What is Varo Bank? Varo Bank Review, Features

Varo Bank is a digital bank that provides innovative, premium banking services with an inclusive design.

About Varo Bank

• Digital bank Varo Bank was founded in 2015 and is headquartered in San Francisco, USA. Its CEO and co-founder is Colin Walsh. Varo was founded to have a strong impact on the systemic financial inequality that Americans have experienced for generations.

• In 2020, Varo Bank became the first fintech company in the United States to obtain a full banking license. As of September 2021, the total number of Varo Bank users has exceeded 4 million. In June 2022, Varo fell into financial difficulties due to inflation and operating losses.

Varo Bank Corporate Business

People can enjoy the mobile digital banking experience by entering their email address on Varo's official website or downloading its application on the App Store or Google Play.

1. Bank Account

People can apply for a bank account by providing Varo with their name, Social Security number, date of birth and residential address.

2. Savings Account

Varo Bank's automated savings tools and high-interest savings accounts can help users grow their money.

3. Microfinance (Varo® Advance)

Users are eligible to receive up to $100 in prepaid savings through Varo® Advance, with no hidden fees or interest.

4. Credit Card (Varo Believe)

The Varo Believe Card is issued by Varo Bank, NA pursuant to a license from Visa® USA Inc and may be used wherever Visa credit cards are accepted.

Product Pricing

1. Debit card withdrawal fees

While users’ debit cards allow cash withdrawals at Allpoint® ATMs (in-network) for free, Varo Bank charges a $2.50 ATM cash withdrawal fee for all non-Allpoint® ATM transactions (out-of-network transactions), and additional fees may be charged by the ATM operator.

2. Microcredit charges

3. Credit card withdrawal fees

Similar to debit cards, users’ credit cards offer free cash withdrawals at Allpoint® ATMs (in-network), and Varo Bank charges a $2.50 ATM cash withdrawal fee for all non-Allpoint® ATM transactions (out-of-network transactions).