SAN FRANCISCO, October 16, 2020 / PRNewswire / – Bank Varo, the only digital national bank, presents Varo Advance, an innovative product that instantly progresses to $ 100 to eligible clients and gives clients more flexibility and control over their finances.
Designed to help clients proactively manage their finances, Varo Advance provides instant access to up to $ 100 in cash directly in the Varo Bank app. * With a fixed and transparent cost structure – no tips, no hidden fees and no instant access fees – Varo Advance offers an advance of up to $ 20 for free, with a maximum price of $ 5 for a $ 100 advance. Customers choose when they want to refund within 30 days. Unlike similar programs, Varo Advance offers clients a transparent and proactive way to access additional money to help them increase their pay, without having to overdraw their account.
At a time when 50% to 78% of American workers live paycheck to paycheck, Varo customers have access to a flexible short-term financial bridge through Varo Advance, providing security and peace of mind so that an unforeseen expense can be paid without additional stress.
âOur no-charge overdraft program has been a huge success, saving Varo customers money $ 100 million in its first year. Varo customers have asked for a more proactive solution that offers better control over their finances, rather than being forced to go into the red to access additional cash, âsaid Colin Walsh, founder and CEO of Varo Bank. “Varo Advance was created to meet the short-term credit needs of millions of Americans, and it continues our commitment to providing customers with the strongest possible foundation for their financial success, with instant uptime and low prices and transparent. ”
Varo Advance will be fully integrated with Varo Bank accounts. Once they meet the approval criteria, customers can easily access this safety net right in the Varo app, without the need for a credit check. Varo Advance can be used immediately, anywhere for any unforeseen expense – allowing customers to plan ahead and providing more control over their money – all with no unexpected charges, no tips, and no waiting for charges to be cleared. waiting before customers can access their money.
Along with Varo Advance, Varo Bank offers a range of products aimed at providing increased control, visibility and security around money, including savings account rates that are more than 10 times higher. the national average, automatic savings tools like Save your salary and save your change, and access to direct deposits up to two days in advance. ** As the only consumer fintech with a national banking charter, Varo Bank will launch many innovative products and features focused on improving the the financial health of our customers.
About Varo Bank, NA
Bank Varo is on a mission to make financial opportunities more accessible to more people, by providing them with the products and support they need to build healthy financial habits and reduce financial stress. Through its mobile app, Varo Bank provides customers with premium bank accounts that have no minimum balance requirement or monthly account fees, high interest savings accounts, and technology features to help people save money. save and manage their money more easily. Varo Bank is the first consumer fintech to obtain a National Banking Charter from the Office of the Comptroller of the Currency. For more information visit www.varomoney.com, like Varo Bank on Facebook and follow us on Instagram and Twitter @varomoney. FDIC member.
* Varo Advance is a small dollar line of credit that must be repaid on time to continue accessing the line of credit. Product eligibility and conditions are available in the Varo Advance Account Agreement.
** Early access to direct deposit funds depends on when the payer submits their deposits. We usually publish these deposits on the day they are received, which can be up to 2 days before the payor’s expected payment date.
SOURCE Bank Varo