No. Since Varo just provides private accounts and not business accounts, they are unable to receive commercial transactions such as Paycheck Protection Programs (PPP) loans as well as other Small Business Association (SBA) loans.
Any PPP or even other SBA loans transferred to a Varo Bank account would be reverted to the entity that made the loan (SBA or Lender). It is suggested that you notify your lender first to obtain ACH routing information for a lender that will acknowledge your business transactions. Loans for businesses should always be transferred into a separate business account.
A checking account is what a Varo Bank Account is. The account has no repeating fees, overdraft charges, international processing fees, incoming or outgoing service charges, or other fees. Varo partnered up with Bancorp Bank on October 1, 2020, to provide the foundation for their bank transactions.
Varo was founded by Colin Walsh and Kolya Klymenko as a method of establishing a bank that might resonate with millennial consumers as well as young folks who have been discontented with traditional banks.
Other Reasons Why You Should Consider Banking With VARO
Varo Bank provides several good characteristics for those who are familiar with online banking. If you’re unsure whether Varo is appropriate for you, evaluating its attributes might help you decide.
It is not tricky to get started with Varo Bank. You can open an account online in a short amount of time. The site is simple to use, and you can visit the comprehensive Help Center if you have any queries. Similarly, if you want to manage your finances on the go, the Varo Bank mobile app is simple to use.
2. Rates and fees
Varo Bank’s online checking account has no monthly charges and no hidden charges of any sort. If you are using an ATM outside the Allpoint system, you will be charged a $2.50 foreign ATM fee. You will not be charged any service charges or interest if you’re using the Varo Advance feature to take out loans of up to $100 from your paycheck.
Varo does not charge customers for cash deposits at GreenDot retailers; however, the retailer might claim from $0.95 to $5.95 to add funds to your account.
Varo’s Help Center contains a comprehensive collection of responses to frequently asked queries. If you require assistance, you can contact customer service by email or phone.
Varo Bank allows you to monitor and control your funds online or via the mobile app. You can always withdraw or deposit cash as you want. You could also save time by receiving your pay early through direct deposit.
5. Customer service
Varo’s client service is available to reply to queries via phone or email. There is no live chat option available at the moment, but general support is attentive, which is useful if you have an issue.
As previously stated, VARO doesn’t acknowledge commercial transactions such as Paycheck Protection Programs (PPP) loans or other Small Business Association (SBA) loans meant for commercial purposes. Varo Bank, on the other hand, can be a good checking choice to consider if you do not mind foregoing branch banking.
You will be paying no monthly charges or extra costs. If you’re willing to give Varo banking a shot, go ahead and create a Varo Bank checking account today.