Early direct deposit

Access your paycheck before it’s available at traditional banks.*
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How early direct deposit works

1. Employer submits payroll files to the Federal Reserve to start the direct deposit process.

2. The Fed notifies Varo of the amount of money you should receive with that deposit post.

3. We deposit your money in your bank account as soon as we receive the direct deposit notification.

4. For most Friday paydays, we get the alert from the Fed on Wednesday, so you may get your money faster than your co-workers.*

Pay bills earlier, sleep better

Sleep soundly knowing you can pay your bills up to two days early. With early direct deposit, you can get paid early and access your paycheck before it’s available at traditional banks.

No time like tax time

Set up early direct deposit to your Varo Bank Account and you could get your paycheck early and tax refund up to two days early.^
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FAQ

How does early direct deposit work?

Instead of holding on to your money while waiting for payroll funds from your employer or government agency, we immediately post the deposit to your account when we receive the files. They can come at different dates/times each pay period. Typically, it’s two days earlier than when you would get paid without early direct deposit.

What info do I need to set up a direct deposit?

Setting up your direct deposit with Varo is easy! Go to your employer or government agency’s online portal and enter your Varo Bank Account number, type of account, and routing number. You can find that information in the Varo app by tapping Move Money > Direct Deposit. Otherwise, you could directly provide your Varo Bank Account information to your HR department or government agency for processing.

What time is early direct deposit posted?

The deposit post time depends on your employer or government agency. With Varo, instead of holding on to your money while waiting for payroll funds from your employer like traditional banks do, we immediately post the deposit to your account when we receive the files. Remember, the files can come at different dates/times each pay period.

Does direct deposit come early on holidays?

This depends on your employer or government agency. If your payday falls on a holiday or weekend, most organizations will pay employees the Friday or day before the holiday. Check with your employer or government agency on their payroll policy to make sure there are no surprises down the road. As always, we’ll immediately deposit your payroll funds into your account as soon as we receive them. That might mean no pending deposits or waiting for holiday weekends to pass to get your direct deposit.

Can you spend a pending deposit?

With Varo early direct deposit, you will never have a pending direct deposit in your account. All direct deposits are available to you for immediate access — no waiting!

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Varo Money, Inc. | NMLS #: 1547251 | Licenses | NMLS Consumer Access

Bank Account Services provided by The Bancorp Bank. Your deposits are FDIC insured to at least $250,000 through The Bancorp Bank; Member FDIC.

*Early access to direct deposit funds depends on timing of payer’s submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer’s scheduled payment date.

^A tax refund may only be direct deposited into an account that is in your name. This means that if you file a joint return, the name of the primary filer must match the name on the account. If a tax refund is directed to an account that is not in your name it may be rejected and returned to the IRS. No more than three electronic refunds can be deposited into a single financial account or prepaid card. If you exceed the limits stated here: https://www.irs.gov/individuals/direct-deposit-limits, you will receive notice from the IRS and a paper check refund.