|
|Assets and Liabilities|
|Assets||Q2 2019vs Q2 2018||$20.07B$15.38B|
|Loans||Q2 2019vs Q2 2018||$14.43B$11.11B|
|Deposits||Q2 2019vs Q2 2018||$10.14B$8.30B|
|Equity Capital||Q2 2019vs Q2 2018||$1.72B$1.64B|
|Loan Loss Allowance||Q2 2019vs Q2 2018||$112.5MM$116.5MM|
|Unbacked Noncurrent Loans||Q2 2019vs Q2 2018||$33.4MM$60.2MM|
|Real Estate Owned||Q2 2019vs Q2 2018||$23.3MM$21.9MM|
Always verify rates and promotions with the bank or credit union. We are not Vio Bank; we are a rate comparison website and cannot provide official rates or promotions.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.52%||$100||-||High Yield Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.00%||$500||-||84 Month High Yield Online CD|
|2.00%||$500||-||120 Month High Yield Online CD|
|1.95%||$500||-||60 Month High Yield Online CD|
|1.90%||$500||-||48 Month High Yield Online CD|
|1.85%||$500||-||36 Month High Yield Online CD|
|1.80%||$500||-||24 Month High Yield Online CD|
|1.75%||$500||-||18 Month High Yield Online CD|
|1.70%||$500||-||9 Month High Yield Online CD|
|1.70%||$500||-||12 Month High Yield Online CD|
|1.65%||$500||-||6 Month High Yield Online CD|
Vio Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 501 NW Grand Boulevard - Oklahoma City, OK 73118