How to Turn on Varo Overdraft?
Varo Money is a popular mobile banking app that offers a range of financial services including the option to enable overdraft protection. Overdraft protection can be a valuable tool, providing a safety net when you accidentally spend more money than is available in your account. In this article, we will guide you through the process of turning on Varo overdraft and answer some frequently asked questions related to this feature.
How to Turn on Varo Overdraft?
To turn on Varo overdraft, follow these simple steps:
1. Open the Varo mobile banking app on your smartphone.
2. Log in to your account using your username and password.
3. Once you are in the app, go to the “Account” section.
4. Scroll down and select “Settings.”
5. Under the “Settings” menu, choose “Overdraft & Safety.”
**6. Toggle the “OVERDRAFT” switch to the ON position.**
7. Review the terms and conditions related to overdraft protection.
8. If you agree with the terms, confirm your selection.
That’s it! You have successfully turned on Varo overdraft. You can now enjoy the benefits of having a safety net for unexpected expenses.
Frequently Asked Questions (FAQs) about Varo Overdraft:
1. What is Varo overdraft?
Varo overdraft is a feature that allows you to overdraw your Varo Bank Account balance, up to a previously approved limit, when you don’t have enough funds to cover a purchase or payment.
2. How much can I overdraft with Varo?
Varo provides an overdraft limit of up to $50 for qualifying customers.
3. Are there any fees associated with Varo overdraft?
Yes, there is a fee associated with Varo overdraft. You will be charged $4.99 for each day your account is overdrawn.
4. Can I opt-out of Varo overdraft?
Yes, you can choose to opt-out of Varo overdraft at any time by following the same steps mentioned above and toggling the “OVERDRAFT” switch to the OFF position.
5. What happens if I spend more than my overdraft limit?
If you spend more than your approved overdraft limit, your transaction will be declined, and you will not incur any additional fees.
6. Can I use Varo overdraft to withdraw cash from an ATM?
Yes, Varo overdraft can be used for cash withdrawals at ATMs, subject to your approved overdraft limit.
7. Can Varo overdraft be used for online purchases?
Yes, you can utilize Varo overdraft for online purchases, provided the transaction amount does not exceed your approved limit.
8. How long do I have to repay the overdrawn amount?
The overdrawn amount must be repaid within 30 days to avoid any additional fees.
9. Is Varo overdraft available for joint accounts?
No, currently Varo overdraft is only available for individual accounts. Joint account holders cannot enable this feature.
10. Can I increase my overdraft limit?
At this time, Varo does not offer the option to increase the overdraft limit.
11. Does Varo overdraft affect my credit score?
No, Varo overdraft does not impact your credit score as it is not a line of credit or a loan.
12. Can I turn off Varo overdraft after I have enabled it?
Yes, you can turn off Varo overdraft at any time by following the steps mentioned above and toggling the “OVERDRAFT” switch to the OFF position.
In conclusion, enabling Varo overdraft provides a safety net for unexpected expenses, allowing you to make purchases or payments even when your account balance is insufficient. By following the steps outlined above, you can easily turn on Varo overdraft and enjoy the benefits it offers. Remember to review the associated fees and repayment requirements to stay informed about your financial obligations.