Full-Time
Deposit Operations Analyst
Posted on 7/18/2024
Varo
501-1,000 employees
Digital banking with fee-free services
Compensation Overview
$40k - $60kAnnually
Entry, Junior
Remote in USA
- 1 + years of deposit operations experience preferred
- Bachelor’s degree or equivalent experience preferred
- Knowledge of bank policy, procedure, products, regulations, and compliance preferred
- Ability to adapt to fast-paced and rapid changes
- Ability to multi-task and handle unexpected delays or events while maintaining constant attention to details
- Ability to work well independently
- Excellent interpersonal, communication, and organizational skills
- Maintain the highest level of confidentiality with information relating to the bank, its customers, and employees
- Monitor and reconcile transactional processing within Varo’s T24 Core Banking system
- Research exception items and drive them to resolution in partnership with operational teams, Finance, Fraud, and IT
- Process customer-level financial adjustments including debit cards, checks, ATM, and ACH
- Resolve reconciliation breaks timely in compliance with internal policies and procedures, applicable regulations, and strong customer service
- Maintain operational reconciliation and exception procedures, addressing potential changes due to Varo’s organization, products, systems
Varo Money provides digital banking services aimed at individuals looking for accessible and affordable banking options. The company offers a fee-free banking experience, which sets it apart from traditional banks that often impose various fees. Customers can benefit from services such as receiving their paychecks up to two days early through direct deposit, cash advances of up to $500 without interest, and a credit-building service that has helped users increase their credit scores by an average of 40 points in three months. Varo operates as an independent bank with its own banking charter, ensuring that all deposits are FDIC-insured up to $250,000. The goal of Varo is to create a more inclusive banking environment that prioritizes customer needs and financial well-being.
Company Stage
Series E
Total Funding
$996.3M
Headquarters
San Francisco, California
Founded
2015
6 month growth
↓ -3%1 year growth
↓ -6%2 year growth
↓ -13%
Simplify's Take
What believers are saying
- Varo's inclusion in Inc.'s 2023 Best in Business list for the third consecutive year highlights its strong reputation and industry recognition.
- The introduction of the 'Varo to Anyone' P2P feature positions Varo as a competitive alternative to popular services like Venmo and Cash App.
- Varo's credit-building service, which has shown to increase credit scores by an average of 40 points in three months, offers significant long-term financial benefits for customers.
What critics are saying
- The competitive fintech landscape, with major players like Chime and traditional banks entering the digital space, could challenge Varo's market share.
- Rapid expansion and the introduction of new features may strain Varo's operational capabilities and customer service.
What makes Varo unique
- Varo's fee-free banking model sets it apart from traditional banks that often charge various fees, making it a more attractive option for cost-conscious consumers.
- The early payday feature, allowing customers to receive their paychecks up to two days early, provides a significant advantage for those living paycheck-to-paycheck.
- Varo's independent banking charter and FDIC insurance up to $250,000 ensure a high level of security and trust for its customers.