Qualifying Direct Deposit definition

Qualifying Direct Deposit. A Qualifying Direct Deposit means either:

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Qualifying Direct Deposit means a Direct Deposit posted to your Checking Account from a recurring income source such as an employer or government agency. The term excludes a Checking Account deposit from a non-income source (e.g., a loan disbursement) and excludes an internal transfer between your Checking Account and Savings Account.

Qualifying Direct Deposit is defined as a direct deposit by ACH transfer of payroll, pension, or government benefits from your employer or a government agency. The recipient's name associated with such deposits must match the name of the Varo Bank Account or Savings Account holder. Payroll transfers made to the Varo Visa Debit Card via Visa Direct, from Uber, Lyft, DailyPay, Doordash, and Postmates are also considered Qualifying Direct Deposits.

Examples of Qualifying Direct Deposit in a sentence

We evaluate all information and history available to us from all of your Varo accounts or accounts you have linked to Varo, including your Qualifying Direct Deposit history, transaction history, Varo Advance repayment history, and any credit, employment, income, or other investigative inquiries we deem appropriate to determine your maximum Varo Advance amount available (your “Credit Limit”) and to qualify you for higher limits.
We evaluate all information and history available to us from all of your accounts with ▇▇▇▇, including your Qualifying Direct Deposit history, transaction history, Varo Advance repayment history, and any credit, employment, income, or other investigative inquiries we deem appropriate to determine your maximum Varo Advance available (your “Credit Limit”) and to qualify you for higher limits.
Varo also reserves the right to increase or decrease required Qualifying Direct Deposit criteria for the purposes of assigning Varo Advance eligibility.
A Qualifying Direct Deposit of greater than or equal to $500.00 must be credited to your Mango Visa Prepaid Card Account prior to 6:00 p.m. EST on the last day of the month in order to qualify for 6.00% APY; if the only Qualifying Direct Deposit to your account is received after 6:00 p.m. EST on the last day of the month, you will receive an APY of 2.00% for that period.
You are eligible to earn 1.0% unlimited cash back on all Qualified Purchases on your Level Debit Card with Qualifying Direct Deposit in your Account every 31 days.

More Definitions of Qualifying Direct Deposit

Qualifying Direct Deposit is a direct deposit made by Automated Clearing House (ACH) transfer consisting of payroll, pension, or government benefit payments from an employer or a government agency. Payroll transfers made to the And Visa Debit Card via Visa Direct, from Uber, Lyft, DailyPay, Doordash, and Postmates are also considered qualifying direct deposits. A Qualifying Deposit also includes transfers from an account held in your name at another bank, brokerage firm, or other financial institution whether from the Ando Account holder or a third party; mobile check deposited, and cash deposits. Qualifying Deposits do not include, without limitation, the following: Peer to Peer (P2P) payments within Ando; and transfers from your Savings Account to your Spending Account.  You have downloaded the Application from either the App Store or Google Play Store or have access to the Ando online portal.