What the heck is Varo? This is not just a rhetorical musing.
I have looked it up at varomoney.com. It is an online banking company. “Varo is a digital bank that offers early direct deposit, high-yield savings, credit score tracking, and a debit card with cashback rewards. Find answers to common questions about opening an account.”
The Google Play app says:
Join 3+ million people getting ahead with their money at Varo!
Varo Bank Account: 4.5/5 stars on Nerdwallet
• No monthly bank account fees or min balance
• Get paid up to 2 days early³
• Instantly send/receive money fast & free with Zelle®⁶ & Varo to Anyone
BTW, I have no idea what the footnotes are about.
The Forbes Advisor likes it, giving it a 4.7 out of five stars.
“With top-notch customer service, a user-friendly mobile app, and nearly no fees, Varo Bank is an excellent choice for anyone looking to simplify their finances. Varo offers competitive interest rates on savings accounts, up to 6% cash back on select purchases, and the ability to borrow up to $250 with Varo Advance. Even though it’s an online bank, there are plenty of ways to access your money by visiting any of the over 40,000+ ATMs in the Allpoint network.”
I got it.
My problem
At the end of December, I got a Visa credit card from Varo in the mail. It was sent to our home but addressed to someone we never heard of, and we’ve been here for over two decades.
So I called the phone number on the card. But that line was only appropriate for “members.” After some trial and error, I found an email address to send information to. It’s been 12 days, yet I have not received a response.
One can legitimately complain about the traditional banking system. Still, they would have responded immediately if I told their offices I had a credit card that did not belong to me. Since I have no relationship with Varo, how did they send it to my address? And I assume the actual customer must have been frustrated waiting for the card.
A 2020 article reads, “Varo notes it’s the first U.S. consumer fintech to be granted a banking charter… ‘This is a thrilling milestone for Varo, as the bank charter has been a core part of Varo’s disruptive vision from the very beginning,’ said Varo Bank founder and CEO Colin Walsh.”
Varo’s credo appears to be “Believe.” I believe I won’t be recommending them to anyone as they disrupted my day.