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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.
It's A Scramble To Fund Your New Account, And As For Withdrawals! Check Very Very Carefully. (Explanation Below)
I was admittedly accepted for the account first try, but though I have a 832 credit record, it sounds like others complaining also had great scores so I don't know that this is the reason.
I have spoken to them enough to recognize phone staff by voice, and is a PIB but it seems some are very knowledgeable while others are complete novices. Then too, some are REALLY condescending.
I think I've finally gotten the hang of the push versus pull transfer deal, and since I want to keep my funds put for a while (unless their current 2.52% rate drops drastically) it's OK. I have $100K in Redneck bank, 2.4 % (yes, I know! but it's not a joke) where I can link a checking account for withdrawals so unless I need to take a lot of my VIO balance out to invest it's tolerable.
But BEWARE THIS about wiring out! (And I haven't heard this from any other respondants).
1) Not only do you need to send them a form authorizing a wire withdrawal (good for any bank), it needs to be:
- hard to believe it - NOTARIZED!
2) Also, 72 hours must elapse after they get the form for it to work. (Best to have the notarized form there well in advance of possible need)
3) To put through a subsequent request, you need to send them another form for that specific wire .
I have never heard of having so many hoops to jump through to access your funds, and the worst is they DO NOT TELL YOU THIS IN ADVANCE (I only found out by asking question after question) .
Although this bank's safety rating is mostly excellent (so it seems per my checking methods, anyhow), it almost makes me think they want to make it impossible to withdraw your funds in an emergency - yours or the bank's.
That IS scary!
I can understand the policy making withdrawals hard (they want to keep your $ - d'uh!), but why they make it ghastly to open an account is beyond me. With the near certainty of rates reductions, even to the possibility of NEGATIVE RATES, I'm rethinking my presently maximum FDIC deposit to this bank. (Why they operate the high yield accounts under a different bank name I don't know, but they're not the only one). To start, I'm planning to send them the notarized wire authorization ASAP for protection of my funds.
The more I think about it, the more troubled I am about their policies. That is less the requirement for the notarized form, the delay to make it workable and then needing the second form when you're actually asking for money, but their complete lack of information about these rules! I'd never have learned of them if I hadn't gotten kind of paranoid from working with other online banks which have their own problems with incompetent CS people and restrictive rules re withdrawals. None as weird as VIO though. (BTW I've noticed their phone staff are inconsistent about how they pronounce the name of their own bank - "Vee-yo" or VYE-oh"?)
That said, I also don't know why they are a renamed "daughter bank" of Midstate, but again, they are far from the only hi-yield savings bank to have done this.
Hope they aren't skirting the rules on how this subsidiary is rated for soundness!
The only explanation I can find for their ridiculous conduct and regs is that they are VERY incompetent. As a bank they must want to get consumers' deposits and the way it's set up, they make it almost impossible. OTOH it's hard to think bankers could be this sloppy and off-putting.
My rating below is entirely because of their yield, otherwise (like other online accounts) it would be one star because of the nuisance factor, hoping that's all it is. Wondering if I was accepted immediately not because of my credit, but because my name figures on some unknown stupid consumer rating list!
Data as of Q4 2019
Health Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 4063 |
| Year Established | 1911 |
| Employees | 2678 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.46% |
| Return on Equity - YTD | 16.98% |
| Annual Interest Income | $852.7MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $22.99B$17.23B |
| Loans | Q4 2019vs Q4 2018 | $16.18B$12.48B |
| Deposits | Q4 2019vs Q4 2018 | $12.42B$8.84B |
| Equity Capital | Q4 2019vs Q4 2018 | $1.84B$1.69B |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $112.5MM$112.5MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $22.5MM$90.7MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $18.3MM$20.9MM |