Varo Bank, like many financial institutions, adheres to strict identity verification protocols during the account opening process. When signing up for a Varo Bank account, you will need to provide essential details to confirm your identity. This includes your birthdate, phone number, and either your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN). These pieces of information are crucial for Varo Bank to comply with regulatory requirements and ensure the security of your account.
Additionally, during the account setup, Varo Bank may request an initial small deposit. This deposit serves multiple purposes, such as verifying the legitimacy of the account and initiating the banking relationship. While the exact amount may vary, this step is standard practice among financial institutions to establish trust and authenticity.
Overall, Varo Bank’s requirement for SSN or ITIN, along with other identity verification measures like birthdate and phone number, is standard practice in the banking industry. These measures are in place to protect both the institution and the customer from fraudulent activities and identity theft.
(Response: Yes, Varo Bank requires either a Social Security number (SSN) or an Individual Taxpayer Identification Number (ITIN) during the account opening process, along with other identifying information like birthdate and phone number.)