If you have a parent-child account set up then you will see an option to mark your payees/account as "VIP".
The VIP label is strictly a label: it has no functionality other than to let your staff know that a certain payee/account is a VIP. In other words, this is purely an informational label that changes none of the functionality for the account. Only you and your staff (team members) can see that an account is VIP.