Varo Money is a banking app that provides full-service banking products and tools. It offers signup bonuses and referral bonuses as a way to grow the customer base. We’ve seen a $100 bonus in the past and now they have a $50 bonus.
But Doctor of Credit is reporting something strange. The bank is banning users who share their referrals on third party sites, blogs, social media, and more.
Here’s the terms:
Eligibility is based on individual Members inviting only personal friends, family, and known acquaintances. Attempts to generate referral activity by posting the Member’s unique link on third party social media, blog, or other similar websites can result in termination of Member eligibility.
Apparently they have already banned people who have shared referrals. They are also banning people who sign up using the referrals.
Strange that they offer bonuses, but don’t want people sharing them or using them to sign up. Also banning people right away seems very extreme.