Varo Bank Fees Overview
Varo Bank is a fully digital, mobile-first bank that offers various financial services including personal checking and savings accounts, money transfers, and loans. While Varo Bank is known for its fee-free structure, some fees may apply for certain services or transactions. Below is an extensive overview of the fees associated with Varo Bank.
1. Account Opening and Maintenance Fees
Varo Bank has a transparent fee structure with no monthly maintenance fees for its primary account services.
A. Account Opening Fees
Cost: Free.
B. Monthly Maintenance Fees
Cost: Free for Varo Bank accounts.
Varo does not charge monthly fees for its Varo Bank Accounts, Varo Savings Accounts, or Varo Believe Credit Builder accounts.
2. Transaction and Withdrawal Fees
Certain fees are associated with using Varo Bank’s debit card, ATMs, and other transactional services.
A. ATM Withdrawal Fees
Varo ATM Network (fee-free)
Cost: Free at 55,000+ Allpoint ATMs.
Varo offers fee-free ATM withdrawals at over 55,000 ATMs worldwide through the Allpoint network. These ATMs are commonly found at major retail locations and convenience stores.
International ATM Withdrawals
Cost: $2.50 per transaction + international ATM operator fees.
Varo charges $2.50 for international ATM withdrawals, plus any additional fees imposed by the ATM operator.
B. Cash Deposit Fees
Varo Cash Deposit Network (fee-free)
Cost: Free at participating locations in the GreenDot network.
You can deposit cash for free at over 90,000 participating retail locations in the GreenDot network, including major stores like Walmart.
Non-network Cash Deposits
Cost: Varies by location.
If you need to deposit cash at non-participating locations, the fees may vary. These locations may charge up to $5.00 per deposit.
C. Debit Card and Transaction Fees
Debit Card Purchases
Cost: Free.
Purchases made with your Varo Visa Debit Card are free of charge and processed like any standard debit card transaction.
Foreign Transaction Fees
Cost: 3% of the transaction amount.
Varo charges a 3% fee for purchases made outside of the U.S. in a foreign currency or through international merchants.
3. Overdraft and Insufficient Funds Fees
Varo offers a no-fee overdraft service for qualifying customers, but there are fees if you do not qualify for this service.
A. Overdraft Fees
Overdraft Protection (No Fee)
Cost: Free (for qualifying customers).
Varo offers an overdraft protection service called "SpotMe," which allows you to make purchases up to $200 beyond your account balance, without incurring any fees. To qualify, you need to receive direct deposits of $1,000 or more per month.
Insufficient Funds (Overdraft Fee for Non-qualifying Accounts)
Cost: Free.
Varo does not charge overdraft fees if you do not qualify for SpotMe. However, any transactions that would result in overdrawing your account will be declined.
4. Wire Transfer Fees
Wire transfers are a service available to Varo customers, both for incoming and outgoing transfers.
A. Domestic Wire Transfer Fees
Incoming Domestic Wire Transfer
Cost: Free.
Varo does not charge a fee for receiving domestic wire transfers.
Outgoing Domestic Wire Transfer
Cost: $25 per transfer.
Outgoing domestic wire transfers incur a fee of $25 per transfer.
B. International Wire Transfer Fees
Incoming International Wire Transfer
Cost: Free.
Varo does not charge fees for incoming international wire transfers.
Outgoing International Wire Transfer
Cost: $45 per transfer.
Varo charges $45 for sending an outgoing international wire transfer.
5. Varo Savings Account Fees
The Varo Savings account is designed to be a high-yield savings account. It is free to use but has certain terms for maximizing benefits.
A. Savings Account Fees
Monthly Maintenance Fee
Cost: Free.
There is no monthly maintenance fee for the Varo Savings account.
ATM Withdrawal Fee
Cost: $2.50 per withdrawal at out-of-network ATMs (same as checking account).
Interest Rates and Fees
Cost: Free.
Varo’s savings account offers a competitive annual percentage yield (APY) on balances, which varies based on account balance and activity.
6. Varo Believe Credit Builder Fees
The Varo Believe Credit Builder account helps customers build their credit. This account is designed for people who are looking to improve their credit scores.
A. Monthly Fees
Varo Believe Credit Builder Account
Cost: Free.
There are no monthly fees for using the Varo Believe Credit Builder account. This account is available to Varo customers who want to build or improve their credit score.
Security Deposit Fees
Cost: None for Varo Believe.
Varo allows you to set up the credit builder account without the need for a deposit, which distinguishes it from many other credit-building products that require a deposit.
7. Account Closure Fees
Varo does not charge any fees for closing your account.
A. Closing Account Fees
Cost: Free.
Varo allows customers to close their accounts at any time without incurring a fee.
8. Miscellaneous Fees
While Varo has a low-fee structure, there are a few additional potential fees associated with certain account actions.
A. Stop Payment Fees
Stop Payment Request
Cost: $15 per request.
If you need to stop a payment, such as a check or a transaction, Varo charges $15 for each stop payment request.
B. Paper Statement Fees
Paper Statement Fee
Cost: $2 per statement.
Varo offers paperless statements for free, but if you request paper statements, there is a fee of $2 per statement.
Summary of Typical Costs
Fee Type
Estimated Cost
Account Opening Fee
Free
Monthly Maintenance Fee
Free
ATM Withdrawal Fee (in-network)
Free
ATM Withdrawal Fee (out-of-network)
$2.50 per transaction
Cash Deposit Fee (in-network)
Free
Cash Deposit Fee (out-of-network)
Varies (up to $5 per deposit)
Debit Card Purchase Fee
Free
Foreign Transaction Fee
3% of the transaction amount
ACH Transfer Fee
Free
Overdraft Fee (SpotMe customers)
Free
Insufficient Funds Fee
Free (transactions declined)
Domestic Wire Transfer (incoming)
Free
Domestic Wire Transfer (outgoing)
$25 per transfer
International Wire Transfer (incoming)
Free
International Wire Transfer (outgoing)
$45 per transfer
Savings Account Monthly Fee
Free
Credit Builder Account Monthly Fee
Free
Stop Payment Fee
$15 per request
Paper Statement Fee
$2 per statement
Out-of-Network ATM Withdrawal Fee
$2.50 per transaction
Varo Bank offers a competitive and transparent fee structure, with most of its basic services being completely free of charge. While there are fees associated with out-of-network ATM withdrawals, wire transfers, and certain special services like stop payments or paper statements, Varo is designed to minimize fees for day-to-day banking. Its fee-free ATM network and lack of monthly maintenance fees make it a strong option for individuals looking for a low-cost, digital-first banking experience.
Get started with Varo Bank
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