How To Turn On Varo Overdraft

Varo is an online banking platform that allows its customers to have access to an overdraft feature. Overdraft can be used as a financial cushion which can be accessed when necessary in times of financial hardship or emergency. Below, we will provide an explanation on how to turn on the Varo overdraft feature.

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What is the benefit of having an overdraft feature available?

Having access to an overdraft feature can help in circumstances where your account balance is running low and you need a bit more money to cover expenses such as rent, bills or food. It also offers a financial cushion for unexpected expenses or emergencies.

How do I turn on the Varo overdraft feature?

First, you must log into your Varo app using your secure credentials. Then, you should go to Settings -> Bank Account -> Overdraft and select ‘Turn On’ option which will allow you to set up a free overdraft buffer of up to $50 depending on your account balance and other factors. Once activated, the overdraft buffer will be automatically deducted from your account if you run out of money, then restored once there are available funds in your account again.

Is there a limit to how much I can borrow using this service?

Yes, there is a limit based on individual factors like creditworthiness and bank balance that determine how much one can borrow at any given time. The maximum amount you can borrow currently is $100 but this may change in the future based on changes in regulation or policy from our part.

Conclusion:
The Varo Overdraft feature provides customers with financial cushion for unexpected expenses or emergencies without incurring any fees or charges associated with traditional services like those offered by banks and other institutions. With just two clicks – ‘Turn On’ followed by confirming activation via SMS – users can easily access this helpful service anytime they need it!