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Varo Bank rolls out fee-free cash deposits at Kroger
['Karen Joy Bacudo']
CFOtech US
Varo Bank has introduced fee-free in-store cash deposits at more than 2,000 Kroger Family stores across the United States using Green Dot's network and checkout technology.
The rollout lets Varo customers add cash to their accounts at customer service desks and checkout lanes in participating stores.
"Nobody should have to pay a fee just to deposit their own money," said Gavin Michael, Chief Executive Officer, Varo Bank.
"Now that Varo customers can add cash fee-free at stores nationwide, they can take care of their banking right in the grocery line.
By adding fee-free deposits in grocery stores, Varo is testing whether convenience at the till can deepen customer use of its accounts while reducing one of the more visible costs associated with handling cash.