Please read this carefully and retain it for future reference. This Bank Account Agreement (the "Agreement") is revised periodically, so it may include changes from earlier versions.
By providing a written or electronic signature on a signature card or opening, or continuing to hold an account with us, you agree to the most recent version of this Agreement, which is available to you www.varomoney.com, or by calling us at the number listed on the last page of this Agreement.
This Agreement outlines the terms and conditions related to the demand deposit account ("Varo Bank Account") available from The Bancorp Bank, Wilmington, Delaware, member of the Federal Deposit Insurance Corporation ("FDIC"), (the "Bank") on behalf of Varo Money, Inc. ("Varo"), the program partner responsible for managing the Varo Bank Account. "We", "our", and "us" refer to the Bank, our successors, affiliates, or assignees. "You" and "your" refer to the owner of the Varo Bank Account.
By providing us with a telephone number for a cellular phone or other wireless device, including a number that you later connect to a cellular device, you are expressly consenting to receiving communications-including but not limited to prerecorded or artificial voice message calls, text messages, and calls made by an automatic telephone dialing system-from us, Varo, our affiliates, Varo's affiliates, our agents, and Varo's agents at that number. This express consent applies to each such telephone number that you provide to us now or in the future and permits such calls for non-marketing purposes. Calls and messages may incur access fees from your cellular provider.
1. You may open a Varo Bank Account by using the Varo Mobile Application (the "Mobile App"). The Varo Bank Account is not designed for business use, and we may close the Varo Bank Account if we determine it is being used for business purposes. We may refuse to process any transaction(s) that we believe may violate the terms of this Agreement.
2. Waivers. This Agreement gives us certain rights and obligations. If we do not take advantage of all our rights all the time, that does not mean we lose them. For example, if we make funds available to you for withdrawal ahead of schedule, that does not mean we must do it again.
3. Business Days. Our business days are Monday through Friday, excluding federal holidays, even if we are open. Any references to "days" found in this Agreement are calendar days unless indicated otherwise.
The Varo Bank Account is available to citizens and permanent residents of the fifty (50) United States ("U.S.") and the District of Columbia who are at least 18 years of age with a valid Social Security number. You must agree to accept electronic, rather than paper statements. This means: (i) you must keep us supplied with your valid email address; and (ii) you must agree to accept electronic delivery of all account communications (such as end-of-year tax forms and electronic statements).
In order to access and utilize the functionality available in the Mobile App, you must have an iOS device meeting the requirements specified at appstore.com/varomoneybankingautomated or an Android device meeting the requirements specified at https://play.google.com/store/apps/details?id=com.varomoney.varo.
We may use information from third parties to help us determine if we should open your Varo Bank Account.
Important information about procedures for opening a new Varo Bank Account. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a Varo Bank Account.
What this means for you: When you open a Varo Bank Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a copy of your driver's license or other identifying documents. The verification process may take up to thirty (30) days. Until the process is successfully completed, this account will be subject to temporary security limits. See below for details about these monetary limits on transfers and deposits.
The Varo Bank Account consists of the online transaction demand deposit account used to make payments and transfers to third parties online or through the use of a Varo Visa® Debit Card ("Card") that is automatically issued with the Account. The Varo Bank Account is a checkless account; you may not issue paper checks with the Varo Bank Account.
Customers have the option to open a linked Varo Savings Account ("Varo Savings Account") which is an interest-bearing savings account. Separate terms and conditions apply. See www.varomoney.com for additional information.
The Varo Bank Account may only be owned and titled in the name of one person who may deposit, transfer, or withdraw funds. The Varo Bank Account cannot be owned or titled jointly, by an organization, as "Payable on Death" or "In Trust For".
You or your appointed party, designee, or appointed individual agree to notify us promptly if you die or become legally incapacitated. We will continue to accept deposits and process transaction instructions into and from your Varo Bank Account until we are: (a) notified of your death or adjudication of incompetency and (b) have a reasonable opportunity to act. You agree that, even if we have knowledge of your death we may pay or process transactions on your Varo Bank Account on or before the date of death for up to ten (10) days after that date unless ordered to stop payment by someone claiming interest in the Varo Bank Account. We may require additional documentation to confirm any claims made on the Varo Bank Account.
You may give another person authority to make transactions on your Varo Bank Account by giving power of attorney to another individual. The account owner and person executing power of attorney over a deposit account is known as the “Principal.” The person granted Power of Attorney for the Principal is known as the “Agent.” We may refuse to accept a power of attorney for reasonable cause, and we may require the Agent to sign an affidavit stating that the power of attorney presented to us is a true copy and that, to the best of the Agent’s knowledge, the Principal continues to be alive and competent and that the relevant powers of the Agent have not been amended or terminated. The Principal is responsible to provide us with any information if an affidavit presented to us is untrue or misleading or if the Agent exceeds the authority granted by the Principal in the power of attorney. The Agent is required to notify us in writing if the Principal dies or is declared incompetent. The power of attorney will continue in force until a) we receive written revocation from the Principal; b) we receive written notification of the Principal's death, or c) we receive written notification of the death or incapacity of the Agent.
This Agreement and the deposit relationship do not create a fiduciary relationship.
The Varo Bank Account and your obligations under this Agreement may not be assigned. We may transfer our rights under this Agreement. Use of the Varo Bank Account is subject to all applicable rules and customs of any clearinghouse or other association involved in transactions. We do not waive our rights by delaying or failing to exercise them at any time. If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law, or regulation of any governmental agency, local, state, or federal, the validity or enforceability of any other provision of this Agreement shall not be affected. This Agreement will be governed by the law of the State of Delaware except to the extent governed by federal law.
Make deposits to your Varo Bank Account using any of the methods set forth below. These are the itemized deposit limits for your Varo Bank Account, which limits may be modified from time to time depending on prior activity both on this account and on other transactions and also whether or not you have activated the Card:
Frequency and/or Dollar Limits
Direct deposits of Automated Clearing House("ACH") transfers initiated from an outside financial institution*
No limit to the number of times per calendar day and no maximum dollar limit
ACH transfers to the Varo Bank Account using the Mobile App
Limits will be disclosed to you when you access the ACH Transfer feature using the Mobile App. Varo may change such limits at any time at their sole discretion. Limits may be changed based on the length of time the Varo Bank Account has been open and prior account activity.
Cash Deposits via Third Party Money Transfer Services**
*Direct deposits from an outside financial institution: The recipient’s name on any such deposits we receive must match the name of the Varo Accountholder. Any such deposits received in a name other than the name registered to the Varo Bank Account will be returned to the originator.
** Third party money transfer services used to add cash to your Varo Bank Account may impose their own fees, and limits (per transaction, daily, weekly or monthly) on the frequency or amount of cash you may deposit to the Varo Bank Account.
IMPORTANT: If your Varo Bank Account number changes you must immediately notify your employer or any other payors. You must provide them with the new Varo Bank Account number to ensure that your direct deposit activity continues uninterrupted.
Note: The recipient’s name on any direct deposit(s) we receive must match the name of the Varo Bank Account holder. Any direct deposits received in a name other than the name registered to the Varo Bank Account will be returned to the originator.
Neither the Bank nor Varo are liable for any deposits, including cash, lost in the mail, lost in transit, or not received by us.
Please refer to paragraph 10. "Mobile Deposit Funds Availability" in Section III and Section V, "General Funds Availability Policy" for additional information.
Your Varo Bank Account number and the Bank’s ABA routing number can be used for preauthorized direct debits ("ACH Debits") from merchants, Internet service or other utility service providers ("Merchants") and for the purpose of initiating direct deposits to the Varo Bank Account. These transfers will be processed under the Operating Rules of the National Automated Clearing House Association ("NACHA") and you agree to comply with the NACHA rules. Detailed information regarding preauthorized transfers is available in Section II, captioned "Electronic Funds Transfer Disclosure and Special Terms and Conditions."
IMPORTANT: If your Varo Bank Account number changes you must immediately notify Merchants. You must provide them with the new Varo Bank Account number to ensure the ACH Debit activity continues uninterrupted.
Overpayments and Reversals. If funds are deposited or transferred into the Varo Bank Account by mistake or otherwise, we may correct the situation by deducting the amount of the deposit from the Varo Bank Account without prior notice to you. If there are not enough funds in the Varo Bank Account at that time, the Varo Bank Account could become overdrawn. See the "No Overdrafts" and "Our Right to Set Off" paragraphs below for more information about what could occur if the Varo Bank Account has a negative balance.
Note: If the Varo Bank Account is cancelled, closed, or terminated for any reason, any direct deposits, ACH transfers, or cash deposits made via third party money transfer services received after the Varo Bank Account closure date will be rejected and returned to the originator. Access to Mobile Deposit will also be disabled.
Generally, you cannot overdraw the Varo Bank Account unless you meet the Qualifying Conditions for No Fee Overdraft and you have opted in to the No Fee Overdraft Program in the Mobile App. The Qualifying Conditions appear in the addendum to the Varo Bank Account: Terms & Conditions for No Fee Overdraft Program ("Addendum"). The Addendum appears on our website and in the Legal Agreements section of our Mobile App.
If you do not meet the Qualifying Conditions, or you met the Qualifying Conditions and did not opt in to the No Fee Overdraft Program, and the available balance in the Varo Bank Account is insufficient to cover any payment or withdrawal you have authorized, we can refuse to process the payment or withdrawal. If the Varo Bank Account balance becomes negative for any reason oth-er than under the terms of the Addendum, you must make a deposit immediately to cover the negative balance. If the Varo Bank Account has a negative balance for an extended period of time and you have another account with us, we reserve the right to exercise our right to set off. See the "Our Right to Set Off" paragraph below for details. If the Varo Bank Account has a negative balance for sixty (60) calendar days or more, it will be closed.
If you do not meet the Qualifying Conditions, or you met the Qualifying Conditions and did not opt in to the No Fee Overdraft Program, and the Varo Bank Account balance remains negative for fifteen (15) days, we can use the funds in any of your accounts with us to repay the negative balance of the Varo Bank Account. The Qualifying Conditions appear in the Addendum.
This means we have the right to set-off any liability, direct or contingent, past, present or future that you owe against any account you have with us. Further, you grant us a lien on and security interest in the funds on deposit in each of your account(s) as security for all of your liabilities and obligations to us, now or in the future. We will notify you by email if we have exercised our right to set off.
If the Bank’s monitoring of the Varo Bank Account detects activity which is believed to be prohibited by the Bank and/or by law, the Varo Bank Account funds will be subject to a hold pending review of the activity by the Bank and/or Varo. The Bank and/or Varo may require you and other parties to the activity to produce documents and/or other materials evidencing the validity of the activity. Funds on deposit in any account with us may be held at the Bank’s discretion until the source of such funds and/or the activity is properly verified.
If legal action such as a garnishment, levy or other state or federal legal process ("Legal Process") is brought against the Varo Bank Account, we may refuse to permit (or may limit) withdrawals or transfers from the Varo Bank Account until the Legal Process is satisfied or dismissed. Regardless of the terms of such garnishment, levy or other state or federal process, we have first claim to any and all funds in the Varo Bank Account. We will not contest on your behalf any such Legal Process and may take action to comply with such Legal Process as we determine to be appropriate in the circumstances without liability to you, even if any funds we may be required to pay out leaves insufficient funds to pay a transaction that you have authorized. Payment is made after satisfying any fees, charges or other debts owed to us. You agree that you are responsible for any expenses, including legal expenses and fees we incur due to any Legal Process on the Varo Bank Account. We may charge these expenses to the Varo Bank Account. You will indemnify us for any losses if we do this.
We may amend or change the terms and conditions of the Agreement at any time by posting the amended Agreement on www.varomoney.com, and any such amendment shall be effective upon such posting to that Website. The current Agreement is available at www.varomoney.com. You will be notified of any change in the manner provided by applicable law prior to the effective date of the change. However, if the change is made for security purposes, we can implement such change without prior notice. We may cancel or suspend the Varo Bank Account or the Agreement at any time. You may cancel the Agreement by calling 1-800-827-6526 to close the Varo Bank Account. Your termination of the Agreement will not affect any of our rights or your obligations arising under the Agreement prior to termination.
If the Varo Bank Account is cancelled, closed or terminated for any reason, you may request the unused balance be returned to you by check sent to the mailing address we have in our records. For security purposes, you may be required to supply identification and address verification documentation prior to issuing a refund check. Allow fourteen (14) days for processing and mailing of the refund check. In the event the program is cancelled, closed, or terminated, we will send you prior notice, in accordance with applicable law. Specific information and instructions, including how to receive any remaining Varo Bank Account balance, will be in the notice. We reserve the right to refuse to return any unused balance amount of less than $1.00.
Note: If the Varo Bank Account is cancelled, closed, or terminated for any reason, any direct deposits, ACH transfers, or cash deposits made via third party money transfer services received after the Varo Bank Account closure date will be rejected and returned to the originator. Access to Mobile Deposit will also be disabled.
An account that is inactive for a period of time may be considered dormant and is subject to escheatment. Each state has varying laws as to when an account is subject to escheatment and we may be required to send the balance in the Varo Bank Account to the state of your last known address. We will make all reasonable efforts to contact you before transferring the remaining balance of the Varo Bank Account to the applicable state. For a Varo Bank Account with an international address, the funds will be transferred to the State of Delaware.
Electronic statements are available to view in the Mobile App. Varo Bank Account statements are considered to be correct. Carefully review your statements each statement period and notify us of any errors within sixty (60) days of your statement becoming available. You also have a right to obtain a sixty (60) day history of the Varo Bank Account transactions by calling us at 1-800-827-6526, sending us an email at email@example.com, or by writing to us at P.O. Box 71337, Salt Lake City, UT 84171. You will not automatically receive paper statements.
Varo Bank Accounts with a Card that has not been activated will be limited in functionality. You may not be eligible to use certain features such as Mobile Deposit, Varo to Varo Transfers (described in paragraph "2. Varo to Varo Transfers," of sub-section E of this Section, and/or Bill Pay until the Card has been activated. In addition, certain transfer limits may be lower during this time as indicated in paragraph "1. Deposits to the Varo Bank Account", of sub-section C of this Section; paragraph "1. Electronic Banking Services" of sub-section E of this Section, and Section III., "Mobile Check Deposit."
You will receive a Card with the Varo Bank Account. You acknowledge and agree that the funds accessible through use of the Card is limited to the available funds of your Varo Bank Account. You agree to sign the back of the Card immediately upon receipt. The expiration date of the Card is identified on the front of the Card. The Card is the property of the Bank and must be surrendered upon demand. The Card is nontransferable and it may be cancelled, repossessed, or revoked at any time without prior notice subject to applicable law.
You must activate the Card before it can be used. You may activate it in the Mobile App or by calling 1-800-827-6526. You will need to provide personal information in order for us to verify your identity.
You will not receive a Personal Identification Number ("PIN") with the Card. However, you will be prompted to select a PIN when you activate it. See the activation instructions in the "Activate The Card" paragraph. You should not write or keep your PIN with the Card. Never share your PIN with anyone. When entering your PIN, be sure it cannot be observed by others and do not enter your PIN into any terminal that appears to be modified or suspicious. If you believe that anyone has gained unauthorized access to your PIN, you should advise us immediately following the procedures in the section labeled "Your Liability for Unauthorized Transfers."
You are responsible for all authorized transactions initiated and fees incurred by use of the Card or Varo Bank Account. If you permit another person to have access to the Card, Card number(s), Varo Bank Account number(s) or PIN, we will treat this as if you have authorized such use and you will be liable for all transactions and fees incurred by those persons. You are wholly responsible for the use of your Varo Bank Account according to the terms and conditions of this Agreement.
You may not request an additional Card for another person.
By activating the Card or by retaining, using or authorizing the use of the Card provided with the Varo Bank Account, you represent and warrant to us that: (i) you are at least 18 years of age (or older if you reside in a state where the majority age is older); (ii) you are a U.S. citizen or legal alien residing in the U.S. or the District of Columbia; (iii) you have provided us with a verifiable U.S. or District of Columbia street address (not a P.O. Box);(iv) the personal information that you provide to us in connection with the Varo Bank Account is true, correct and complete; (v) you received a copy of the Agreement and agree to be bound by and to comply with its terms; and (vi) you accept the Card.
With your PIN, you may use the Card to obtain cash from the Varo Bank Account at any Automat-ed Teller Machine ("ATM") that bears the Allpoint® or Plus® Acceptance Mark(s) or at any Point-of-Sale ("POS") device, as permissible by a merchant, that bears the Visa Interlink® or Maestro® Acceptance Mark(s). All ATM transactions are treated as cash withdrawal transactions. These are the itemized cash access and spending limits for the Varo Bank Account, which limits may be modified from time to time depending on prior activity both on this account and on other transactions and also whether or not you have activated the Card:
Frequency and/or Dollar Limits*
ATM Withdrawal/Cash Back at POS
No limit to the number of times per calendar day
Up to an aggregate amount of $500 per calendar day*
Over the Counter "OTC" Withdrawals
No limit to the number of times per calendar day
Up to $1,000 per calendar day*
Card Purchases (Signature and PIN combined)
No limit to the number of times per calendar day
Up to $2,500 per calendar day
* The aggregated limit for all ATM cash withdrawals, cash back at POS, and OTC cash withdrawals is $1,000 per calendar day. ATM owner-operators, merchants, and participating banks may impose their own lower limits on cash withdrawals as well as their own fees.
Consistent with applicable law, you may use the Card to purchase goods or services everywhere (and/or obtain cash where permitted by the merchant) from any merchant that accepts Visa® cards as long as you do not exceed the available balance of the Varo Bank Account.
Some merchants do not allow customers to conduct split transactions where the Card is used as partial payment for goods and services and the remainder of the balance is paid with another form of legal tender. If you wish to conduct a split transaction and it is permitted by the merchant, you must tell the merchant to charge only the exact amount of funds available in the Varo Bank Account to the Card. You must then arrange to pay the difference using another payment method. Some merchants may require payment for the remaining balance in cash. If you fail to inform the merchant that you would like to complete a split transaction prior to swiping or dipping the Card, the Card is likely to be declined.
If you use the Card at an automated fuel dispenser, i.e., “pay at the pump”, the transaction may be preauthorized for an amount up to $75.00 or more. If the Card is declined, even though you have sufficient funds available, you should pay for your purchase inside with the cashier. If you use the Card at a restaurant, a hotel, for a car rental purchase, or for similar purchases, the transaction may be preauthorized for the purchase amount plus up to 20% or more to ensure there are sufficient funds available to cover tips or incidental expenses. A preauthorization places a hold on those available funds until the merchant sends us the final payment amount of your purchase. Once the final payment amount is received, the hold on the preauthorized amount will be removed. It may take up to seven (7) days for the hold to be removed. During the hold period, you will not have access to the preauthorized amount.
All transactions relating to car rentals may result in a hold for that amount of funds for up to sixty (60) days.
If you use the 16-digit Card number without presenting the Card (such as for a mail order, telephone, or Internet purchase), the legal effect will be the same as if you had used the Card itself.
Card use restrictions include, but are not limited to: restricted geographic or merchant locations where there is a higher risk of fraud or illegal activity; restrictions to comply with laws or prevent our liability; and other restrictions to prevent fraud and other losses. For security reasons, we may, with or without prior notice, limit the type, amount, or number of transactions you can make with the Card. You may not use the Card for illegal online gambling or any other illegal transaction.
We may increase, reduce, cancel, or suspend any of the restrictions or add new ones at any time. The Card cannot be redeemed for cash.
Each time you use the Card, you authorize us to reduce the value available in the Varo Bank Account by the amount of the transaction and any applicable fees. You are not allowed to exceed the available amount in the Varo Bank Account through an individual transaction or a series of transactions. Nevertheless, if a transaction exceeds the balance of the funds available in the Varo Bank Account, you shall remain fully liable to us for the amount of the transaction and any applicable fees. See these paragraphs in sub-section C for additional details if the Varo Bank Account balance becomes negative: "6. No Overdrafts" and "7. Our Right to Set Off."
Procedures are in effect that may impact you when you use the Card at certain merchant locations.In the past, transactions have been processed as Visa debit transactions unless you entered a PIN. Now, if you do not enter a PIN, transactions may be processed as either Maestro® or Interlink® transaction.
Merchants are responsible for and must provide you with a clear way of choosing how to make a Visa debit transaction if they support the option. Please be advised that should you choose to use the Maestro® or Interlink® network when making a transaction without a PIN, different terms may apply. Certain protections and rights applicable only to Visa debit transactions as described in this Agreement will not apply to transactions processed on the Maestro® or Visa Interlink® network. Please refer to the paragraph captioned "Your Liability for Unauthorized Transfers" for a description of these rights and protections applicable to Visa debit and non-Visa debit transactions.
To initiate a Visa debit transaction at a point-of-sale, swipe the Card through the POS terminal, sign the receipt, or provide your 16-digit Card number for a mail order, telephone, or Internet purchase. To initiate a non-Visa debit transaction at the POS, enter your PIN at the POS terminal or provide your 16-digit Card number after clearly indicating a preference to route your transaction as a non-Visa debit transaction for certain bill payment, mail order, telephone, or Internet purchases.
If you obtain funds or make a purchase in a currency other than the currency in which the Card was issued, the amount deducted from the available balance of the Varo Bank Account will be converted by Visa into an amount in the currency of the Card. The exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date, which may vary from the rate Visa itself receives, or the government-mandated rate in effect for the applicable central processing date.
You should get a receipt at the time you make a transaction using the Card. You agree to retain, verify, and reconcile your transactions and receipts.
If you need to replace the Card for any reason except at Card expiration, please contact 1-800-827-6526 to request a replacement Card. You will be required to provide personal information which may include the Varo Bank Account number, 16-digit Card number, your full name, transaction history, copies of acceptable documentation.
The Card will expire no sooner than the start of the first day of the calendar month printed on the back of it. You will not be able to use the Card after the expiration date; however, a replacement Card will automatically be mailed to you prior to the expiration of the soon-to-expire Card. If you need a Card replacement for any reason other than the Card's expiration, you may request one at any time by following the procedures in the paragraph captioned "Card Replacement."
With the Varo Bank Account, you will have access to the bill payment feature ("Bill Pay") through the Mobile App which allows you to authorize us to make bill payments on your behalf to third parties. We reserve the right to restrict your access to Bill Pay until you have activated the Card.
To initiate a bill payment using Bill Pay, you must provide the name and mailing address of each individual or company you wish to pay. Once a payment is authorized, the payment amount will be immediately deducted from the Varo Bank Account balance. Payments made using Bill Pay take the form of a paper check sent to the payee on your behalf using standard U.S. Postal Service mail. Please allow three to nine (3-9) business days for delivery of the check. Payments can only be sent to addresses located within the fifty (50) states of the U.S. Bill Pay payments are processed daily by 10 AM Eastern Time ("ET"). Bill Pay payments initiated after this time will be processed by 10 AM ET the next business day. Varo reserves the right to refuse to process payments to any individual or company. If the decision is made to refuse a payment, Varo will notify you on or before the next business day.
Limits: These are the limits when using Bill Pay which limits may be modified from time to time depending on prior activity both on this account and on other transactions and also whether or not you have activated the card:
Frequency and/or Dollar Limits*
Bill Pay Payment(s)
Bill Pay payments may be refused or returned by the individual or company to whom the payment was issued. The determination to accept this method of payment is at the discretion of the recipient. The U.S. Postal Service may also return payments in cases of expired or invalid addresses. If the Bill Pay payment is returned for any reason, the payment will be voided and the full amount credited to the Varo Bank Account the next business day.
Uncashed Bill Pay Payments: Uncashed Bill Pay payments are voided after 180 days. Funds from voided checks will be credited to the Varo Bank Account by 10 AM ET on the next available business day.
There is no fee to use Bill Pay.
Cancelling a Bill Pay payment: You may cancel a single Bill Pay payment as long as it has not been presented for payment by calling 1-800-827-6526. Funds from any cancelled check will be credited to the Varo Bank Account by 10 AM ET on the next available business day.
Liability for failure to stop payment of a Bill Pay payment: If you request cancellation of a Bill Pay payment within three (3) three business days or more before it is scheduled to be made, and Varo does not cancel it in time, Varo will be liable for your losses or damages.
With the Varo Bank Account, you will have access to Varo to Varo Transfers via the Mobile App. Varo to Varo Transfers allow you to send money to other Varo customers as well as receive money from other Varo customers. As the sender of funds to another Varo customer you provide the intended recipient's email address and the dollar amount you would like to send. Varo to Varo Transfers are applied to the Varo Bank Account associated with the recipient's email address. Approved Varo to Varo Transfers are automatically debited from the sender's Varo Bank Account and deposited to the recipient's Varo Bank Account.
To send money: You will not have access to Varo to Varo Transfers until you activate the Card. If you wish to send money to a non-Varo customer, the intended payee must sign up and be approved for a Varo Bank Account before you initiate your transfer.
To receive money: You must have an open Varo Bank Account. The Card does not need to be activated to receive money, i.e., until such time as the Card is activated, the money will be accessible to the recipient through the use of ACH transfers.Using Varo to Varo Transfers
To send Varo to Varo Transfers, login to the Mobile App and select "Varo to Varo Transfers." You may choose the intended recipient either by selecting from the list of prior recipients, or by entering the intended recipient's email address.
You must be sure the recipient's email address is entered accurately to be sure a Varo to Varo Transfer is sent to the correct recipient. The obligation to pay a Varo to Varo Transfer will not be excused by an error in the information you enter. Once you have initiated a Varo to Varo Transfer in the Mobile App, you will not be able to cancel it.
The amount you enter for the Varo to Varo transfer must not exceed the available balance in your Varo Bank Account, and must be within the limits described below under "Limits on Varo to Varo Transfers."
By using Varo to Varo Transfers, you are representing you are the owner of the email address registered for the Varo Bank Account and you are giving your consent to have your registered full name (i.e., first name and surname) associated with the email address made visible and searchable to all Varo customers.
When you send money: In addition to the recipient's email address you entered being displayed in your transaction history and on your monthly statement, the first name and first letter of the receiving Varo customer's surname will display in your transaction history after the Varo to Varo Transfer has been processed.
Before you complete a Varo to Varo Transfer you will be asked to enter a note or description of the transaction. The note will be visible to both you and the recipient in the online transaction history, but will not be included on your monthly statement or the recipient's monthly statement.
Fees: There are no fees associated with the use of Varo to Varo Transfers.Limits on Varo to Varo Transfers
Varo to Varo Transfers may be initiated at any time as long as the transfer request does not exceed the available balance in the Varo Bank Account. Varo may refuse to process any transaction that exceeds any of the limits described below. If the Varo to Varo Transfer is denied because the Varo Bank Account balance is not sufficient, you are responsible for making alternate payment arrange-ments with the intended recipient. These are the limits associated with Varo to Varo Transfers:
Frequency and/or Dollar Limits*
Varo to Varo Transfers
*Varo to Varo Transfer limits may be reduced from time to time depending on activity in the Varo Bank Account, to protect the security of all Varo Bank Accounts.
The Varo Bank Account number and the Bank’s ABA routing number can be used for preauthorized direct debits ("ACH Debit(s)") from merchants, including Internet service, other utility service providers, other financial institutions and for the purpose of initiating direct deposits ("ACH Credits") to the Varo Bank Account.
Note: The recipient's name on any direct deposit(s) or ACH Credit(s) we receive must match the name on the Varo Bank Account. Any direct deposits received in a name other than the name registered to the Varo Bank Account will be returned to the originator.
Cut-off Time. The cut-off time for scheduling ACH Transfers is midnight ET. Any transfer scheduled after the cut-off time will be treated as if it were scheduled on the next business day.
ACH Debit Limits. The limitations to the amount of funds that can be transferred from the Varo Bank Account per day are described below. These limits may be modified from time to time depending on activity in the Varo Bank Account.
Frequency and/or Dollar Limits
ACH Debits from Merchants, utility service providers and other financial institutions
No limit to the number of times per calendar day
Limited to the available Varo Bank Account balance
ACH Transfers from the Varo Bank Account to another bank account you own made using the Mobile App*
*Acceptance of ACH Transfers may vary by receiving financial institution. To determine if restrictions apply, contact the bank to which you wish to send funds prior to initiating an ACH Transfer.
The following terms are used to describe Electronic Funds Transfer ("EFT") services. "Automated credits", "direct deposits" or ACH Credits are deposits made to the Varo Bank Account by electronic means. "Automated debits", "Automated payments" and ACH Debits indicate payments authorized by you to be made from the Varo Bank Account by electronic means. "Online Transfers" are the movement of funds between the Varo Bank Account and optional Varo Savings Account by use of the Mobile App. Online Transfers are described in detail in the agreement governing the Varo Savings Account.
When you accept direct deposits or authorize automatic payments/ACH debits or transfers to or from the Varo Bank Account, you agree to these terms and conditions.
Other relevant terms and conditions described elsewhere in the Agreement also apply as long as they are consistent with Regulation E or Section II.
If you have told us in advance to make regular payments out of the Varo Bank Account, you can stop any of these payments. Here's how:
Call us at 1-800-827-6526, or email us at firstname.lastname@example.org, in time for us to receive your request 3 business days or more before the payment is scheduled to be made.
To stop a recurring ACH transfer to a merchant you preauthorized to debit the Varo Bank Account, it is best to contact the merchant directly to request cancellation of the recurring payment.
If the merchant with whom you arranged recurring ACH transfers from the Varo Bank Account is unable or unwilling to stop the transfer, call us at 1-800-827-6526 or email us at email@example.com, in time for us to receive your request 3 business days or more before the payment is scheduled to be made. Such a stop payment request will cancel a single, i.e. one (1) recurring payment. If you want to permanently stop all recurring payments to a specific merchant you will be required to put your request in writing and send it by email to firstname.lastname@example.org within fourteen (14) days after your notification to stop such payments. You will need to tell us the name of the payee, the dollar amount of the payment and the date of the payment. If we do not receive this information in writing within 14 days of the notification we will do our best to place a stop payment. However, it may not be honored as a result.
If the recurring ACH transfers you make might vary in amount, the person you are going to pay will tell you the transfer date and the amount of the transfer ten (10) days before each payment is scheduled to take place. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits you set).
If you order us to stop a preauthorized payment three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
Contact us at once if you believe the Card, PIN or Varo Bank Account number has been stolen or compromised. Telephoning is the best way to minimize your possible losses. If the Card, PIN or Varo Bank Account number has been lost, stolen or compromised, or you suspect that someone has transferred or may transfer money from from the Varo Bank Account without your permission, call 1-800-827-6526. Under Visa Core Rules, your liability for unauthorized Visa debit transactions on the Card is $0.00 if you are not negligent or fraudulent in the handling of the Card. This reduced liability does not apply to certain commercial card transactions, transactions not processed by Visa, or to anonymous prepaid cards (until such time as the identity of the cardholder has been registered with us). You must notify us immediately of any unauthorized use. In the event that the Visa Zero Liability Rules do not apply, if you notify us within two (2) business days after you learn of any unauthorized transactions, you can lose no more than $50.00 if someone used the Varo Bank Account without your permission. If you do not notify us within two (2) business days after you learn of the loss or theft of the Card, PIN, or Varo Bank Account number and we can prove that we could have stopped someone the Varo Bank Account without your permission if you had promptly notified us, you could lose as much as $500.00.
Also, if you become aware of and/or your statement shows transactions that you did not make, notify Varo at once following the procedures stated in the paragraph captioned "Information About Your Right to Dispute Errors". If you do not notify us within sixty (60) days after you become aware of the transaction(s) and/or the statement was made available to you, you may not get back any of the value you lost after the sixty (60) days if we can prove that someone could have been stopped from taking value if you had provided us notice in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods. If the Card, PIN or Varo Bank Account number has been lost, stolen or compromised, we will de-activate the Card and/or Varo Bank Account to keep losses down and send you a replacement Card and/or Varo Bank Account number.
If the Varo Bank Account number changes you must immediately notify your employer or any other payors or merchants. You must provide them with the new Varo Bank Account number to ensure your direct deposit and/or ACH Debit activity continues uninterrupted.
If we do not properly complete a transaction from the Varo Bank Account or Card on time or in the correct amount according to the Agreement with you; we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
a. If through no fault of ours, you do not have enough funds available in the Varo Bank Account to complete the transaction
b. If a merchant refuses to accept the Card or Varo Bank Account number;
c. If an ATM where you are making a cash withdrawal does not have enough cash;
d. If an electronic terminal where you are making a transaction does not operate properly, and you knew about the problem when you initiated the transaction;
e. If access to the Card or Varo Bank Account has been blocked after you reported the Card or Varo Bank Account number lost, stolen or compromised;
f. If there is a hold or your funds are subject to legal or administrative process or other encumbrance restricting their use;
g. If we have reason to believe the requested transaction is unauthorized;
h. If circumstances beyond our control (such as fire, flood, or computer communication failure) prevent the completion of the transaction, despite reasonable precautions that we have taken; or
i. Any other exception stated in the Agreement with you.
We may disclose information to third parties about the Varo Bank Account, Card or the transactions you make:
a. Where it is necessary for completing transactions;
b. In order to verify the existence and condition of the Varo Bank Account or Card for a third party, such as a credit bureau or a merchant;
c. In order to comply with government agency, court order, or other legal or administrative reporting requirements;
d. If you consent by giving us your written permission;
e. To our employees, auditors, affiliates, service providers, or attorneys as needed; or
f. Otherwise as necessary to fulfill our obligations under this agreement.
In case of errors or questions about your electronic transactions, call 1-800-827-6526, write to PO Box 71337, Salt Lake City, UT 84171 or send an email at email@example.com if you think your statement or receipt is wrong or if you need more information about a transaction listed in the statement or receipt. We must allow you to report an error until sixty (60) days after the earlier of the date you electronically accessed the Varo Bank Account, if the error could be viewed in the electronic history, or the date Varo sent the FIRST written history on which the error appeared. You may request a written history of your transactions at any time by calling 1-800-827-6526 sending us an email at firstname.lastname@example.org, or by writing to: PO Box 71337, Salt Lake City, UT 84171. You will need to provide us:
a. Your name, Varo Bank Account number and/or 16-digit Card number
b. Why you believe there is an error, and the dollar amount involved
c. Approximately when the error took place
If you provide this information orally, we may require that you send your complaint or question in writing within ten (10) business days.
We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will credit the Varo Bank Account within ten (10) business days for the amount you think is in error, so that you will have use of the money during the time it takes to complete the investigation. If we ask you to put your complaint or question in writing and you do not provide it within ten (10) business days, we may not credit the Varo Bank Account.
For errors involving new Varo Bank Account, POS transactions or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. For a new Varo Bank Account, we may take up to twenty (20) business days to credit the Varo Bank Account for the amount you think is in error.
We will tell you the results within three (3) business days after completing the investigation. If we decide that there was no error, we will send you a written explanation. Copies of the documentation used in the investigation may be obtained by contacting us at the phone number or address shown at the beginning of this section. If you need more information about this program's error-resolution procedures, call 1-800-827-6526.
This is not an interest-bearing account. No interest will be paid.
Minimum Balance Requirements. There is no initial deposit required to open a Varo Bank Account. You may deposit any amount you wish when opening the Varo Bank Account.
Transaction Limitations. Minimum and maximum withdrawal limitations apply. See the paragraph captioned "Cash Access and Transaction Limitations" for full information regarding these limits.
For customer service assistance or additional information regarding the Varo Bank Account, please email us at email@example.com or call us at 1-800-827-6526.
Customer service agents are available to answer your calls:
Monday through Friday, 8 AM to 9 PM Eastern Time (excluding Federal holidays)
Saturday and Sunday, 11 AM to 7 PM Eastern Time (excluding Federal holidays).
A list of holidays observed by the Federal Reserve Board can be found at www.frbservices.org.
From time to time we may monitor and/or record telephone calls between you and us to assure the quality of our customer service team or as required by applicable.
We are not responsible for the quality, safety, legality, or any other aspect of any goods or services you purchase using the Varo Bank Account.
Any claim, dispute, or controversy ("Claim") arising out of or relating in any way to: i) this Agreement; ii) the Varo Bank Account; iii) your acquisition of the Varo Bank Account; iv) your use of the Varo Bank Account; v) the amount of available funds in the Varo Bank Account; vi) advertisements, promotions or oral or written statements related to the Varo Bank Account, as well as goods or services purchased with the Varo Bank Account; vii) the benefits and services related to the Varo Bank Account; or viii) transactions made using the Varo Bank Account, no matter how described, pleaded or styled, shall be FINALLY and EXCLUSIVELY resolved by binding individual arbitration conducted by the American Arbitration Association ("AAA") under its Consumer Arbitration Rules. This arbitration agreement is made pursuant to a transaction involving interstate commerce, and shall be governed by the Federal Arbitration Act (9 U.S.C. 1-16).
We will pay the initial filing fee to commence arbitration and any arbitration hearing that you attend shall take place in the federal judicial district of your residence.
ARBITRATION OF YOUR CLAIM IS MANDATORY AND BINDING. NEITHER PARTY WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM THROUGH A COURT. IN ARBITRATION, NEITHER PARTY WILL HAVE THE RIGHT TO A JURY TRIAL OR TO ENGAGE IN DISCOVERY, EXCEPT AS PROVIDED FOR IN THE AAA CODE OF PROCEDURE.
For a copy of the procedures, to file a Claim or for other information about this organization, contact it at: AAA, 335 Madison Avenue, New York, NY 10017, or at www.adr.org.
All determinations as to the scope, interpretation, enforceability and validity of this Agreement shall be made final exclusively by the arbitrator, which award shall be binding and final. Judgment on the arbitration award may be entered in any court having jurisdiction.
NO CLASS ACTION, OR OTHER REPRESENTATIVE ACTION OR PRIVATE ATTORNEY GENERAL ACTION OR JOINDER OR CONSOLIDATION OF ANY CLAIM WITH A CLAIM OF ANOTHER PERSON OR CLASS OF CLAIMANTS SHALL BE ALLOWABLE.
This arbitration provision shall survive: i) the termination of the Agreement; ii) the bankruptcy of any party; iii) any transfer, sale or assignment of the Varo Bank Account, or any amounts owed on the Varo Bank Account, to any other person or entity; or iv) closing of the Varo Bank Account. If any portion of this arbitration provision is deemed invalid or unenforceable, the remaining portions shall remain in force.
IF YOU DO NOT AGREE TO THESE ARBITRATION TERMS, DO NOT ACTIVATE OR USE THE CARD OR VARO BANK ACCOUNT. CALL 1-800-827-6526 TO CLOSE THE VARO BANK ACCOUNT AND REQUEST A REFUND, IF APPLICABLE.
Mobile check deposit (“Mobile Deposit”) allows you to make deposits to the Varo Bank Account remotely by using the Mobile App to take a legible picture of the front and back of the negotiable check(s) and transmitting images of such instruments to us in compliance with our requirements ("Check Image(s)"). If the Check Image is accepted for deposit, we will notify you electronically through the communication method(s) you have elected as preference ("Electronic Notice"). The Bank will then attempt to collect the item by presenting the image or converting the image into a digital representation of the original check ("Substitute Check"). Unlike traditional check deposits, you retain the original paper check when you use Mobile Deposit. See the paragraph captioned "Retention of Original Check" for retention requirements. The manner in which Substitute Checks are cleared, presented for payment and deposited will be determined by the Bank, in our sole discretion. Varo, acting as an agent of the Bank, may change, modify, add or remove functionality from Mobile Deposit at any time, with or without notice to you.
Mobile Deposit cannot be used to make deposits to the Varo Savings Account.
Varo, acting as an agent of the Bank, will determine whether you are eligible for the Mobile Deposit feature at its discretion or at the request of the Bank. Varo may suspend or terminate your use of Mobile Deposit at any time and without prior notice to you. If you violate the terms of Mobile Deposit, such actions may be used as a basis to terminate the Varo Bank Account.
There is no fee for depositing a check by Mobile Deposit. In the event a check you deposit using Mobile Deposit is returned by the bank upon which it was drawn (for any reason), Varo will not charge a fee. Please note that your mobile carrier may charge you for sending and receiving data to upload Check Images using the Mobile App. Please check your mobile service agreement for details on applicable costs.
Limits may be imposed on the dollar amount or number of deposits you make through Mobile Deposit. Such limits will be disclosed to you when you access the Mobile Deposit feature using the Mobile app. Varo may change such limits at any time at its discretion. Limits may be changed based on the length of time the Varo Bank Account is opened and Varo Bank Account activity.
Varo may decline to accept any image of a Check Image you submit through Mobile Deposit at its sole discretion. You agree that you will not scan and attempt to deposit any of the following:
a) Checks payable to any person or entity other than you (i.e., third party checks);
b) Checks containing alterations, illegible items, fraudulent checks, or checks that you should have known or have reason to believe were fraudulent;
c) Checks that have been previously deposited at another institution via physical item, image or electronic funds transfer;
d) Checks from financial institutions located outside the United States;
e) Checks that are not payable in U.S. dollars;
f) Checks that are more than six (6) months old (i.e. stale dated) or that are post-dated;
g) Substitute checks (a digital reproduction of the front and back of an original check);
h) Remotely created checks (a check created by a merchant with a buyer’s checking account number on it, but without the buyer’s original signature);
i) Travelers checks and savings bonds;
j) Non-negotiable instruments, such as promissory notes; or
k) Starter checks or counter checks (checks from a teller window);
l) Credit card, Line of Credit, Home Equity, Brokerage and convenience checks.
All checks deposited must be payable to you; the Bank will not accept third-party checks. In the event the Bank receives and detects a third-party check, the Bank will not deposit the check into any account at the Bank. Third-party checks received in the Bank’s Operation Center will be returned to you through the U.S. mail, and the Bank will not be liable for any checks that may become lost in the mail. Third Party checks deposited through mobile deposit may be rejected in processing.
Both the Bank and Varo reserve the right to reject a Mobile Deposit if it is made payable to the Bank or Varo and contains no means to identify the account to which it should be credited.
Neither the Bank nor Varo is responsible for Check Images not received or dropped during transmission. A Check Image will be deemed received by Varo or the Bank only when an online confirmation receipt has been provided to you indicating the Check Image has been received. Although you may receive confirmation of receipt of your Check Image, the Check Image will still be subject to review before it is submitted for collection and may still be rejected for any reason in the sole discretion of the Bank or Varo. A confirmation is not a representation, warranty or other indication that the Check Image will be presented for collection or will be honored by any collecting or paying bank. If a Check Image received through Mobile Deposit is rejected, then you may re-submit the original check for processing, however the Bank and Varo reserve the right to refuse to process it and may instead require you to have the check reissued.
Once your Check Image has been credited to the Varo Bank Account you must mark the original check as “VOID” and retain the check for sixty (60) days. You may not present the original check or any image or substitute check created from the original check for payment at any other financial institution. During this sixty (60) day period, you must store the original paper check securely using precautions at least as secure as those you would use to protect a blank check, and you must make the original paper check available to us for review at any time and as necessary for us to facilitate the clearing and collection process, to address third-party claims or for our own audit purposes. Should you fail to produce the original paper check, you authorize the Bank or Varo to deduct the amount of the check in question from the Varo Bank Account, regardless of whether such action may cause the Varo Bank Account to not have sufficient funds, and to pay any associated fees. Immediately after this sixty (60) day period, you must destroy the original paper check.
You will endorse any check or other item submitted for deposit exactly as it was made payable to you. You warrant that all endorsements on items deposited to the Varo Bank Account are genuine. Any endorsement must be placed in the one-inch area starting at the left side on the back of an item and the remaining area on the back of the item may not contain any preprinted, stamped or handwritten information. If you fail to do this, you may be required to reimburse the Bank or Varo for losses incurred. For any check deposited as a Check Image through Mobile Deposit, you must endorse the check by signing or stamping the back and writing “For Mobile Deposit Only at Varo" or as otherwise instructed by the Bank or Varo before you take a picture of the check. In the absence of endorsement, you authorize the Bank or Varo to supply any missing endorsements if items are made payable to you or your order and you have not endorsed them.
You will comply with all applicable rules, laws and regulations. Each time you submit check images for deposit through Mobile Deposit, you also make all the warranties set forth in and subject to the terms of the Delaware Uniform Commercial Code ("UCC ") for the image as if it were an item subject to the terms of the UCC. You make the following warranties and representations with respect to each image of an original check you transmit to you using Mobile Deposit:
1) Each image of a check transmitted to us is a true and accurate rendition of the front and back of the original check (at the time it was transmitted), without any alteration, and the drawer of the check has no defense against payment of the check.
2) The amount, the payee, signature(s), and endorsement(s) on the original check are legible, genuine, and accurate.
3) You are only transmitting eligible checks and items you are entitled to endorse.
4) All checks and items include all signatures required for their negotiation.
5) You are using Mobile Deposit only for your own deposits and have not allowed the use of Mobile Deposit for the benefit of any third party.
6) Other than the digital image of an original check that you remotely deposit through Mobile Deposit, there are no other duplicate images of the original check.
7) You have possession of each original check deposited using Mobile Deposit.
8) You have ensured that each original check was authorized by the drawer in the amount stated on the original check and to the payee stated on the original check.
9) You are authorized to enforce each item transmitted or are authorized to obtain payment of each item on behalf of a person entitled to enforce such transmitted item.
10) The information you provided for your Varo Bank Account remains true and accurate; and, in the event any such information changes, you will immediately notify us of the change.
11) You have communicated material information to us.
12) Files and images transmitted to us contain no viruses or any other disabling features that may have an adverse impact on our network, data, or related systems.
Further, you agree that with respect to each image of an original check you transmit using Mobile Deposit:
1) You will not deposit, re-present, negotiate, seek to negotiate or otherwise endorse to a third party the original check and no person will receive a transfer, presentment, or return of, or otherwise be charged for, the item (either the original item, or a paper or electronic representation of the original item) such that the person will be asked to make payment based on an item it has already paid.
2) No party will submit the original check for payment.
Business Days and Cutoff Time: We are open Monday through Friday excluding federal holidays. Check Images received and accepted for processing prior to 6:00PM Eastern Time on a business day that we are open are considered received as of that day. Otherwise, the Check Images will be considered the work of the next business day.
Funds are available on the next business day after the day of deposit for:
Funds are available on the second business day after the day of deposit for:
The first $200.00 from a deposit of checks will be available on the next business day after the deposit is applied to the Varo Bank Account. The remaining funds in excess of $200.00 will be available on the second business day after the day the funds from Mobile Deposit are applied to the Varo Bank Account.
For example, if a check of $700.00 is applied to the Varo Bank Account on a Monday that we are open, $200.00 of the deposit is available on Tuesday. The remaining $500.00 is available on Wednesday.
Varo may, at its sole discretion, make funds available for certain checks earlier than stated above, based on the amount of time the Varo Bank Account has been open and prior Varo Bank Account activity.
Under certain circumstances, a longer hold period may apply before funds deposited by check are available. A longer delay may apply if, for instance:
Varo will send an Electronic Notice informing you if your ability to withdraw funds is delayed for any reason including information on when the funds will be available. Generally, funds will be available no later than the ninth (9th) business day after the deposit is accepted for processing.
For new customers, these special rules will apply for a Varo Bank Account open less than thirty (30) calendar days:
Fee Amount and Frequency
ATM Withdrawal Fee (out of network)*
$2.50 (per transaction). Cash withdrawal transactions at Allpoint ATMs are fee free.
Over the Counter "OTC" Cash Withdrawal Fee
No fee (per transaction)
*Effective February 19, 2020,in addition to any fee(s) charged by the ATM operator (described below), Varo will charge a ATM Withdrawal Fee for each non-Allpoint ATM cash withdrawal, i.e., out of network ATM cash withdrawal. The fee will be withdrawn from your Varo Bank Account and will be assessed as long as there is a remaining balance in your Varo Bank Account, except where prohibited by law. If the Varo Bank Account balance is less than the sum of the amount of the ATM cash withdrawal plus fees, the transaction will be declined. Alternatively, you can make Over the Counter Withdrawals from your Varo Bank Account without incurring a fee.
If you use a non-Allpoint network ATM, whether to make a cash withdrawal or balance inquiry, you may be charged a fee(s) by the ATM operator. Such third-party fees are assessed by the individual ATM operator only and are not assessed by us. The fee(s) will be charged to your Varo Bank Account.
Information contained in this section is provided to assist you in understanding our Funds Availability Policy. All deposits into accounts opened through the Bank are processed at a Bank processing facility.
We make funds available according to the type of deposit and when the funds are applied, or credited to the Varo Bank Account. Some types of deposits may not be available for immediate use. When we delay the availability of funds or place a hold on a deposit made to the Varo Bank Account, you may not withdraw those funds, and we will not use them to pay any debits, such as ACH transfers or payments, Varo to Varo Transfers, Bill Pay transactions or transactions using your Card during the hold period. We have the right to refuse any deposit.
If final payment is not received on any item you have deposited into the Varo Bank Account, or if any direct deposit, ACH transfer credit is returned to us for any reason, you agree to pay us the amount of the returned item.
The length of the delay in the availability of funds varies depending on the type of deposit.
The length of the delay in the availability of funds is counted in business days from the day the deposit is applied to the Varo Bank Account. For purposes of these disclosures, our business days are Monday through Friday. Federal holidays are not included. Deposits received on or before 11:59 PM Mountain Standard Time will be considered current day deposits. Examples: A deposit received at 11:59 PM Mountain Standard Time on Wednesday is considered a Wednesday deposit. A deposit received at 12:00 AM Mountain Standard Time on Thursday is considered a Thursday deposit.
Note: Mountain Standard Time means the time in Arizona. Arizona is in the Mountain Time Zone and most of the state remains in Mountain Standard Time (MST) all year. Thus, during daylight savings time (March to November), most of Arizona has the same time as the Pacific Time Zone.
Funds received from preauthorized electronic payments such as payroll direct deposits, or other preauthorized electronic payments will be available on the day the deposit is applied to the Varo Bank Account.
ACH Credits received from an external bank account will be applied to the Varo Bank Account when we have verified the external account and received payment on collected funds. Once the funds are applied to the Varo Bank Account, they will have same day availability.
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