Green Dot(GDOT) Prnewswire·2024-12-20 18:30Core Insights - Varo Bank has partnered with Green Dot Corporation and CVS Health to allow fee-free cash deposits for Varo customers at over 7,500 CVS Pharmacy locations nationwide, potentially saving customers $120 or more annually [1][3]. Company Overview - Varo Bank is the first all-digital nationally chartered bank in the U.S., focusing on providing low-cost financial solutions tailored to the needs of everyday Americans [2][3]. - The bank offers a range of services including credit building, savings, and faster payments, with products like Varo Believe (secured credit card), Varo Advance (short-term cash advance), and a high-yield savings account [2][3]. Collaboration Details - The collaboration with Green Dot utilizes its embedded finance platform, Arc, which facilitates secure banking and money processing capabilities [4][8]. - This partnership aims to enhance banking accessibility and convenience for millions of American consumers by eliminating cash deposit fees [3][8]. Financial Services Features - Varo Bank provides zero fees for monthly maintenance, minimum balance, transfers, and overdrafts, along with free cash deposits at CVS and withdrawals at over 40,000 Allpoint ATMs [2][7]. - Customers can benefit from a 2-day early payday with direct deposits and automatic cash back rewards on purchases [2]. Market Position - Varo Bank has been recognized as one of the fastest-growing companies in the U.S. by Inc. 5000, and has appeared on CNBC's list of the World's Top Fintech Companies and Forbes' World's Best Banks [2].