‘Deposit Sweep’ is an optional program in which your deposited funds can be swept into a network of FDIC-insured banks. This program doesn’t impact your account terms or access to your cash deposited your account. You may benefit from additional FDIC insurance if you have balances over $250,000*. Varo and many other banks participate in this program because it helps us keep our costs low, and provide you with great rates and services. You’ll automatically be opted into the program through your acceptance of the terms and conditions of your account agreements.
Review the list of participating banks in the program periodically, as they may change.
If you don't want to participate in the program, contact us so we can assist you.
To review our terms and disclosures, please revisit the Varo Bank General Terms Agreement , which can be found on our Privacy and Legal web page. Find the Privacy and Legal page here: https://www.varomoney.com/privacy-legal/.
*Varo can offer more than $250,000 of FDIC insurance for customers who opt in to the Deposit Sweep Program by moving cash to other FDIC insured banks that participate in the program. Each participating bank that your funds are swept into may add additional coverage for insurance. Funds in the sweep program are eligible for FDIC insurance coverage up to a total of $1,225,000 through partner banks, subject to FDIC insurance rules and taking into consideration any other accounts you may already have with those other program banks. For more information on FDIC Deposit Insurance provided by Varo Bank, refer to the FDIC’s Insurance Estimator.