What bank is Vero?
As online banking evolves, more virtual banks are turning themselves into all-in-one experiences for their customers. Instead of only opening a bank account, you can also borrow money, build credit, and explore additional opportunities. Varo Bank is a large online bank with over 7 million accounts.
Varo Bank Accounts are provided by Varo Bank, N.A., and deposits are FDIC-insured up to $250,000 through "Varo Bank, N.A."
Not only are your deposits FDIC-insured, we're also an independent bank with our own banking charter.
This is not a prepaid card | Every Varo Bank Account comes with a Varo Visa® Debit Card.
Varo Bank, formerly Varo Money was founded in 2015 and headquartered in San Francisco, California.
This was a monumental change in the way Varo operated, up until then the main banking backbone for its operations was led by Bancorp Bank. By becoming a licensed bank, Varo can now develop its own banking platform, independent of any other.
Who owns VERO? VERO is a US-based company majority owned by its co-founders (CEO Ayman Hariri, Scott Birnbaum and Motaz Nabulsi) and members of the team.
The app was founded by French-Lebanese billionaire Ayman Hariri who is the son of former Lebanese prime minister Rafic Hariri. The name is taken from the Italian word for true. The app launched officially in 2015 as an alternative to Facebook and their popular photo-blogging app Instagram.
Is Varo Bank legit? Varo Bank is a legitimate banking option for those who are looking for a fully online service. The bank is chartered and regulated by the OCC, and it's FDIC-insured.
Can Varo go negative?
If your account balance remains negative, activity will be evaluated and your account could be closed. Even if you have a negative balance, we will not charge you an overdraft fee.
Whether digital or physical, debit card daily purchase limits, including cash back at the register, range from $2,500 to $5,000 depending on factors such as your account age and transaction history. You have an additional limit of $1,000 cash withdrawals per day at ATMs.
Yes, Varo Bank does work with Zelle. You can send, request, or receive money with Zelle right in your Varo app. To be eligible to enroll in Zelle at Varo, you must have a qualifying direct deposit in the last 31 days. Once enrolled, you will always be able to access Zelle at Varo.
About Varo
The company offers a variety of banking services, including checking accounts, savings accounts, and credit cards. It primarily serves the asset and management industry. It was formerly known as Ascendit Holdings. The company was founded in 2015 and is based in San Francisco, California.
With online-only banks like Varo, the lack of brick and mortar branches creates lower operating costs, which means better benefits for your wallet, like a high APY and no fees. Unlike some banks that charge fees for off-brand ATMs, Varo has no fees at 40,000+ U.S. based Allpoint® ATMs in places you already shop⁴.
Varo was founded in 2015 by CEO and former Wells Fargo WFC +1.3% executive Colin Walsh. Competing with other digital banks like Chime and Current, Varo offers its customers fee-free checking accounts, a secured credit card and a small-dollar cash advance program.
Founded in 2015 by former Wells Fargo executive Walsh, Varo became the first US consumer fintech firm to be granted a national bank charter in 2020, enabling the digital challenger to offer a full suite of FDIC-insured services.
Varo and Chime have comparable offerings with a few key differences. Varo is a bank, and Chime is a neobank — an online-only financial service company that partners with a bank to provide account insurance. Here's how the two companies compare with each other.
Varo joins Kard's existing family of challenger and neo bank partners, including Hatch, Bits of Stock, Fortú, and more. Interested in what Kard can do for your card issuing business?
Varo Bank is the first all-digital nationally chartered U.S. bank.
What type of card is Varo Bank?
Embrace the freedom of Varo's no fee debit card
And forget waiting—you can start taking advantage of your debit card instantly. After opening a Varo Bank Account, it's easy to activate your debit card: Open the Varo app, and look for the “Early access to your card” screen.
In recent months, there has been a renewed interest in the app, and it's estimated that Vero has somewhere between 4.5 and 5 million users.
It's free to use — for the time being
When Vero launched in 2015, the founders said only the first million accounts would be free. In 2018, it nearly tripled its user base from 150,000 to over three million. Today, the app has a modest five million active users and is still completely free.
Vero allows those that have signed up to share various different types of media with their followers. This includes but is not limited to books, movies, music, links, and photos. In a nutshell, Vero is a social media app that allows you to share things with those that follow or have connected with you.
Varo and Chime have comparable offerings with a few key differences. Varo is a bank, and Chime is a neobank — an online-only financial service company that partners with a bank to provide account insurance. Here's how the two companies compare with each other.
