Varo Bank App Review: Legit or Scam?
In recent years, the world of banking has seen a significant shift towards mobile-only banks, with services like Chime and Simple paving the way for more innovative solutions. One of the most promising newcomers in this space is Varo Bank, a fintech company that claims to offer a unique blend of traditional banking features with modern, mobile-centric design. But is Varo Bank a legitimate way to manage your finances, or is it just another scam? In this review, we’ll dig deeper into the features and functionality of the Varo Bank app to help you make an informed decision.
Background
Varo Bank was founded in 2015 by a team of experienced fintech professionals, with the goal of creating a more streamlined, user-friendly banking experience. The company has since grown to become one of the fastest-growing fintech companies in the United States, with over one million customers and a network of over 50,000 ATMs. Despite this rapid growth, Varo Bank continues to operate under the traditional banking model, with customers earning up to 1.00% APY on their deposits.
Features
Varo Bank offers a range of features designed to make it easy for customers to manage their finances on the go. Some of the key features include:
* Mobile Deposit: Take a photo of your check and deposit it directly into your Varo Bank account.
* Fee-free ATMs: With over 50,000 ATMs nationwide, you can access your cash without incurring additional fees.
* Direct Deposit: Get your paycheck directly deposited into your Varo Bank account, and earn rewards for early direct deposit.
* Most importantly, the ability to trace your lost funds: if you’ve lost or had funds stolen, Varo Bank’s dedicated team can help you trace the transaction and retrieve your money.
Security
As with any banking institution, security is of utmost importance at Varo Bank. The company uses 256-bit encryption, the same level of encryption used by major banks, to ensure that all transactions are secure and protected. Additionally, Varo Bank’s mobile app includes a range of safety features, including biometric authentication and round-the-clock fraud detection.
Pros and Cons
* Pros:
+ High-yield savings account
+ Fee-free ATMs
+ Mobile Deposit and Direct Deposit options
+ Dedicated customer support
* Cons:
+ Limited branch network
+ No in-person support in
