Varo bank review: checking and saving

There is no monthly fee or minimum balance required for Varo’s bank account, which comes with a Visa debit card. Varo Bank is part of the Allpoint network, which has more than 55,000 toll-free ATMs in the United States, Puerto Rico, Canada, Mexico, Australia and the United Kingdom.

If you are using a non-Allpoint ATM, Varo will charge you $ 2.50, in addition to the fees charged by the owner of the ATM.

If Varo receives a direct deposit notification before your payday, they can deposit your money earlier, often up to two days before your due date. See below for more information on Varo.

Cash deposits at Varo are more difficult. As Varo does not have branches, the only way to add money directly to your account is by going to a retailer that is part of the Green Dot network, such as CVS, 7-Eleven or Walgreens. There is a fee of up to $ 5.95 to add money to their cash registers and limits on the amount of money you can deposit, typically $ 500 to $ 1,000, depending on the retailer.

Customers can use the Varo Advance feature to borrow up to $ 100 instantly. You will pay a lump sum for a cash advance over $ 20, and you will have to pay back the money between 15 and 30 days. To access this option, your account must: be active and be at least 30 days old and have had at least $ 1,000 in eligible direct deposits made within the last 31 days. You can access the feature again after you have paid off the last advance.

Varo says: “Early access to direct deposit funds depends on when the payer submits the deposits. We usually publish these deposits on the day they are received, which can be up to 2 days before the payor’s expected payment date. “

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