Varo Money Banning Users For Sharing Referrals

Yesterday we posted about a new Varo Money deal where new users could get $50 for signing up and completing a direct deposit and existing users would get $50 for referring them. I just received an e-mail from Varo Money stating that they will be banning all users that share their links on third party sites, and also banning anybody who uses a link shared on a third party site. The update terms state (emphasis mine):

For example: Eligibility is based on individual Members inviting only personal friends, family, and known acquaintances. Attempts to generate referral activity by posting the Member’s unique link on third party social media, blog, or other similar websites can result in termination of Member eligibility.

They also said they have already banned anybody who shared their link. I would have thought a warning would have been sufficient given the terms are new and users likely didn’t know they were breaking the new rules, but it looks like Varo Money has gone in the complete other direction.

 

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Chris
Chris (@guest_1486093)
November 11, 2022 22:54
K-Man
K-Man (@guest_797110)
August 12, 2019 16:37

I can’t tell if I am banned from sharing. I get the Earn up to…banner. However, I did refer couple of people in 2-3 weeks. No bonus. I only got 2 referral. Wondering if I should close or keep the account

Tan Nguyen
Tan Nguyen (@guest_778353)
July 3, 2019 23:11

I have referral link. If you interested in this deal. Send email to [removed]

raekwon
raekwon (@guest_727366)
February 26, 2019 08:27

Got a $50 bonus this morning, so I either managed to avoid the ban (the “Refer Friends” link is still active in my app) or someone signed up before it hit and then did their direct deposit.

Either way, thanks to that friend for signing up.

CARLOS
CARLOS (@guest_726465)
February 24, 2019 00:51

Mass Exodus I love it.

Rolando
Rolando (@guest_726463)
February 24, 2019 00:47

Varo will not be getting my business. Boo!

wrangler1980
wrangler1980 (@guest_726408)
February 23, 2019 20:07

Was holding onto the account in case there were future promotions, but guess I’ll take their $100 bucks and close it down.

RedEyes
RedEyes (@guest_758831)
May 13, 2019 04:31

I’d be interested in learning if anyone had any issues closing their account.

CericRushmore
CericRushmore (@guest_758839)
May 13, 2019 07:29

None here, it was fast and easy.

YK3
YK3 (@guest_726324)
February 23, 2019 13:36

DP that I shared my referral link and got no such email. I have a bunch of money on deposit with them at the 2.8% rate though (and have a DD set up with them to get that rate), so maybe they’re trying to target gamers with this? That said, I am worried, and some people who commented said it’s a referral ban where others said it’s a total ban. If anyone can clarify it would be appreciated.

A M
A M (@guest_726335)
February 23, 2019 14:40

I was about to move in all my funds to Varo and do the five debit transactions to qualify for the rate, which is pretty good.

But now I don’t really want to.

MoreSun
MoreSun (@guest_727116)
February 25, 2019 19:12

We don’t seem to have anyone who was banned or had any action taken against them at this point so no DPs.

Peter Sagal
Peter Sagal (@guest_726245)
February 23, 2019 06:07

F Varo

DCJoe
DCJoe (@guest_726169)
February 22, 2019 22:48

They suspended my account for ID verification. No problem, send in a scan of my drivers license, has happened with other banks, I get it, they have to follow regulations. Then they ask me to explain why I am using a “jailbroken” phone. Its axtually Android, so the terminology is wrong, but whatever. No idea why they would ask that, I tell them because its my phone and I can do what I want with it.

Closed the account 2 days later. Thanks for the $100.

DCJoe
DCJoe (@guest_726524)
February 24, 2019 11:04

They might have some tie to Citi IT- right after the account was closed I got an email giving me a referral link to send to friends!