Varo Advance offers free and instant access to cash until January 2021

SAN FRANCISCO, Dec 3 2020 / PRNewswire / – Bank Varo, the first fully digital nationally chartered bank in the United States, today announced that Varo Advance, its instant cash advance service that offers up to $ 100 for eligible customers, is now available and free until January 2021.

This holiday season will be unlike any other in memory with the deeply entrenched COVID pandemic and its economic impacts. Varo Advance can act as a short-term bridge to help clients proactively manage their finances between paychecks and maintain them over the holidays. Qualification Bank Varo customers can instantly access $ 100 in cash directly in their Bank Varo application via Varo Advance. From now until January 31, 2021, the service is available completely free of charge. *

“We created Varo Advance based on direct feedback from our customers, who have requested more flexibility in accessing cash on demand to help stretch a paycheck or meet an immediate need,” said Colin Walsh, founder and CEO of Bank Varo. “Due to the challenges of 2020 and the current economic circumstances for many hard-working Americans, we have made the decision to provide Varo Advance free of charge until the end of this year. January 2021. It’s a way to say thank you and share the joy of the holidays with our most engaged customers. ”

From February 2021, Varo Advance will move to a fixed and transparent cost structure – no tips, no hidden charges and no instant access charges. Varo Advance offers an advance of up to $ 20 for free, with a maximum price of $ 5 for a $ 100 advance. Customers are given a choice of number of days to repay within a 30-day window. Unlike similar programs, Varo Advance can be used immediately, anywhere, anytime, for any unforeseen expense and provides customers with a transparent and proactive way to access additional cash to help them stretch their money, without having overdrawn their account.

On Bank Varo, N / A
Bank Varo is on a mission to make financial inclusion and opportunity a reality for all – by arming them with the products and support they need to build healthy financial habits and reduce financial stress. Thanks to its mobile application, Bank Varo offers customers premium bank accounts that have no minimum balance requirement or monthly account fees, high interest savings accounts, and technology features to help people save and manage their money more easily . Bank Varo is the first consumer fintech to have obtained a national banking charter from the Office of the Comptroller of the Currency. For more information visit, As Bank Varo 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 accessing the line of credit. Product eligibility and conditions are available in the Varo Advance Account Agreement.

CONTACT: Consort Partners for Varo Bank, [email protected]


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