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.
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||1.4%|
|Return on Equity - YTD||15.95%|
|Annual Interest Income||$626.2MM|
|Assets and Liabilities|
|Assets||Q3 2019vs Q3 2018||$21.61B$16.47B|
|Loans||Q3 2019vs Q3 2018||$15.38B$11.93B|
|Deposits||Q3 2019vs Q3 2018||$11.55B$8.66B|
|Equity Capital||Q3 2019vs Q3 2018||$1.71B$1.70B|
|Loan Loss Allowance||Q3 2019vs Q3 2018||$112.5MM$112.5MM|
|Unbacked Noncurrent Loans||Q3 2019vs Q3 2018||$30.3MM$69.6MM|
|Real Estate Owned||Q3 2019vs Q3 2018||$23.0MM$22.2MM|
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|
|1.95%||$100||-||High Yield Online Savings Account|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|1.80%||$500||-||60 Month High Yield Online CD|
|1.75%||$500||-||48 Month High Yield Online CD|
|1.70%||$500||-||9 Month High Yield Online CD|
|1.70%||$500||-||36 Month High Yield Online CD|
|1.65%||$500||-||6 Month High Yield Online CD|
|1.65%||$500||-||12 Month High Yield Online CD|
|1.65%||$500||-||24 Month High Yield Online CD|
|1.60%||$500||-||18 Month High Yield Online CD|
|1.40%||$500||-||120 Month High Yield Online CD|
|1.30%||$500||-||84 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