VA is dedicated to ensuring Veterans and service members receive the benefits they have earned from their military service. The Veterans Benefits Banking Program (VBBP) is a VA initiative that assists Veterans and their beneficiaries by providing secure access to banking options and financial services to protect them from fraudulent schemes and pension poaching.
VBBP protects Veteran benefit payments through direct deposit
Did you know that paper checks are 16-times more likely to be lost or stolen than direct deposit? Direct deposit is an easy way to ensure Veterans receive the benefits they’ve earned. In fact, the Department of Treasury requires federal benefit payment recipients to use direct deposit or other electronic payment mechanisms to receive their payments. VBBP can help eligible Veterans and beneficiaries open a new bank or credit union account so they can receive direct deposit payments. To learn more about the importance of electronic funds transfers (EFT), visit https://www.va.gov/change-direct-deposit/.
VA can help Veterans set up a bank or credit union account
VBBP was created specifically to help Veterans establish financial security and decrease their likelihood of falling victim to fraudulent schemes and pension poaching. Utilizing the services of 56 different financial institutions and working directly with the Association of Military Banks of America (AMBA), VBBP provides safe, reliable, and inexpensive ways for Veterans to receive and manage VA monetary benefits. Since its establishment in 2019, more than 225,000 Veterans and beneficiaries have created bank accounts, converted to direct deposit and received their benefits through direct deposit.
In addition to creating accounts for direct deposit, VBBP offers access to free financial or credit counseling for eligible Veterans. Financial professionals lead these sessions and guide Veterans in building economic security and making wise financial decisions. Ultimately, VBBP works hard to continuously protect the Veteran community from various forms of banking insecurities caused by a lack of financial tools and resources.
For more information
To learn more about VBBP visit www.benefits.va.gov/VeteransBanking or call 800-827-1000. Free financial and credit counseling is available here: https://veteransbenefitsbanking.org/financial-counseling/.
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It states the VBBP is an inexpensive way for veterans to manage and receive VA monetary benefits. Both my bank and credit union do not have any monthly fee’s for direct deposit. In fact, one waves the minimum monthly balance, for having direct deposit. I also though that it was mandatory for all pension/retired/compensation checks from the government-to be direct deposit (For Decades). Is there anything the VBBP offers (maybe besides free financial counseling), that banks and CU’s do not offer for free? I don’t want to be cynical but it sounds like a program, maybe well intentioned, that is just another way to suck a few dollars from vets. As for the referenced phone number to contact for info on the VBBP, (1-800-827-1000) I no longer use it. I’ve gotten to much conflicting information from it, over the years.