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Varo holding money
 

I posted this in the Paypal section before seeing this section in the forum.


I just got a notice that Varo had suspended my online bank account that is linked to a stealth Paypal and they are questioning me on the source of the transfers. There is $1,100 in the account now that I cannot access.

In the email they were asking for my ID, which I e-mailed to them, but this is what they are also asking for:

3. We noticed an unusually high level of Paypal deposits in a mismatched name followed by ATM withdrawals. Please provide supporting documentation for where the funds originated. For example: W2, 1099, W2-G, receipt for services you may have provided, bank statements showing transfers of funds linked to above transactions.


I called them, and they said the members from the security team aren't in. They said they would contact me within one business day. I told them I did not have any of these forms.

Does anyone have any insight on what I should do in this situation? I don't know if they can hold the money or not like Paypal could do. Any insight or experience here would be greatly appreciated. I have come to learn that most of the virtual banking apps are NOT the way to go.


Thanks everyone

Re: Varo holding money
 

Which virtual banking app did you use OP?

Re: Varo holding money
 

Interesting. Downloaded this app the other day after I was spammed it in an ad. Didn't plan on trying to use it for Paypal.. but I think I'll delete it now regardless. Thanks OP