Varo Money: Enters final stage of becoming nationwide bank

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Varo Money: Enters final stage of becoming nationwide bank

Varo Money: Enters final stage of becoming nationwide bank

  • Varo launched in mid-2017 and received a preliminary approval from OCC a year later
  • Now with the FDIC insurance, they moves the charter process to the next and final step of the approval process
  • It says it is on track to obtain the national bank charter, which will enable it to expand to other types of services
  • At present, Varo’s bank account services provided by The Bancorp Bank
  • Varo committed to creating inclusive financial opportunities that deliver measurable benefits to all consumers
  • Varo also offers fee-free ATM withdrawals with its network of more than 55,000 Allpoint ATMs worldwide