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.
https://varomoney.com/r/?r=Christopher8468
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
I have referral link. If you interested in this deal. Send email to [removed]
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.
Mass Exodus I love it.
Varo will not be getting my business. Boo!
Was holding onto the account in case there were future promotions, but guess I’ll take their $100 bucks and close it down.
I’d be interested in learning if anyone had any issues closing their account.
None here, it was fast and easy.
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.
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.
We don’t seem to have anyone who was banned or had any action taken against them at this point so no DPs.
F Varo
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.
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!