Estate planning at Varo Bank
How to protect 5 Varo Bank accounts — file claims through Varo Bank's Deceased Accounts
PO Box 108, Draper, UT 84020
How your Varo Bank accounts transfer at death depends on how each one is titled and whether a beneficiary is on file. Getting these details right keeps assets out of probate and ensures they reach the intended recipients.
To add or update beneficiaries at Varo Bank, account holders work through direct contact with the institution. The Deceased Accounts team coordinates these changes.
Varo Bank has documented procedures for both preparing accounts during your lifetime and handling claims when an account holder passes away.
Preparing your estate
Beneficiaries and trust funding
How to review 5 account types at Varo Bank.
View details →When someone dies
Death claim process
Contact Varo Bank's Deceased Accounts to file a claim. 3-step process, 5 required documents, and contact information for survivors.
View details →Email inquiries can be sent to deceasedaccounts@varomoney.com.
Frequently asked questions
No. Varo Bank does not offer trust accounts and does not allow existing accounts to be retitled to a trust. Account agreements explicitly prohibit ownership or titling by an organization or as In Trust For (ITF). A trust entity cannot open a Varo account. Customers who need trust-titled deposit accounts must use a different institution.
No. Varo Bank does not currently offer joint accounts. All Varo accounts must be individually owned by a single natural person. Only one bank account is permitted per customer. Varo has indicated it is working toward offering joint accounts in the future, but as of February 2026, they remain unavailable.
Varo Bank, N.A. is an actual nationally chartered bank. In July 2020, Varo became the first U.S. fintech company to receive a full-service national bank charter directly from the Office of the Comptroller of the Currency (OCC). Varo holds deposits directly and provides its own FDIC insurance coverage (up to $250,000 per depositor). It operates unlike bank-partner models used by many other fintechs.
Varo Bank, N.A. is a direct FDIC member and insures deposits up to $250,000 per depositor. Because Varo does not support joint accounts or POD designations, standard single-owner coverage ($250,000) applies to each account. There is no enhanced FDIC coverage available through beneficiary designations as with institutions that support POD.
Varo Advance is a short-term cash advance of $20–$500 with no interest charges, deposited instantly into a Varo Bank Account. A flat fee of $1.60–$40 applies based on the advance amount. Eligibility requires an active Varo Bank Account with a non-negative balance, qualifying direct deposits of $800+ (for the full $500 limit), and a history of on-time repayment. Only one advance can be outstanding at a time, and it must be repaid before a new advance is issued.
The Varo Believe Visa Credit Card is a secured credit card for building or rebuilding credit. It has no annual fee, no interest charges, and no traditional security deposit requirement. You set your own spending limit by transferring funds from your Varo Bank Account into a Varo Believe Secured Account. The Safe Pay feature automatically pays your balance each billing cycle. Varo reports payment activity to all three major credit bureaus. Eligibility requires an active Varo Bank Account with incoming deposits of $200 or more over the prior 31 days and no overdue Varo Advances.
Sources
Data sourced from Varo Bank primary sources (16 pages reviewed). How we research.
PO Box 108, Draper, UT 84020
Estate planning articles
Learn how to protect your Varo Bank accounts and other assets with trusts, beneficiary designations, and estate planning documents.
