Varo bank

1.INTRODUCTION
What Varo bank?
Varo Bank is a mobile bank account app built with best-in-class
technology to help people get ahead financially.
Varo is an American mobile only neo bank based in San
Francisco, California. The company provides financial services
through its mobile app and currently has 1 million customers.
Varo Bank Accounts are provided by Varo Bank, and deposits are
FDIC-insured up to $250,000 through Varo Bank, N.A; Member FDIC.
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Introduction……
 Varo bank only offer accounts to U.S. citizens and permanent residents who are
18 or older with a valid social security number. You’ll also need access to a
device that can run our app.
 Varo Bank is currently supported on the following devices:
 Apple iPhones running iOS version 13.0 or higher
Android devices running Android OS 6.0 Marshmallow and above with
access to the Google Play Store
 A personal computer running one of these compatible browsers:
 Microsoft Edge version 81.0 or higher.
 Firefox version 72 or higher.
 Safari version 13 or higher
You can deposit up to $1,000 per day a maximum of $5,000 per month.
 2.Pros and cons
Pros Explained.
 Varo delivers no-monthly-fee checking and savings accounts.
 You will pay no monthly maintenance fees,
 no in network ATM fees,
 no foreign transaction fees,
 no debit card replacement fees, and
 no transfer fees.
 No minimum balance required to open an account
 Attractive savings APY (significantly higher rate if you meet requirements)
 Access to large Allpoint ATM network
 PROS AND CONS.….
Cons
 High-yield savings account only available to checking account holders.
 Varo to Varo transfer is only available if both parties are Varo customers.
 External transfers are limited to $10,000 per month.
 Limits and fees for cash deposits
 It allows only for US citizens with age 18+ to open Varo bank account.
3.The account offering and unique services delivered by Varo bank
 Varo Bank Account (Checking)
 Varo’s online checking account—known as the Varo Bank Account—doesn’t charge
monthly maintenance fees, and you don’t need to keep a minimum balance in your account.
 There are no fees or interest charges, but you do have to meet two requirements to be eligible:
 You must make five debit purchases per month, and
 You must receive payroll or government direct deposits of at least $1,000 per month.
 Cont.…
Varo Savings Account
 Once you open a Varo bank account, you have the option to
open a Varo Savings Account. The account currently offers an
0.20% annual percentage yield (APY). Varo offers an option to
earn a substantially higher APY of 3.00%, after meeting certain
monthly requirements. To qualify for the higher rate, each month
you must:
Make at least five qualifying debit card purchases, and
Receive direct deposits of $1,000 or more (from payroll or
government sources) within each qualifying period and
Maintain a daily savings balance of no more than $5,000
for the entire calendar month.
 4.The best thing I am amazed about Varo Bank
 Unlike many banks, Varo doesn’t charge a foreign transaction fee on
ATM withdrawals or debit card purchases abroad.
 We can use Varo banks allpoint ATM (withdraw) money without any
fee or charge.
 Varo bank can’t accept cash deposits directly into a Varo Savings
Account, but you can deposit cash into your Varo Bank Account then
transfer it to your Savings Account in the Varo app.
 Savings accounts help restrict your chances of spending money
impulsively and increase your financial preparedness in case of an
emergency.
 Summary
 VaroBank is mobile bank account app built with best-in-class
technology to help people get ahead financially.
 Verobank doesn’t fees for withdraw from All point ATM ,foreign
transaction, debit card replacement, minimum balance required to open
an account, monthly maintenance.
 U.Scitizens and permanent residents who are age more than 18 years
old with valid social security code are eligible to have Varo bank
account.
 We can not deposit in Varo bank saving account directly but can deposit
cash into Varo bank account and then transfer it to our saving account in
Varo app.
Thank you