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Everything you might want to know about how Velovance works — accounts, transfers, savings, security and more. Find your answer in seconds.
Frequently asked questions
Is Velovance a real bank?
Yes. Velovance is a fully licensed digital financial institution. We partner with FDIC-member banks to hold your deposits, and all accounts are protected up to $250,000.
Are my funds protected?
Absolutely. Your deposits are held in segregated accounts at tier-1 FDIC-insured partner banks. Eligible balances are protected up to $250,000 per depositor. Your funds are never mixed with operational capital.
How long does it take to open an account?
Most accounts are approved instantly. Our verification process takes 2-3 minutes. In some cases, additional documentation may be requested, which typically resolves within 24 hours.
What fees does Velovance charge?
We believe in transparent, simple pricing. There are no monthly maintenance fees, no minimum balance fees, and no domestic transfer fees. International transfers include a competitive 0.5% fee with real exchange rates. See our full Pricing page for details.
How do crypto deposits work?
You can deposit Bitcoin, Ethereum, and USDC directly from any external wallet. Your deposit will be automatically converted to USD within 1-3 blockchain confirmations (typically 10-30 minutes). We publish real-time exchange rates and disclose all conversion fees before you confirm the deposit.
Is my personal information secure?
Yes. We use bank-grade AES-256 encryption for all sensitive data. We never sell your personal information. Multi-factor authentication is available and recommended. You can review, export, or delete your data at any time from your account settings.
Can I get a loan with Velovance?
Yes. We offer personal loans from $1,000 to $50,000 with terms of 12-60 months. Check your rate in under 2 minutes with a soft credit check that won't affect your credit score. Funds are typically deposited within 1-2 business days after approval.
What customer support options are available?
We offer 24/7 in-app chat support, email support at support@velovance.com (Mon-Fri, 9am-6pm ET). Premium account holders receive priority 24/7 phone support.
How do I close my account?
You can close your account at any time from Settings → Account → Close Account. Any remaining balance will be transferred to your linked external bank account within 5-7 business days. No early termination fees apply.
Does Velovance report to credit bureaus?
Yes. Your Velovance checking and savings accounts do not affect your credit score. However, loan products are reported to major credit bureaus (Equifax, Experian, TransUnion), helping you build credit history with on-time payments.
Can I use Velovance for business banking?
Currently, Velovance is available for personal banking only. Business accounts are coming in Q2 2026. Join our business waitlist to be notified when launched.