France capital

Instant cash access up to $100

SAN FRANCISCO, October 16, 2020 /PRNewswire/ — Bank Varoonly digital national bank, launches Varo Advance, an innovative product that advances instantly up to $100 to eligible customers and gives customers more flexibility and control over their finances.

Designed to help customers proactively manage their finances, Varo Advance provides instant access to up to $100 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 provides an advance of up to $20 for free, with a maximum charge of $5 for a $100 advance. Customers choose when they want to refund within 30 days. Unlike similar programs, Varo Advance offers customers a transparent and proactive way to access extra cash to help stretch their paycheck, without having to overdraw their account.

At a time when 50% to 78% of American workers live paycheck to paycheckVaro 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 for without added stress.

“Our no-fee overdraft program has been a huge success, allowing Varo customers to save much more $100 million in his first year. Varo customers asked for a more proactive solution that offered greater control over their finances, rather than having to go into the red to access additional cash,” said Colin Walch, 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 financial success, with instant availability 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 directly within the Varo app, without the need for a credit check. Varo Advance can be used immediately, anywhere for any unexpected expense – allowing customers to plan ahead and providing more control over their money – all with no surprise fees, no tips and no waiting for pending charges are settled before customers can access their money.

Alongside Varo Advance, Varo Bank offers a suite of products that aim to provide greater money control, visibility and security, including more than 10x savings rates. the national averageautomatic savings tools like Save your salary and save your changeand access to direct deposits up to two days earlier. **As the only consumer fintech with a national banking charter, Varo Bank will launch many innovative products and features focused on improving the financial health of our customers.

About Varo Bank, NA

Bank Varo is on a mission to make financial opportunity more accessible to more people, arming them with the products and support they need to create healthy financial habits and reduce financial stress. Through its mobile application, Varo Bank offers its customers premium bank accounts with no minimum balance requirement or monthly account fees, high interest savings accounts and state-of-the-art features to help people save and manage their money more easily. Varo Bank is the first consumer fintech to be granted a national banking charter by the Office of the Comptroller of the Currency. For more information, visit www.varomoney.comlike 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 to have access to the line of credit. Product eligibility and terms are available in the Varo Advance Account Agreement.

**Early access to direct deposit funds depends on when the payer submits the deposits. We generally release these deposits the day they are received, which can be up to 2 days before the payer’s expected payment date.

SOURCE Varo Bank

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