A US Bank Is Now Making Unexpected Account Closures
A US bank is now making unexpected account closures after a fuming customer said the bank told her a reason was not required.
A customer warned others on social media not to open an account with Varo Bank after her account was abruptly closed without warning.
The fuming customer posted a video on social media, informing her audience of the bank’s suspicious activity, reports The-Sun.
In a video by TikTok user Nikki Nicole (@nikiyanicole85), she encouraged her audience to “get your money and run.”
“If you have Varo Bank, leave them alone,” she heeded.
“Get your money out your account. Close your accounts immediately.”
The user claimed the bank was closing their customer’s account without reason.
“[The bank will] send you emails saying that they don’t have to have a reason to close your account.”
She also claimed that the bank email said they don’t have to talk to you or give you any more information after they close your account.
Nikki said after receiving this email, she is worried about how she will get her money back from the bank.
She said Varo told her she should receive a check in 14 days.
However, when Nikki researched other people’s experiences with Varo, she claimed they reported that Varo doesn’t send checks out.
“If they do [send checks] it’s fake or its hard to cash, or [you] never receive [your] money,” she said.
Varo is the first digital-only bank and has no physical locations.
The bank has grown to 7 million users since it was founded in 2020.
The bank also has a feature similar to Venmo and Zelle, known as “Varo to Anyone.”
This feature allows customers to send free transfers to anyone with a US debit card.
The U.S. Sun reports that they have reached out to Varo Bank for comment.
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Also Read: A US Bank is Now Denying Customers Access to Money
Other Banking News Today
This massive bank is now closing 50 new branches this year with four shuttering in the same state in just a few weeks.
Bank of America has confirmed the closures of four branches in one state amid planned shutdowns of over 50 in 2024.
Regular customers at the locations will want to make the necessary adjustments and look for their next closest Bank of America for future needs, reports The-Sun.
Each of the four is taking place in Massachusetts over the coming weeks, starting with a Bank of America branch in Boston at 125 High Street first on February 27, per ASTV.
About 13 miles south in Braintree, a branch at 250 Granite Street will also close for good on the same day.
Only one week later, on March 5, the 172 Park Street Bank of America in North Reading, 19 miles north of Boston, will close its doors.
Lastly, the Bank of America location at 430 Route 134 in South Dennis will shut down days later on March 12.
Data published by The Office of the Comptroller of Currency (OCC) showed that Bank of America officially reported at least 55 closures this year including the Massachusetts locations.
At least seven others are scheduled for this month across the country aside from the two aforementioned in Massachusetts.
Two in California and one in Maryland already closed on February 13, and four others in California are set to close on February 27.
Joining the March 5 Bank of America closure in Massachusetts are five others in New Jersey, Missouri, California, Georgia, and New York.
Another New York closure is set for March 8.
Four across Florida, Pennsylvania, Tennessee, and California again will close alongside the final Massachusetts shut down on March 12.
By the end of 2023, Bank of America had closed 108 locations.
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Also Read: The US Treasury Direct is Now Freezing Customer Accounts
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