Varo Bank Introduces Zero Fee Cash Deposits at Participating CVS Locations | PR Newswire [Video]

New Collaboration with Green Dot Enables Cash Deposits at Over 7,500 CVS Pharmacy Locations

, /PRNewswire/ — Varo Bank, the first all-digital nationally chartered bank in the U.S., today announced a collaboration with Green Dot Corporation (NYSE: GDOT) and CVS Health (NYSE: CVS) to enable deposits for no fee for millions of Varo Bank customers at over 7,500 participating CVS Pharmacy locations nationwide.¹ Utilizing Green Dot’s embedded finance platform (Arc) and expansive money movement network, the “Green Dot Network,” Varo customers can now deposit cash at participating CVS Pharmacy locations² with zero fees. For customers who deposit cash regularly, this means saving $120 or more per year.

Traditional banks often charge fees unless customers maintain specified minimum balances in their accounts or meet monthly direct deposit requirements. In addition, unlike fintech companies that must work through partner banks to set their fee policies, Varo’s charter enables the bank to offer preferential fees and products to …