Varo Bank Introduces Zero Fee Cash Deposits at Participating CVS Locations

PR Newswire12-21 02:30

New Collaboration with Green Dot Enables Cash Deposits at Over 7,500 CVS Pharmacy Locations AUSTIN, Texas and SAN FRANCISCO, Dec. 20, 2024 /PRNewswire/ -- Varo Bank, the first all-digital nationally ...

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Traditional banks often charge fees unless customers maintain specified minimum balances in their accounts or meet monthly direct deposit requirements. In addition, unlike fintech companies that must work through partner banks to set their fee policies, Varo's charter enables the bank to offer preferential fees and products to its customers.\"As an all-digital bank, Varo is creating low-cost financial solutions designed specifically for the needs of everyday Americans,\" said Colin Walsh, Chief Executive Officer at Varo Bank. \"This Green Dot collaboration at participating CVS Pharmacy locations eliminates cash deposit fees, making basic banking more convenient and affordable.\"","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","BK4166":"消费信贷","GDOT":"Green Dot","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","BK4504":"桥水持仓","BK4581":"高盛持仓","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0006061336.USD":"Blackrock US Small and MidCap Opportunities A2 USD","CVS":"西维斯健康","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","BK4585":"ETF&股票定投概念","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","GRO":"Brazil Potash Corp.","BK4196":"保健护理服务"},"translate_title":"Varo Bank在参与CVS的地点推出零费用现金存款","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CVS":1,"GDOT":1,"GRO":1},"content_text":"New Collaboration with Green Dot Enables Cash Deposits at Over 7,500 CVS Pharmacy Locations\nAUSTIN, Texas and SAN FRANCISCO, Dec. 20, 2024 /PRNewswire/ -- Varo Bank, the first all-digital nationally chartered bank in the U.S., today announced a collaboration with Green Dot Corporation (NYSE: GDOT) and CVS Health (NYSE: CVS) to enable deposits for no fee for millions of Varo Bank customers at over 7,500 participating CVS Pharmacy locations nationwide.1 Utilizing Green Dot's embedded finance platform (Arc) and expansive money movement network, the \"Green Dot Network,\" Varo customers can now deposit cash at participating CVS Pharmacy locations2 with zero fees. For customers who deposit cash regularly, this means saving $120 or more per year.\n\n  \n\nTraditional banks often charge fees unless customers maintain specified minimum balances in their accounts or meet monthly direct deposit requirements. In addition, unlike fintech companies that must work through partner banks to set their fee policies, Varo's charter enables the bank to offer preferential fees and products to its customers.\n\"As an all-digital bank, Varo is creating low-cost financial solutions designed specifically for the needs of everyday Americans,\" said Colin Walsh, Chief Executive Officer at Varo Bank. \"This Green Dot collaboration at participating CVS Pharmacy locations eliminates cash deposit fees, making basic banking more convenient and affordable.\"\nVaro customers have access to a suite of primary banking products that support their financial stability and wellness, including:\n\nZero bank fees: No monthly, minimum balance, transfer, or overdraft fees\nFree and fast access to cash:\n   \nFree cash deposits at 7,500+ CVS Pharmacy locations\nFree withdrawals at 40,000+ Allpoint® ATMs nationwide\n2-day early payday with direct deposits\n\nAutomatic cash back rewards on purchases\nAbility to qualify for Varo Advance and Varo Line of Credit over time\n\n\"We are thrilled to work with Varo and CVS Pharmacy to make banking accessible to millions of American consumers,\" said Crystal Bryant-Minter, SVP, Money Movement at Green Dot. \"With more than 20 years' experience delivering seamless banking and payment solutions to consumers and businesses, Arc by Green Dot powers some of the world's most trusted brands and thousands of other businesses at all stages of growth with seamless, secure and useful financial tools and experiences.\"\nAbout Varo BankVaro Bank is a new kind of bank - the first nationally chartered consumer tech bank in the U.S., built from the ground up with a focus on the needs of Americans striving to get ahead. From credit building to savings to faster payments, Varo has a complete solution to help everyday Americans make progress in their financial lives. Varo combines the capabilities and nimbleness of a technology company with the security and oversight of a regulated financial institution, enabling agile product design that provides technology-first solutions such as Varo Believe, a secured card to help build credit; Varo Advance, to help stretch hard-earned dollars between paychecks; and a high-yield savings account, offering one of the nation's highest APYs. Varo has been named as one of the Inc. 5000 2023 fastest growth companies in the U.S., CNBC's 2023 list of the World's Top Fintech Companies, one of Forbes' World's Best Banks, and Fast Company's Most Innovative Companies. For more information on Varo Advance, Varo Believe, and other offerings such as Perks, visit www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram and Twitter @varobank. ©2024 Varo Bank, N.A. Member FDIC.\nAbout Arc by Green DotArc is the embedded finance platform of services featuring all of Green Dot's secure banking and money processing capabilities designed to fuel value, loyalty and growth for consumers and businesses. Arc by Green Dot powers some of the world's most trusted brands and thousands of other businesses with seamless, secure and useful financial tools and experiences.\nIntegrated with Green Dot Bank3Arc provides partners with leading FDIC-insured banking products and tools, plus regulatory and compliance expertise, oversight and support. The Arc platform is cloud-based, modular and scalable by design – configurable to meet a wide range of business needs and goals, and flexible to adapt as our partners grow. Arc's end-to-end banking services are powered by enterprise-grade APIs and offer partners access to comprehensive customer support, fraud protection, the largest retail deposit and ATM network in the U.S., and much more. For more information, visit greendot.com/arc.\nMedia Contact   \nAudrey Jacobson, for Varo Bank: varobank@consortpartners.com \n1 Fees for optional service may apply2 Cash deposit is available at all stand-alone CVS locations (through Green Dot Network®) with a cashier in the U.S. except those located within hospitals, on military bases, or in Target. You can deposit between $20-$500 per transaction. A fee may apply for depositing cash at other Green Dot Network® locations.3 Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits. Green Dot Corporation NMLS #914924; Green Dot Bank NMLS #908739.\n View original content to download multimedia:https://www.prnewswire.com/news-releases/varo-bank-introduces-zero-fee-cash-deposits-at-participating-cvs-locations-302337565.html\nSOURCE Varo Bank","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2493534420"}