You can receive your eligible Direct Deposit(1) up to 2 days earlier(2).
To get notified when your deposit hits, turn on Push Notifications for instant alerts when your deposit arrives.
If you receive Government benefits, tap your Varo Bank Account and find the Upcoming section to see upcoming Government deposits like supplemental security income (SSI) and veteran’s benefits The amount and date estimates are based on previous deposits and the Government's provided schedule and are subject to change based on your actual deposit once received.
Here’s how it works:
- Every pay period, your employer sends payroll files to the Federal Reserve, a.k.a “The Fed.”
- The Fed then uses those files to tell your financial institution (Varo) how much your Direct Deposit should be and the date we should receive payroll funds from your employer.
- Instead of holding on to your money while waiting for payroll funds from your employer, we immediately post the deposit to your account when we receive the files—which can come at different dates/times each pay period. So if your payday is on Friday, you could receive your direct deposit as early as Wednesday
- Direct Deposits will never be pending in your account.
We will post your deposit as soon as we receive it. If it takes longer than last time for your money to hit your account, it means your employer sent payroll files to the Fed later than last time. As a result, we get the files later too.
(1) Direct deposit can be used for government benefits, tax refunds, pensions and more. Eligible transactions are certain ACH credit transactions, such as payroll, tax refunds, government benefits, military pay and pensions to the extent that can be identified. We rely on ACH transaction coding sent to us by the payer to determine if the transaction is eligible for early direct deposit.
(2) Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct Deposit and earlier availability of funds is subject to payer’s support of the feature and timing of payer’s funding. The Fed does not process payments on Federal holidays.