Varo Bank, the first all-digital nationally chartered bank in the U.S., has announced an innovative collaboration with Green Dot Corporation and CVS Health to revolutionize cash deposits. This partnership allows Varo customers to deposit cash at over 7,500 CVS Pharmacy locations across the country—completely free of charge.
Leveraging Green Dot’s embedded finance platform (Arc) and its robust Green Dot Network, this initiative empowers millions of Varo Bank customers to save upwards of $120 annually on cash deposit fees. This move marks a significant step toward accessible, low-cost banking solutions for everyday Americans.
Unlike traditional banks that impose fees for low account balances or unmet direct deposit requirements, Varo’s unique digital charter enables it to bypass intermediaries and offer its customers preferential fee structures and innovative financial products.
“At Varo, our mission is to design affordable financial solutions tailored to the needs of everyday Americans,” said Colin Walsh, CEO of Varo Bank. “This collaboration with Green Dot at CVS Pharmacy locations eliminates barriers, making cash deposits simple, accessible, and cost-free.”
With this partnership, Varo Bank continues to redefine convenience in banking. Customers enjoy:
- Zero Bank Fees: No monthly maintenance, minimum balance, overdraft, or transfer fees.
- Free Cash Deposits: Access to no-fee deposits at over 7,500 CVS Pharmacy locations nationwide.
- Extensive ATM Network: Free cash withdrawals at 40,000+ Allpoint® ATMs across the U.S.
- Early Paydays: Receive direct deposits up to 2 days earlier.
- Cash-Back Rewards: Automatic rewards on everyday purchases.
- Credit Access: Eligibility for products like Varo Advance and Varo Line of Credit over time.
Green Dot’s Senior Vice President of Money Movement, Crystal Bryant-Minter, highlighted the significance of this collaboration:
“We are proud to join forces with Varo and CVS Pharmacy to make banking more inclusive and accessible. Arc by Green Dot, with its seamless and secure capabilities, underpins this effort to bring transformative financial tools to millions of Americans.”
By eliminating cash deposit fees and offering a suite of benefits tailored to modern financial needs, Varo Bank is leading the charge in creating a more inclusive, customer-centric banking ecosystem.
This partnership underscores the bank’s commitment to breaking down traditional barriers, positioning itself as a trailblazer in digital banking and financial wellness.
