Related Posts
8/4 - Greeted This Morning With A Rate Drop From 1.11% To 1.04% APY
7/10 - Another Vio Bank Rate Drop
6/24 - Vio Cuts To 1.21 From 1.35
6/11 - Review of Vio Bank Savings Account and CD Rates
6/10 - Vio Bank Savings Cut From 1.50% To 1.35%
5/15 - Vio Drops Again Two Weeks Later To 1.50%
5/1 - Vio Bank Savings Rate Reduction To 1.60%
4/30 - Vio Bank High Yield Savings Rate Continues To Be Competitive
6/7 - New Rate Leader - Vio Bank's High Yield Online Savings, 2.52% APY
6/7 - Online Savings Account 2.52% APY
3/27 - Vio Bank Ups High Yield Online Savings To 2.46% APY
2/8 - Vio Bank Nudges Up Savings Account Rate Again
1/25 - Vio Bank Nudges Online Savings To 2.39% APY
VIO New Customer
I am a new customer to VIO Bank in October 2019. I was a little concerned about some of the negative reviews before I decided to set up an account. My experience has been very good so far. The online process to apply for the online savings worked very well and smoothly. Further, I made a minor mistake in attempting to enroll in the online banking capability and they were very helpful in assisting me to correct the error and complete my enrollment. So far, they have displayed solid attention to security steps and provided phone assistance to answer questions and get me set up. I would advise potential customers to unfreeze their credit reporting at the big three bureaus. My impression is that if you don't, you will not succeed in trying to open an account.
Please Read This Positive Review
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.
Everyone Deserves A Second Chance.
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 $18.
BOTTOM LINE: I will now go through the application process and report any new findings thereafter.
Good Interest Rate, Everything Else Bad
This bank has hold times like crazy, and transfer times slower than any other bank.
I am working with 4 banks, 1 has a competitive interest rate, but what makes me decide not use this bank anymore is the fact that:
- their website is a joke
- transfers are being slow (better you don't need this money when you plan to get it)
- the hold time is long
- the balance after a transfer took few weeks to be reflected for a 1200$ transfer
Guess is good to save money, by being "forced" to avoid any operations with the bank, due to the bad user experience you will have
Data as of Q1 2020
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 4063 |
| Year Established | 1911 |
| Employees | 2772 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.99% |
| Return on Equity - YTD | 13.86% |
| Annual Interest Income | $231.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2020vs Q1 2019 | $24.20B$19.34B |
| Loans | Q1 2020vs Q1 2019 | $16.66B$14.26B |
| Deposits | Q1 2020vs Q1 2019 | $12.92B$9.07B |
| Equity Capital | Q1 2020vs Q1 2019 | $1.53B$1.73B |
| Loan Loss Allowance | Q1 2020vs Q1 2019 | $126.1MM$112.5MM |
| Unbacked Noncurrent Loans | Q1 2020vs Q1 2019 | $43.7MM$74.0MM |
| Real Estate Owned | Q1 2020vs Q1 2019 | $15.2MM$23.1MM |