How does Varo’s referral program work?
Below is a summary of information about Varo’s refer a friend program. For the full terms and conditions of your referral offer, please see the T&Cs in promotional email about the program or the T&Cs below^.
How does a Referee qualify themselves and their referring Varo member to receive their bonuses?
The Referee must register their email using the referring Varo member’s unique link by December 31, 2018, open a Varo Bank Account, then have one or more qualifying direct deposits of $250 or more into the account within 45 days of opening.
What is a qualifying direct deposit?
A qualifying direct deposit must be at least $250 each (two or more that add up to $250 do not qualify) of Referee’s payroll, pension or government benefits (such as Social Security) from their employer or the government. Transfers from outside accounts or peer-to-peer payments (such as PayPal or Square) do not qualify. The deposit must post to the Varo Bank Account within 45 days of opening.
When will the referring Varo member and Referee receive their bonuses?
Bonuses will be deposited into both the Varo member and Referee’s Varo Bank Accounts within one week of the first qualifying direct deposit posting the Referee’s Varo Bank Account.
How many bonuses can a Varo member qualify for?
Varo members may qualify for up a maximum bonus total of $500 per calendar year.
Is every Varo customer part of the program?
No. At this time only customers who have an open account are eligible to participate in the program.
Can I refer myself for a second account if I have an existing Varo Bank Account?
No. You cannot open more than one Varo Bank Account per Social Security Number.
^In order for each party, the referring Varo member (the “Member”) and the referred individual (the “Referee”) to qualify for and receive your bonus as specified in your promotional email, Referee must: 1) use Member’s unique link to register Referee’s email address; 2) open a new Varo Bank Account (subject to approval) by December 31, 2018, using the same email address used for registration in the prior step; and 3) receive at least one qualifying direct deposit of $250 or more into the new Varo account within 45 days of the date the account was opened. The qualifying direct deposit must be an electronic payment payable to Referee such as (a) a tax refund, paycheck, pension payment, or Social Security benefits from the U.S. Treasury; (b) a paycheck from Referee’s employer; or (c) a pension payment. Transfers from external bank or other financial institution accounts or peer-to-peer payments (such as through PayPal or Square) do not qualify. Bonuses will be paid in the form of a credit to the Varo accounts of the Member and Referee within one week after Referee’s qualifying direct deposit occurs. Referee must be a new Varo member with no prior Varo account(s). Referee acknowledges that non-payment or payment of the bonus and any related promotional communications will result in Member’s awareness that Referee requested and/or opened a Varo account. Member is limited to receipt of a total of $500 in referral payments through participation in this promotional program. Varo Money Inc., the sole sponsor of this promotional program, reserves the right to cancel or modify its terms, or terminate a Member’s eligibility to participate in this promotion at any time without prior notice.