Varo Believe is coming soon!
The Vault Account 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 transferred from your Varo Bank Account to your Vault Account. The money is set aside to pay off your balance in-full. You can then choose to either pay your statement balance using the money in your Vault Account with Safe Credit Builder, or with a linked account.
If you prefer not to use Safe Credit Builder for automatic payments, you can always set up automatic payments from a linked account, do manual payments from a linked account or your Vault, 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 Vault Account will be returned to your Varo Bank Account for you to spend 3 business days after we receive your payment in full.
Here’s how it works:
- Use the Varo Believe Card for everyday purchases, for withdrawing cash at an ATM, or for getting cash back when you check out at the register.
- The purchase or cash advance amount moves from your Varo Bank Account to your Vault Account.
- The amount of each purchase or cash advance is held in your Vault 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 Vault Account, or you can pay with another linked account.
- If you pay via another linked account, the amount in your Vault Account will be credited back to your Varo Bank Account.
- It’s easy to not miss a payment — just turn on Safe Credit Builder to have your full statement balance automatically paid as soon as your billing cycle is over.