How to Open Varo Bank: A Comprehensive Guide

Are you tired of dealing with traditional banks and their excessive fees and hoops to jump through? If so, you may be looking for an alternative banking option that is more flexible, easy to use, and cost-effective. Varo Bank may be the perfect solution for you. In this guide, we will walk you through the steps of opening a Varo Bank account, from eligibility requirements to account features and benefits.

What is Varo Bank?

Varo Bank is a mobile-only bank that offers a range of financial products and services, including checking and savings accounts, debit cards, loans, and more. The bank is FDIC-insured, which means your deposits are protected up to $250,000 per account holder. Varo Bank is also a member of the Allpoint network, which provides access to over 55,000 fee-free ATMs worldwide.

Eligibility Requirements

Before you can open a Varo Bank account, you need to meet certain eligibility requirements. To open an account, you must:

• Be at least 18 years old
• Have a valid Social Security number
• Be a U.S. citizen or permanent resident
• Have a valid U.S. mailing address

How to Open a Varo Bank Account

Opening a Varo Bank account is a straightforward process that can be completed in a matter of minutes. Here are the steps you need to follow:

1. Download the Varo Bank app from the App Store or Google Play Store.
2. Tap "Get Started" and enter your personal information, such as your name, address, and Social Security number.
3. Verify your identity by taking a photo of your government-issued ID and a selfie.
4. Choose the type of account you want to open, such as a checking or savings account.
5. Link an external bank account or debit card to fund your Varo Bank account.
6. Set up direct deposit or make a mobile deposit to add funds to your Varo Bank account.
7. Order a Varo Visa® Debit Card to start using your account.

Varo Bank Account Features and Benefits

Once you have opened your Varo Bank account, you will have access to a range of features and benefits, including:

No Monthly Fees

Varo Bank does not charge any monthly maintenance fees or minimum balance requirements. This means you can keep your account open and use it as much or as little as you want without incurring any fees.

Fee-Free ATMs

Varo Bank is part of the Allpoint network, which provides access to over 55,000 fee-free ATMs worldwide. This means you can withdraw cash from your Varo Bank account without paying any fees.

Early Direct Deposit

Varo Bank offers early direct deposit, which means you can receive your paycheck up to two days before your scheduled payday. This can help you pay bills and expenses sooner and avoid late fees.

Automatic Savings

Varo Bank offers an automatic savings feature that allows you to set up recurring transfers from your checking account to your savings account. You can choose the frequency and amount of the transfers and watch your savings grow over time.

Overdraft Protection

Varo Bank offers overdraft protection to help you avoid costly overdraft fees. If you don't have enough money in your account to cover a transaction, Varo Bank will automatically transfer funds from your savings account or an external account to cover the transaction.

Conclusion

Opening a Varo Bank account is a simple and convenient way to access a range of banking services without paying excessive fees or dealing with traditional banks. By following the steps outlined in this guide, you can quickly and easily open a Varo Bank account and start enjoying the benefits of mobile banking.

FAQs

1. Do I need a smartphone to open a Varo Bank account?
   Yes, you need a smartphone to download and use the Varo Bank app.

2. Is Varo Bank FDIC-insured?
   Yes, Varo Bank is FDIC-insured, which means your deposits are protected up to $250,000 per account holder.

3. Can I deposit cash into my Varo Bank account?
   No, Varo Bank does not accept cash deposits. You can fund your account by linking an external bank account or debit card.

4. Can I open a joint account with Varo Bank?
   Yes, you can open a joint account with Varo Bank. Both account holders must meet the eligibility requirements and complete the account opening process.

5. Is there a limit to how much I can deposit into my Varo Bank account?
   Yes, there are daily and monthly deposit limits for Varo Bank accounts. The limits vary depending on the type of account and funding source.