Kicking myself for all the times I recommended Varo
Varo kicked me out a few days ago but given the recent email about decreased APY, I guess it’s for the best.
Been a Varo user for over 4 years now, always used it very minimally just as my primary savings account. I’d direct deposit $1000 of my pay there for rainy days, never used the debit card or had any crazy transactions or anything.
I think they weren’t making any money on me and also the source of the direct deposits has now changed in the last year since I went back to grad school. I have been working different internships plus my husband now directly deposits into it too. That’s the only reason I can think they would randomly close my account with absolutely no notice or reason.
Now I’m waiting on a fat check that hopefully comes soon and in the full amount (have been reading horror stories of losing rent money).
Leave Varo before they leave you yall. They’ll go under eventually for sure.