Varo Bank, a digital bank, partnered with Green Dot Corp. and CVS Health to offer fee-free deposits at more than 7,500 CVS locations in the U.S, along with access to cash withdrawals at surcharge free Allpoint ATMs. Green Dot will provide its embedded finance platform Arc and money network Money Movement for this service, according to a press release.
“As an all-digital bank, Varo is creating low-cost financial solutions designed specifically for the needs of everyday Americans,” Colin Walsh, CEO at Varo Bank, said in the release. “This Green Dot collaboration at participating CVS Pharmacy locations eliminates cash deposit fees, making basic banking more convenient and affordable.”
Varo Bank also charges zero banking fees, with no minimum balance, transfer or overdraft fees, along with two day-early paydays.
“We are thrilled to work with Varo and CVS Pharmacy to make banking accessible to millions of American consumers,” Crystal Bryant-Minter, SVP, Money Movement at Green Dot., said in the release. “With more than 20 years’ experience delivering seamless banking and payment solutions to consumers and businesses, Arc by Green Dot powers some of the world’s most trusted brands and thousands of other businesses at all stages of growth with seamless, secure and useful financial tools and experiences.”
