As I recall that has to do with Menu 29: DSPCHANNEL being set to CH, instead of either FREQ or NAME.
Push the FUN button to enter the Menu Mode and use the V/M button as UP and MAIN button as DOWN to go to Menu: 29.
When you are at Menu: 29, use the UP and DOWN arrow keys to go through the 3 different selections (CH, FREQ and NAME) and pick either FREQ or NAME as you desire and then Push the FUN button to exit out of Menu Mode.
V/M should now toggle between VFO and Memory (Channel) modes now.