Common use of Save Your Pay Clause in Contracts

Save Your Pay. Activation of the Save Your Pay feature requires designation of a percentage of each qualifying transaction (as defined below in paragraph 4.2) to be transferred from the Varo Bank Account to the Varo Savings Account. When a qualifying transaction is initially credited to the Varo Bank Account, the designated percentage will be calculated based on the dollar amount credited to the Varo Bank Account. This amount will then be transferred from the Varo Bank Account balance to the Varo Savings Account balance. For example, if 10% is designated and the Varo Bank Account receives a qualifying transaction of $1,000, $100 will be transferred from the Varo Bank Account balance to the Varo Savings Account balance. If 15% is designated, $150 will be transferred from the Varo Bank Account balance to the Varo Savings Account balance. The Mobile App Transaction History for the Varo Bank Account will refer to this generically as a “Save Your Pay” transaction related to the originating transaction. The Bank Account statement will identify the transaction as “Transfer – To Varo Savings Account.”. The Savings Account Statement will identify the transaction as “Transfer – From Varo Bank Account.”

Save Your Pay. Activation of the Save Your Pay feature requires designation of a percentage of each qualifying transaction (as defined below in paragraph 4.2) to be transferred from the Varo Bank Account to the Varo Savings Account. When a qualifying transaction is initially credited to the Varo Bank Account, the designated percentage will be calculated based on the dollar amount credited to the Varo Bank Account. This amount will then be transferred from the Varo Bank Account balance to the Varo Savings Account balance. For example, if 10% is designated and the Varo Bank Account receives a qualifying transaction of $1,000, $100 will be transferred from the Varo Bank Account balance to the Varo Savings Account balance. If 15% is designated, $150 will be transferred from the Varo Bank Account balance to the Varo Savings Account balance. The Mobile App Transaction History for the Varo Bank Account will refer to this generically as a “Save Your Pay” transaction related to the originating transaction. The Varo Bank Account statement will identify the transaction as “Transfer – - To Varo Savings Account.”. The Varo Savings Account Statement will identify the transaction as “Transfer – - From Varo Bank Account.”