Varo Bank Reviews
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About Varo Bank
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Varo is a self-described “digital consumer bank” with features such as no minimum balances, no monthly fees, branchless banking, automatic savings tools and a secured credit card. You can access your cash at more than 55,000 Allpoint ATMs. Sign up and manage your account on Varo Bank’s website or using its app. Deposits with Varo Bank are insured up to $250,000 with Federal Deposit Insurance Corporation.
- Cash back on debit and credit card
- Early access to direct deposit funds
- Up to 3% APY on savings
- Advances up to $100 with no interest
- Customer service not available 24/7
- No in-person services
Varo Bank Reviews
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Reviewed March 8, 2024
I've been waiting for my funds to be released on a deposit I made almost a week ago. I've tried using their app but the chat feature doesn't connect you with a real person. The phone is even worse. You can never connect to a real person. As for the email, it's a waste of time. The response you get back is that they don't respond to emails. I'd say they have the worst customer service in the world but that would mean they have customer service which they don't.
Reviewed Feb. 28, 2024
I got Varo Bank because I moved to a new town and needed to get an account in a hurry so I could get my pay checks direct deposited. Yesterday my account was suspended. I cannot log into my account, I cannot access my money and I cannot get ahold of a live person to speak with! They sent me an email asking me to prove my identity. After sending sensitive information the only thing they sent back to me was someone will contact me within 4 days. So now I have to go without money to provide for my kids, cannot pay my bills, get gas in my car to get to work, feed my family for at least 4 days! Not to mention the whole process of sending my sensitive information through some link they sent me is suspicious enough.
When you call their help line they tell you, "In order to speak to a live technician log into the app, click the help link and you can chat with someone." How am I supposed to do that when you locked up my account and I can’t access it? I understand being cautious and them protecting people's accounts and all that but it should not take days to review the information, see that I am the one using the account and unlock my account. What I find very suspicious and convenient is they suspended my account the second my tax return was deposited! Why Varo? Why do you lock people away from their money for so long? Why is it impossible to talk to a live person? Why does this whole process take so long to be resolved? Why would you tell someone who can’t access their account to log into their account to chat with a live technician? Why do you only communicate through email?
There has to be a more efficient and timely way to handle these sort of issues. They should have a team of experts that do just this and if it’s taking 4 days to resolve issues then they need to expand their team! I’m absolutely disgusted with the way they are handling this and the way they have handled thousands of others like me! People are all over the internet complaining about the same thing and they have done nothing to better these issues.
Reviewed Feb. 21, 2024
I signed up for the Varo Believe card thinking that it would be a great way to improve my credit score… Well imagine my surprise when my credit score dropped 66 points due to opening a new line of credit. How is something like this even possible? I’ve researched it and this is the reason for the 66 point drop, opening a Varo Believe card… So mad!!!
Reviewed Feb. 14, 2024
Their support sucks. You have to go through a lot just to type with what may or may not be a real agent. Then when you finally get to chat with them they can't help you no matter what the issue is and it sucks that no matter how long you've been banking with them they won't even give you the courtesy of actually having a conversation and speaking with a real representative to help with your issues.
Reviewed Feb. 9, 2024
Recent Mobile Deposit rejected after 3 days waiting for it be approved! Never ever had this happen to me before! The world is definitely changing in regards to to Mobile deposits! I have complied with their “said deposit rules” and they still refused to deposit my 401k check which is very legit… and just barely over 1k. Now because I wrote for Deposit to Varo… I now have to go to another bank and WAIT 7 DAY BEFORE I SEE ANY OF THIS DEPOSIT! I was very happy with Varo until this happened!! They have really declined and the fact that you can only talk by chat is unrealistic for sure! Varo has become the worst! Stay with known banks! The only reason I have used them was because they were very reliable on debit purchases and making sure they were declined if the money was not there. I could keep track of my expenses so much better… So that enticed me to start banking with them in the beginning… NOT SO MUCH ANYMORE!
Reviewed Feb. 7, 2024
My account was compromised on the 30th of January, my card was stolen from my car. I tried calling Varo customer service but all I got was the computer. My problem still has not been handled. I can't even login to my account. It is not possible to talk to a live person, only a computer, which is no help at all.
Reviewed Jan. 28, 2024
I have not been able to access my money or conduct banking business with Varo now for almost a month. I have late penalties and my credit rating has dropped 60 whole points because of their completely broken and useless customer service. At the first of the month (Jan 2024) I lost access to my mobile phone by leaving it on the train (I got it back, no biggie) but during the time the phone was lost I tried using an Android emulator to download the app and check my balance. WHY? Because Varo will not allow you any access to your Believe Card through the website, it's an App only feature so I had no choice.
Although it is NOT POSTED ANYWHERE that Varo does not allow access through an emulator, they immediately locked my account and sent a nasty email to my Comcast email telling me emulator access was strictly forbidden and I would have to reset my password before accessing the account through the app again. (okay, no problem right? WRONG!)
Even though they sent the "emulator not allowed" notice to my comcast email, whatever they did to my account resulted in no further emails reaching the comcast account which is the email listed on the account and the email address all Varo emails had gone to without any issue up until that point. So consequently, no emails allowing me to change the password have ever been received, neither in my inbox nor my SPAM folder leaving me locked out of my app and locked from my funds.
Varo provides absolutely zilch support except through the app, so if you are locked out, you are out of luck. I used to be able to access a live person through the 877 number but they have even blocked the ability to do that now leaving you stuck in IVR hell with no solutions. When I could still reach someone through the phone number, the first support person (I think he identified himself as Hector) was so unbelievably obtuse and insulting - anything but helpful I ended up screaming I was so angry. I called back and spoke to a helpful person and explained the problem. I asked that the account be switched to a different email, namely my icloud account and I filed a complaint against the unhelpful and rude representative I had just spoken to. She took the complaint, changed the email and said everything would be fine (WRONG AGAIN!)
Now, trying to initiate a password reset using my icloud sends an email straight to my inbox that tells me the email being used is not associated with my account. Trying to use the old comcast email sends a message that the email is not associated with any account. Frustrated I tried to use the app and set up an account with both emails to fix this. They only result in an in App message telling me they were not able to set up an account with those credentials. (ARRRRGH!)
The only resource left is to send emails to support@varomoney.com - which I have sent no less than 10 different lengthy emails completely describing the issue, how it began and what is happening including my mobile number. All they do is respond with a canned email explaining how to reset my password - which of course, had they read my email or even cared about what was happening, they would have seen offers no solution.
It has been a complete nightmare. They are unresponsive, unhelpful, nasty, rude and completely incompetent. Judging from the numerous bad reviews, they simply don't care about you as a customer and would rather run interference rather than actually help anyone. I am on social security and it goes to them via direct deposit, but I cannot access my money and cannot perform any transactions. My debit cards don't work and nobody at Varo gives a rats behind. I have numerous penalties accruing from bills I have not been able to pay and my credit rating has taken a -60 point hit because of numerous bills.
I cannot even withdraw my cash and NO ONE AT VARO WILL OFFER ANY HELP! They just send useless emails with instructions which are not viable solutions and never seem to tackle a look or consider there might be a problem within their system. IN SHORT, THEY JUST DO NOT CARE EVEN IN THE LEAST BIT ABOUT THEIR CUSTOMERS!!!! My check for February has just deposited into the Varo account which I am unable to access and am bracing for another month of credit damage and consequences by the inability to access funds.
I am taking things a step further and issuing complaints to the FDIC and to the agency charged with oversight of their practices. I have heard of a class action lawsuit and am looking into that as well. My advice... RUN, don't walk in the opposite direction if you have been considering VARO. I made the mistake of believing the App Store reviews and wish I would have looked elsewhere before trusting them with my money. Obviously the App Store reviews are either fake or skewed to make them look better especially after seeing the reviews left on this site.
IF ANY INDIVIDUAL PERSON DID WHAT VARO HAS DONE TO ME IT WOULD BE CRIMINAL... so how they get away from it is beyond me. Making them pay for their incompetence, spreading the truth about their organization and warning others has now become my passion project and I won't stop until they either fix the problems, pay for what they have done to myself and others or are forced to shut down.
Reviewed Jan. 16, 2024
Do not bank with Varo, they have zero safeguards for customers and allow people to open fraudulent accounts. They have no fraud department, and customer service can not help you safeguard your account or close your account. I've contacted them multiple times and still have not been able to resolve the fraudulent account opened in my name.
Reviewed Dec. 28, 2023
Varo has been a huge relief from ChexSystems denials, exorbitant overdraft fees, and especially the long wait of receiving gov. Benefits every month. I opened a checking account online within 5 minutes, after being turned down by corporate banks due to history with chexsystems. My card came in the mail and my direct deposits arrived 6-7 days earlier than the expected pay date. Wow! This was a really helpful feature, especially when living "check to check", as the CEO Collin Walsh reported "are his primary demographic" of customers. Luckily, I was not able to overdraft my account, so depending on a negative account balance, did not become a monthly problem.
As the months of banking history continued, I received an offer from Varo Bank to request an "advance", the amounts were dependent on my income, not the bank's ability to profit. Better yet, the average fee for an advance was less than $5 per month, to borrow $50-$200. For a person who struggles financially, having the ability to receive an advance, without fighting the cycle of poverty due to pay-day loans made me feel so much better about banking at Varo; that it IS... possible for a fiscally (and socially) responsible bank to pass the buck back to its customers, regardless of the amount spent or earned.
In addition, the average interest rate (gained) on a savings account is 5%. A 'Marcus Savings', by Goldman Sachs account has one of the highest-yield savings accounts commercially advertised, which caps at 3.4% annually. I had originally thought was the best in the industry - until I realized Varo offers better... The toughest part of having an account at Varo, is that when you've overspent, it is very difficult to find an online lender who will use Varo if you need an emergency/same day/payday loan.
Toward the end of a 1 year banking relationship as a customer of Varo, I feel grateful that I wasn't consumed by debt, that because of its' consumer-conscious financial practices, I still have my same account: still in good standing, and that I don't owe $200+ dollars to another bank, for not being rich enough to support their greed.
My debts have decreased, and I have learned to make due with the means that I have. Family and friends helped me get through this year as well, however Varo made it possible to bounce back onto my feet! If I had the ability, I would invest in Varo Bank. Companies like these are sorely needed in a capitalist world, where the majority of consumers fall prey to greed. Thank you, Colin; for making a bank that "supports" its customers, instead of destroying their future.
With gratitude,YJ
Reviewed Dec. 12, 2023
This bank is the worst bank I have ever banked with. I worked on December 3rd thru the 5th - someone used my card when I was at work- I called and disputed the charges as soon as I got home Monday when I realized they have been spent- mind you I have 2 phone which my new iPhone has a new number and I didn’t switch over all my apps- so I don’t get notifications on this phone I’m on now for Varo- just my important banks- Chase and Citizens since that’s where I keep larger amounts of money- long story short- I filed the dispute the 8th - today is the 13th and they have decided that they have made a decision that the transaction was not fraudulent but I allowed someone to spend $1577 off my card in 3 days - who does that - I’m gonna get a civil suit against them.
Reviewed Dec. 9, 2023
Hello to anyone interested in banking with VARO!!! The advancement offer is not what they claim even with QUALIFYING DIRECT DEPOSIT. "except" (you do get your money early) I really believe they base it on credit. And I've been with them a few months now and it still has not increased my limit. AND I HAVE DIRECT DEPOSIT WITH THEM. It's Christmas time. Needed a little extra cash for the nieces & nephews. Sorry Varo but for 4 months I’m still locked at the same available advance amount.. Not good!! Hope this review helps. I'll be changing banks after the New Year!!
Reviewed Oct. 24, 2023
Omg where do I start. I am so tired of the lies with this bank. They have taken money out of my account for a item I already paid for and have promised that it would be back in my account on a date multiple times and it hasn't. You can't call them. Only chatbot or chatting with a horrible representative. There are so many more issues and it is so sad and not right that they are allowed to do that! I want my money back and switching banks!
Reviewed Oct. 10, 2023
I’m trying to save a lot of people time and frustration. I would not refer VARO to my worst enemy. You will not be able to talk to anyone live and their automated service is so outdated! Please look elsewhere!
Reviewed Aug. 26, 2023
I transferred funds from 1 Varo account to another. Only varo deducted the transferred funds from both accounts. Easy fix? Not with Varo. They choose to steal my money rather than do anything. Online the accounts show a to account transfer and from account transfer. Only they deducted the funds from both. Now they won't even acknowledge it. Instead they talk bout other transactions and tell me that I'm not talking about the transfer. What??? It's crazy and I'm done with it. I want my money back from these Thiefs and I want it back now. Varo=Thiefs.
Reviewed Aug. 12, 2023
So I received a phishing text claiming to be Varo when it wasn't. I notified them and they locked EVERYTHING on my account. I can't get a hold of a human on the phone. All I get is a robot who hangs up on me. Aka the ivr. I'm playing email tag with "support." I've got undies from 1998 that give better support! They have $700 of my money.
Reviewed Aug. 1, 2023
935 dollars deposit and the cash advance got lowered from 75 to 50 stay away from this bank. Not good for business the more you get the less they let you borrow. They not a good bank other let you borrow 200 just with direct deposit.
Reviewed July 23, 2023
I've been with VARO for a couple of years now and have had 0 issues with them. Yesterday I received an email saying my account was closed. I didn't have any fraud, I never reported any fraud, I wasn't in the negative, I've never been in the negative, and I never called them to say I wanted it closed, I'm truly confused. After speaking with 2 customer service reps and being on hold 2 separate times for over an hour, they said I had to email VARO to see what was going on. All I know is that I have a 152.61 deposit that I cannot access and Varo still hasn't gotten in contact with me after I emailed them. Stay away from this "bank".
Reviewed July 17, 2023
Money was being took out of my account without my consent. Called them. They could not explain how it happened. Ended locking card. They were sending me a new card and some kind of way they were able to still take money out of my account and linked the new card that I never received. I am out of $510. So far they cannot tell me what is happening or how it is happening. Call support. They only can file a dispute. There is no one that you can talk to. Very unsatisfied with this bank.
Reviewed June 17, 2023
I love this bank because my direct deposit comes really fast but tonight my car broke down and I had someone Zelle me some money only to find out when I looked at the activity that Varo was having technical issues and it would affect any deposits and transactions. I think they should have send out an email or had a pop up notification when you open the app that says they are having issues with their site even when you try and call it gives you the latest transaction on your account but it starts off in April like I think that is something you should notify your customers about. Now I have to wait until they fix their dang system so I can get the money to fix my car. I have work and 6 children one being an infant 7 months old who has allergies to certain foods and other things that require me to have to rush to the ER.
Reviewed March 7, 2023
I woke up this morning and my account was closed. I don't have access to any of my money over 5,000 dollars and I called them to see why my account was closed without my knowledge. They said I needed to verify a W9 form. First of all this is a identity for they should get before approving or opening accounts. It's strange that after my Tax refund was deposited into this account now they want me to verify identity after 2 years of being a loyal customer. it seems like a fraud company. I have to move out by Friday and pay my rent. I need access to my money and the only thing they keep saying is they closed the account and will mail out my funds in 14 days. No I do not trust a check of that amount to be mailed and I don't trust that they will even mail it. This is a bogus company and everyone need to know about this. I am switching everything over to Regions Bank ASAP. I just want my money so I can close this account for good.
Reviewed Feb. 16, 2023
So today there was a fraudulent withdraw from my account today and when I called them to resolve the issue they said there was nothing more they could do until it clears. So now my bill that needed to be paid won't get paid because of this issue. I won't do business with them.
Reviewed Jan. 6, 2023
As Many times as I have seen problems in reviews I myself have never had them. The only problem I have is with people trying to ruin this company. My investing firm stopped using them and this ruined things for me. As far as Varo goes, it's an amazing company and very good bank as long as you Yourselves do what is needed. Pay things on time, follow instructions and do the best you can. They are a fair bank.
Reviewed Nov. 8, 2022
Someone got $220 out of my bank account with them. They did this over a period of 15 days. I reported it each time... Varo did nothing. They did not take steps to close the account/debit card, or explain to me why they did not and what I could do to protect my money.
Reviewed April 23, 2022
If you’re looking for a card that can help you build credit and have conveniences this is not it. Even when you make a payment on this account that money still never goes back into your available amount, and it must be paid in full each month.
Reviewed June 14, 2021
Love Varo Money! No fees, no hidden charges and getting paid early, even better. Have been with Varo for 2 years and have even closed my CHIME acct. because of the better perks and customer service! Couldn't ask for a better banking service and getting not only a checking acct but a savings too, AWESOME!! TOTALLY RECOMMEND TO ANYONE WHO'S TIRED OF MAJOR BANK DRAMA! OH, and the interest rate every month, AMAZING!
Reviewed May 31, 2021
Horrible customer service; over 40+ minute wait just to talk to someone. Always had problems with my card, they would deny any auto debits for bills and never did anything about it! When they changed their app, I was never able to log in to the older app to get/see my transactions.
Reviewed May 30, 2021
I hope to be safe as honest with the account and be as made it as easy to move funds from saving to check accounts with this new systems. Hope it makes life a little easy to live. From gas station to doctor to eating place.
Varo Bank Company Information
- Company Name:
- Varo Bank
- Website:
- www.varomoney.com