You downloaded the app and signed up for a shiny new Varo Bank Account. Now what?
Add money, of course.
Whether you’re looking forward to the robust mobile-banking features, personalized recommendations, or a high-yield Savings Account, or all the above, you’ve got to move your moolah to get the ball rolling.
Here are the ways to fund your Varo Bank Account:
1. Set up Direct Deposit
Setting up direct deposit usually involves filling out a simple form—from your employer or another payor—that includes your Varo Bank Account number and routing number. Check with your employer or payer as the process can vary from company to company.
If you just received your new Varo Visa® Debit Card card in the mail (it usually takes between 7-10 business days to arrive after your application has been approved)—the information you need is included with your new card.
You can also get a jumpstart on early direct deposit with a pre-filled form available directly in the app—find it under “Move Money.”
2. Transfer money from linked bank accounts
Connect other bank accounts to Varo and then make transfers to your Varo Bank Account with a few taps in the app.
First, you’ll need to link and verify your accounts before you can initiate a transfer.
Use your other bank’s online login information to begin the linking process. Varo will make two small deposits into the account within two business days. You’ll then need to confirm the deposit amounts to verify the outside account.
Once you have a verified linked account, you can initiate a transfer from within the Varo app and the money will be in your Varo Bank Account within four business days.
3. Send money to Varo from your digital wallet
You may use a digital wallet service like PayPal to digitally collect money from friends but you can also use the service to send money to your Varo Bank Account. With a few taps, you can start earning interest in a Varo Savings Account. You can also push money from your checking or savings account at another bank to your Varo Bank Account.
To do this, you’ll need your Varo Bank Account number and routing number to get started. You can find these at the bottom of the “Move $” tab in the app.
As when you linked an outside bank account to Varo, the other bank or payment service may make two deposits into your Varo Bank Account and ask you to confirm the deposit amounts. Once you’re all set up, you can transfer money to your Varo account and it will usually arrive within two business days.
4. Use Mobile Check Deposit
Who needs to visit a branch or even an ATM to deposit a check anymore? With Varo’s Mobile Check Deposit feature, you can use your phone to snap photos of the front and back of an endorsed check. This is a great way to deposit checks into your Varo Bank Account anywhere at any time.
5. We take cash too!
Although we are a mobile-only Bank Account, we know that many people still operate with cash. Don’t worry, you can deposit cash with Varo.
We have partnered with Green Dot® Network so that wherever Green Dot is available (that includes the retailers CVS, Rite Aid, Walgreens, Dollar General, Family Dollar, and Kmart), you can make a deposit.
Ask the cashier to add cash directly to your activated Varo Visa® Debit Card at the register at a participating Green Dot location. While there is no Varo fee, the location will charge a fee of up to $4.95. You can also purchase a MoneyPak® for $5.95, put money on your MoneyPak, and then move money into your Varo Bank Account. You can learn more.