True or False
Your customer David says that he had given his ATM card to his son to withdraw $20.00, but he saw son withdrew $200.00 instead. David wants you to credit his account the difference of $180.00 since his son withdrew more than David authorized him to. You do not have to give him credit. True or False
TRUE- If the customer furnished the ATM card AND the PIN to someone, he cannot demand
reimbursement from the bank if the person withdraws more than the customer told him to because legally it is not an unauthorized withdrawal.
What is the purpose of Reg E
The purpose of of Reg E is to help protect consumers who use EFTs.
How do I initiate a card dispute?
If you see a transaction on your Varo Bank Visa® Debit Card you don’t agree with, please reach out as soon as possible
Do you check my credit history when I apply for a Varo Bank Account?
No, we don't check your credit history when you apply for a Varo Bank Account, so applying will not affect your credit score.
What year did Varo receive their bank charter?
2020
There is no requirement under Regulation E for a financial institution to send a periodic statement to a consumer if no electronic fund transfer (EFT) has been debited or credited to the consumer's account
TRUE
What is the timeframe in which I must forward any disputes to the appropriate department?
The same day I am notified of a dispute.
What is the timeframe in which provisional credit must be given even if the investigation isn't completed?
10 business days
What is Varo Advance?
Varo Advance gives you access to extra cash when you need it, without having to overdraw your account.
How many locations do we have?
3- SLC, SF, NC
If a consumer has a debit card, and writes his or her PIN on the debit card, and the card is subsequently stolen and unauthorized EFTs are made to the consumer's account, the consumer's negligence affects his or her liability for unauthorized EFTs
TRUE
What is an acceptable way for the customer to notify the bank of an error?
Email and to call in.
How long will my dispute take?
How do I transfer money to an external bank account?
1.Link the external account to your Varo Bank Account and verify it’s yours.
2.Once the external account is linked, open the Varo Bank app and tap Move Money > Transfer Money > Transfer Money.
3.Select From: Varo Bank Account and To: the account you want to receive the transfer. See the limit for the transfer under the transfer amount.
What are Varo's 5 core values?
Make It Better, Respect, Take Owenership, Customer First, Stay Curious
If the customer reports unauthorized activity and hangs up before you can ask any questions. I don't need to cancel their card.
FALSE
Why is Regulation E important?
It outlines rules for electronic funds transfers and provides guidelines for issuers and sellers of debit cards. It was enacted to protect consumers.
How will I be notified when my dispute is resolved?
For all actions taken on your Varo Bank Debit Card, from provisional credit to final resolution, you will be notified. Generally, we’ll send a paper letter to the address we have on file, which can be found in the Varo Bank app by tapping Settings then Profile. From time to time we’ll email you the resolution.
Can I receive a PPP/SBA loan into My Varo Bank Account?
Varo currently offers only personal accounts—not business accounts—we cannot accept business transactions like Paycheck Protection Programs (PPP) loans and other loans from the Small Business Association (SBA) that are intended for business purposes.
How big was our largest training class?
60 people
Reg E is set by the Federal Reserve Board
TRUE- Reg E is set by the Federal Reserve Board that sets the rules and procedures for electronic fund transfers
What transactions fall under Regulation E?
What is a provisional credit?
A provisional credit is a temporary credit that is provided while we investigate your claim if your dispute can’t be resolved within the first 10 business days if your claim qualifies
What is the SLA for Fraud?
24 - 96HR
Who was the first SLC employee?
Aaron Valentine