How to Close Your Varo Bank Account

Quick answer

• Confirm you have no pending transactions or outstanding fees.
• Download or print any statements or transaction history you need.
• Transfer any remaining funds to another bank account.
• Contact Varo customer support to initiate the closure process.
• Follow their instructions carefully to finalize the account closure.
• Be aware that closing your account is permanent.

Who this is for

• Varo Bank customers who no longer wish to use the service.
• Individuals who are consolidating their banking relationships.
• Users who have found an alternative banking solution that better suits their needs.

What to check first (before you act)

Your Goals and Timeline

Before closing your Varo account, identify why you’re doing it. Are you switching banks, consolidating accounts, or simply not using Varo anymore? Knowing your objective will help ensure you don’t accidentally close an account you still need. Set a realistic timeline for the process, allowing for potential delays.

Current Cash Flow and Balances

Ensure your Varo account balance is zero or that you have a plan to transfer any remaining funds. Check for any automatic payments or direct deposits linked to the account. You’ll need to update these with your new banking information before closing the Varo account to avoid missed payments or bounced checks.

Emergency Fund or Safety Buffer

If your Varo account holds funds you might need in an emergency, ensure you have a separate, accessible emergency fund before closing it. Do not close an account that serves as your primary emergency savings without having a replacement in place.

Debt and Interest Rates

If you have any outstanding debts or loans through Varo, these will need to be settled or transferred before the account can be closed. Understand the terms of any such arrangements and ensure all obligations are met.

Credit Impact

Closing a bank account typically has no direct impact on your credit score. However, if you have any credit products tied to your Varo account (like a Varo Credit Card, if applicable), closing the bank account might affect those products. It’s wise to understand if closing the bank account will automatically close associated credit lines.

Step-by-step (simple workflow)

Step 1: Gather Necessary Information

What to do: Locate your Varo login credentials, account numbers, and any other identifying information.
What “good” looks like: You have easy access to all the details needed to log in and manage your account.
Common mistake and how to avoid it: Forgetting your password or not having access to the email/phone number associated with your account. Avoid this by resetting your password and updating contact information well in advance.

Step 2: Download Important Documents

What to do: Access and download or print your transaction history, statements, and any tax documents (like 1099-INT forms, if applicable) from the last few years.
What “good” looks like: You have secure digital or physical copies of all financial records you might need for tax purposes or personal budgeting.
Common mistake and how to avoid it: Waiting until the last minute and finding you can’t access older statements. Avoid this by downloading documents as soon as you decide to close the account.

Step 3: Check for Pending Transactions

What to do: Log in to your Varo account and review all pending transactions, including checks that may still clear and any scheduled payments or transfers.
What “good” looks like: Your pending transactions list is clear, or you have a clear understanding of when they will clear and if they need to be canceled or rerouted.
Common mistake and how to avoid it: Overlooking a pending transaction that could cause your account to go into a negative balance. Avoid this by carefully reviewing all pending activity for at least a week before initiating closure.

Step 4: Settle Any Outstanding Balances or Fees

What to do: Ensure there are no overdraft fees, service charges, or other outstanding balances on your account.
What “good” looks like: Your account balance is $0.00, or you have paid any outstanding fees.
Common mistake and how to avoid it: Assuming the account is fee-free and forgetting about potential charges. Check the Varo fee schedule or your account details for any possible fees.

Step 5: Transfer Remaining Funds

What to do: Initiate a transfer of all remaining funds from your Varo account to another bank account.
What “good” looks like: Your Varo account balance is $0.00 after the transfer is successfully completed.
Common mistake and how to avoid it: Leaving a small balance in the account, which can sometimes prevent closure or lead to it not being fully closed. Ensure the transfer includes the entire balance.

Step 6: Update Automatic Payments and Direct Deposits

What to do: If you have any bills automatically paid from your Varo account or direct deposits sent to it, update those institutions with your new bank account information.
What “good” looks like: All automatic payments and direct deposits have been successfully rerouted to your new account.
Common mistake and how to avoid it: Forgetting to update one or more services, leading to missed payments or delayed income. Create a comprehensive list of all linked services and update them systematically.

Step 7: Contact Varo Customer Support

What to do: Reach out to Varo customer support through their app or website to request account closure.
What “good” looks like: You have spoken with a Varo representative or submitted a formal request for account closure.
Common mistake and how to avoid it: Assuming you can close the account solely through the app’s settings without direct contact. Follow Varo’s specific instructions for initiating closure, which often requires direct communication.

Step 8: Follow Varo’s Closure Procedures

What to do: Adhere to all instructions provided by Varo to complete the closure process. This might involve filling out a form, sending a written request, or confirming via email.
What “good” looks like: You have completed all the necessary steps required by Varo.
Common mistake and how to avoid it: Not completing all required steps, which could leave the account open and potentially incur future fees. Double-check Varo’s requirements to ensure everything is submitted.

Step 9: Confirm Account Closure

What to do: Request confirmation from Varo that your account has been officially closed.
What “good” looks like: You receive a written confirmation (email or letter) from Varo stating your account is closed.
Common mistake and how to avoid it: Assuming the account is closed without official confirmation. This can lead to unexpected activity or fees later.

Common mistakes (and what happens if you ignore them)

Mistake	What it causes	Fix
Not downloading statements before closing	Inability to access past financial records for taxes or budgeting.	Contact Varo to see if they can provide historical statements (may involve a fee or limit).
Leaving a small balance in the account	Account may not fully close, potentially incurring future fees or remaining active.	Ensure the final transfer clears and the balance is precisely $0.00.
Forgetting to update automatic payments/direct deposits	Missed bill payments, late fees, or delayed income.	Create a detailed list of all linked services and update them one by one, confirming changes.
Not settling all fees or overdrafts	Account closure may be blocked, or you may owe money.	Review your account activity thoroughly and pay any outstanding charges before initiating closure.
Closing an account used for a specific purpose (e.g., emergency fund) without a replacement	Lack of immediate access to funds in an emergency.	Establish a new emergency fund or ensure sufficient funds in another accessible account before closing.
Not confirming account closure	Account may remain open, leading to unexpected activity or fees.	Always request and retain written confirmation of account closure from the bank.
Closing associated credit products unintentionally	Loss of credit history, potential impact on credit utilization ratio.	Understand if closing the bank account will affect any linked credit products and plan accordingly.
Not canceling linked subscriptions or services	Continued charges to a closed account, leading to disputes or collections.	Review all services linked to the account and cancel them directly with the service provider.

Decision rules (simple if/then)

• If you have outstanding debt with Varo, then you must settle it before closing the account because Varo will not close an account with a negative balance.
• If you have automatic bill payments linked to your Varo account, then update your payment information with your new bank before closing your Varo account because missed payments can result in late fees and damage your credit.
• If you receive direct deposits to your Varo account, then provide your employer or payer with your new bank details before closing your Varo account because you need to ensure uninterrupted income.
• If you need historical transaction data for tax purposes, then download statements before initiating the closure process because access to closed accounts may be limited or unavailable later.
• If you have less than $1.00 remaining in your Varo account, then transfer the full amount to another account because leaving a minimal balance can sometimes complicate or delay the closure process.
• If you are unsure about any fees associated with closing your account, then contact Varo customer support before proceeding because understanding all costs prevents surprises.
• If you have a Varo Credit Card or other credit product linked to your account, then check Varo’s policy on account closure’s impact on these products because closing your bank account might affect your credit lines.
• If you want to ensure the closure is complete, then request written confirmation from Varo after the process is finalized because this document serves as proof of closure.
• If your Varo account is your only source of emergency funds, then establish a new emergency savings account with sufficient funds before closing your Varo account because you need readily accessible cash for unexpected expenses.
• If you are closing your account due to dissatisfaction with Varo’s services, then consider leaving feedback for Varo during the closure process because it can help them improve.

FAQ

Can I close my Varo account through the app?

Varo typically requires you to contact customer support directly to initiate the account closure process. While you can manage many aspects of your account in the app, closure often involves a more direct communication channel.

What happens to my money when I close my Varo account?

You must transfer any remaining funds to another bank account before closing. Varo will not allow you to close an account with a positive balance; you need to zero it out.

Will closing my Varo account affect my credit score?

Generally, closing a bank account does not directly impact your credit score. However, if you have credit products linked to your Varo account, closing the bank account might indirectly affect those.

How long does it take to close a Varo account?

The exact timeframe can vary, but it typically takes a few business days after you initiate the request and complete all necessary steps. Varo will provide an estimated timeline.

What if I have pending transactions when I try to close my account?

You will need to wait for all pending transactions to clear or be canceled before Varo can proceed with closing your account. Ensure your balance is zero after all pending items are settled.

Can I reopen my Varo account after closing it?

Once an account is closed, it is usually permanent. If you wish to use Varo services again, you would likely need to open a new account.

Do I need to provide a reason for closing my account?

Varo may ask for a reason, but it’s not always mandatory. Providing feedback can be helpful for the bank.

What this page does NOT cover (and where to go next)

• Specific Varo Bank fees or service charges. (Check Varo’s official fee schedule.)
• Detailed comparison of Varo with other banking institutions. (Research banking alternatives.)
• Advanced financial planning or investment strategies. (Consult a financial advisor.)
• Legal advice regarding account closure or disputes. (Seek legal counsel if needed.)
• Opening a new bank account. (Explore options from other financial institutions.)