The Varo Believe Secured Account is a deposit account that acts as security for your monthly Varo Believe Card payment. Whenever a purchase is made or a cash advance is taken at an ATM or when you’re checking out at the register, an amount equal to the transaction is set aside as security for those expenditures in the Varo Believe Secured Account. The money is locked in the Varo Believe Secured Account to ensure adequate funds are available to pay your balance in full each billing cycle. You can then choose to either pay your statement balance using the money in your Varo Believe Secured Account with SafePay*, with a linked account, or via check.
If you prefer not to use SafePay for automatic payments, you can always set up automatic payments from a linked account, do manual payments from a linked account or your Varo Believe Secured Account, or mail us a check. Keep in mind that if you choose to pay with a linked account or via check, the funds in your Varo Believe Secured Account will be made available for you to spend on your Varo Believe Card 3 business days after we receive your payment in full.
Here’s how it works:
- Add funds to your Varo Believe Secured Account from your Varo Bank Account.This sets the spending limit for your Varo Believe Card.
- Use the Varo Believe card for everyday purchases or to withdraw cash at an ATM.The purchase or cash advance amount is then locked in your Varo Believe Secured Account until your monthly payment is due.
- Each month, we’ll send you a statement showing the amount due (the total amount of all your purchases and cash advances that month). You’ll then pay that amount with the secured funds in your Varo Believe Secured Account, or you can pay with another linked account.
- If you pay via another linked account, the secured amount in your Varo Believe Secured Account will be made available to spend 3 business days after we receive your payment in full.
- It’s easy to not miss a payment — just turn on SafePay to have your full statement balance automatically paid as soon as your billing cycle is over, which is about 20 days before your actual due date.
*SafePay will pay the payment up to 20 days in advance of the actual due date on the Believe Card Statement.