“As a national bank, they have the spirit that we also encourage innovation, and they help us do that.” Varo offers No Fee Overdraft, which allows you to collect your checking account for up to 50 $US if you buy a debit card. There are no fees or interest charges, but you need to meet two requirements to be justified: Wright said he expects fintechs and digital players to get ahead of traditional banks when it comes to introducing small-dollar credit products. You must register in the Varo app for No Fee Overdraft before the feature is activated. When you set up your account, you`ll have 30 calendar days to refund the amount Varo will automatically take from your next direct deposit. I really enjoy Varo! It is beautifully structured and the layout is easy to find. I like the fact that there are no maintenance fees. I use Varo as an alternative because I had fraudulent problems with a chain bank that refused to close the account. I had a good experience with Varo, except how long it takes for the mobile check to be deposited. If the check is $200, don`t expect your money for 1-5 business days (and hopefully you`re thinking about depositing the check before the weekend!). It`s a good bank if you`re new to banking or if you`re only making less than $200 in deposits. I once made a deposit that was over $580, and I had deposited $200 the next day while waiting for the rest to be deposited 7 days later (5 business days + the wknd). I have a cheque that exceeds $250, and I am waiting for the $200 that will be deposited one day and for the remaining two days.
In addition, the credit is not automatically updated constantly – so it is very important that you mentally track (or note) your transactions. Once again! Great app, but it`s better suited for part-time workers or retail employees who earn as little as $300. I will look for another bank, a credit union, hopefully. It`s also a bit strange that they offer to link your cashapp to Varo, but there`s no clear guide on how to do it. I`m very happy with 99% of Varo, from account to customer service, but my only disaffection is that when I open the app, I find it so confusing to see all my linked accounts and really have to check how much money there is actually in my Varo account and not an overall amount between all my banks. I open the Varo app first to check my Varo credit before using my Varo card and I certainly can`t make purchases with the amount available between each of my linked accounts, so I personally feel that this feature should be set more in the background and not as the main attraction when you open the app. I absolutely love having the ability to see everything at a glance, but I really hate that it`s so hard to focus on the Varo account, which is the main reason why you would open the app instead of opening the app to your other accounts, right? It would be nice if you might be able to customize your home screen to focus on what`s most important to each person….