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The preliminary approval from the OCC positions Varo to establish the first all-mobile national bank in the U.S. Other neo-bank attempts in the U.S. have been built on the back of traditional banking partners such as Cross River Bank and WebBank. Varo offers customers fee-free banking, 1.5% yield on savings, personal loans, and automated savings tools - among other features.
Varo customers pay no ATM fees at a network of more than 55,000 Allpoint ATMs worldwide. Allpoint ATMs are located in popular retail stores—like Target, Costco, Walgreens, and CVS—so customers don’t have to go out of their way to get cash at a bank branch ATM. Varo Bank, N.A. is currently in formation and will obtain its final national bank charter upon completion of organizational steps and satisfaction of the OCC’s conditions, as well as approval from the FDIC to obtain insurance and Federal Reserve membership. Varo, as a new national bank, will be able to deliver on its mission to help Americans achieve better financial health nationwide, while offering customers a full range of products and solutions with the highest standards of consumer protection.
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