Volt’s Terms Grant Unusually Broad Authority On Paper; CEO Says Practice Differs
A Reveille Times comparison finds Volt Bank's Terms of Service grant broader authority than any of the five other Redmont banks reviewed. Most strikingly, Volt is the only bank reviewed that can close an account after just one month of inactivity, not give a notice, and keep the entire balance; no other reviewed bank combines a one-month trigger, no notice, and full forfeiture. CEO Omegabiebel says the provision is 'practically unused' and that the bank has only ever pruned users inactive for six months or more, but that threshold appears nowhere in the Terms. According to Omegabiebel, the Terms are intended as legal protections based on the bank’s experience with exploitation and fraud, not as a reflection of day-to-day operations. A customer, for example, would find that freezing decisions are 'final and not subject to appeal, reconsideration, or review,' but not that the bank says it reviews them upon request anyway. Customers agree to the document, not the practice, and nothing in the Terms tells them the difference.
