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Varo Online Checking Account Review

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Varo Money, Inc. provides online checking and savings account services to customers via its website and mobile app. Funds deposited through Varo are FDIC insured through Varo Bank, N.A. Member FDIC. The company is based in San Francisco.
 
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How is Varo rated?

Breakdown

4.4/5
Account Features
4.6/5
Fees and Restrictions
4.6/5
Support, Reputation, and Financials

Overall Rating: 4.5 / 5 (Excellent)

Varo offers online and mobile banking without conventional branch offices. Its strength lies in its convenience, low cost, and accessibility. Accounts are controlled through the company's well-designed mobile app and website that allow customers to carry out nearly all checking account operations without overwhelming them with a cluttered, complex interface. Varo's online checking accounts don't impose the fees that many other banks do, which removes one of the major annoyances associated with banking.

Account holders receive a Varo Visa debit card, which can be used to make purchases or to withdraw cash without fees from any Allpoint ATM. Deposits can be made at any of over 90,000 retail locations that use Green Dot Reload @ the Register. Further, customers have the option of opening an interest-earning Savings account, the Varo Believe Secured Credit Card, and the Varo Advance service that provides up to a $100 cash advance on your account. These features put Varo near the top of the field of online and mobile banking services.

Varo Account Features

Account Features - 4.4 / 5

Accounts are controlled through the company's mobile app and website. Account holders receive a Varo Visa debit card, which can be used to make purchases or to withdraw cash without fees from any Allpoint ATM. Deposits can be made at any of over 90,000 retail locations that offer Green Dot Reload @ the Register services. Varo also offers early direct deposit, which can make funds from paychecks available up to two days before the official payday*. Although Varo is an electronic bank account, it will send paper checks to payees of your choice without charge.

Customers can also apply for other bank products and services through the Varo website. The Varo Savings account allows you to transfer money from your Checking account and to start saving now, including automatic transfer of a percentage of your direct deposit or rounding up every transaction to the nearest dollar and transferring that amount to your savings. Qualifying customers who fulfill certain parameters can earn up to 5.00% APY. Varo Advance is a service that provides qualified customers up to a $100 cash advance for a minimal fee.

*Early access to direct deposit funds depends on timing of payer’s submission of deposits. Varo generally posts such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.
Methods of Deposits
Mobile Check Deposit
Direct Deposit
Integration with Other Online Accounts
Savings
External Banks
No-Fee ATM
No-Fee at Network ATMs
ATM Locations
50,000+ Allpoint locations worldwide
Branch Offices
None

Interest (APY)

None on checking accounts
Integration with Mobile Payment Services
Venmo
PayPal
Apple Pay
Google Pay
EMV Chip Technology
Yes
Mobile App
Yes

Bonus Features

Cash deposits can be made using Green Dot @ the Register at any one of 90,000+ locations at retail stores such as 7-Eleven, CVS, Dollar General, Family Dollar, Kmart, Kroger, Rite Aid, Safeway, Walgreens, and Walmart.

Varo Fees and Restrictions

Fees and Restrictions - 4.6 / 5

One of Varo's greatest strengths is that it doesn't charge many of the fees that its competitors do. There's no minimum balance. There are no monthly or maintenance fees, no foreign transaction fees, no debit card replacement fees, no account closing fees, no ACH bank transfer fees, and no fees for depositing checks through the app. Varo doesn't charge any fees for cash withdrawals made at Allpoint ATMs but does charge a $2.50 fee for out-of-network ATM withdrawals. Retailers may charge fees of up to $5.95 to deposit cash at Green Dot Reload @ the Register locations.
Maintenance Fee
None
Minimum Balance
None
Minimum Monthly Deposit
None
Minimum Number of Transactions
None

Varo Support, Reputation, and Financials

Support, Reputation, and Financials - 4.6 / 5

Varo has been criticized in complaints to the BBB and Trust Pilot for, among other things, abruptly disabling customers' debit cards and cutting off access to funds. Usually this has been done because the company believes that it detected suspicious activity on the account.
BBB Rating
A
BBB Total Complaints
BBB Resolved Complaints
610
Trust Pilot Rating
4.0 out of 5
Consumer Financial Protection Board (CFPB) Complaints
0
Date Collected
2021-07-19
Year Founded
2015
Live Help 24/7
No
Customer Support Hours
Every day except federal holidays, Monday - Friday 8am to 9pm ET; Saturday - Sunday 11am to 7pm ET.

Contact Methods

  • Phone
  • Email

Company Profile

Full Name
Varo Online Checking Account
Company Website
https://www.varomoney.com
Headquarters
222 Kearny Street, Floor 9, San Francisco, CA, 94104

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