Founded in 2015, Varo Bank is a digital bank that seeks to provide banking services to those who historically have had difficulty accessing them, including the underbanked. In 2020, Varo became the first fintech company to receive a full-service bank charter from the federal government.
Varo only offers a few deposit products, but they come with plenty of extras, including no monthly fees, minimum balance requirements or transfer fees, early direct deposit, a cash advance feature, and top-notch digital tools.
Varo is a simple banking system to sign up for and use. To start, you can download the app, click on “Sign Up” and follow the instructions. You can also use the Varo website. You need a form of personal ID and your Social Security number. There is no credit check when you sign up for a bank account.
After approval, you should receive your Visa debit card in six to nine business days. You can deposit money into your account via direct deposit; transfer from an external bank account or digital wallet; mobile deposit of a paper check; cash deposit at checkout with various retailers; or using a Green Dot MoneyPak.
Varo customers can reach a service representative by phone seven days a week. They’re available 8 a.m. to 9 p.m. Eastern time, weekdays, and 11 a.m. to 7 p.m., weekends. Inquiries can also be sent by email. Varo’s app receives high ratings from users on both iOS and Android devices. The app provides all of the account access, tools and features that customers can get through the website. It also gives customers the ability to lock their cards instantly should they be lost or stolen.
According to forbes; consumeraffairs.com; linkedin.com. Source of photos: internet