Did you know? VA has a program that can help unbanked Veterans get accounts, helping them to prevent fraud and grant easier access to earned benefits.
VA established the Veterans Benefits Banking Program (VBBP) in 2019, and since then it has helped more than 530,000 Veterans and beneficiaries enroll in direct deposit for their VA benefit payments.
Direct deposit allows Veterans and beneficiaries to receive their VA benefit payments on time, every time. Direct deposit is a safer way to bank because paper checks are susceptible to fraud or nonreceipt.
VA launched VBBP, in partnership with the nonprofit Association of Military Banks of America (AMBA), to address the high volume of unbanked benefit recipients relying on paper checks for their benefit payments. Since then, VA and AMBA have recruited 130 banks and credit unions into VBBP, all of which have committed to provide free or low-cost banking for Veterans, beneficiaries, caregivers and survivors. These financial institutions have experience dealing with the unique financial issues facing military and Veteran communities.
“Unbanked Veterans face challenges from a variety of sources. Scams often target military members and Veterans, and recent natural disasters have highlighted the efficiency of delivering benefits electronically,” said Mike Frueh, acting under secretary for Benefits. “It is critical that Veterans and beneficiaries have access to regulated, safe and reliable financial services offered by VBBP-participating banks and credit unions.”
VBBP offers direct deposit and the following services to include financial health resources and tools:
- Free financial and credit counseling with a credit or financial counselor to help Veterans and beneficiaries understand how to overcome challenges and regain control over their finances.
- VetCents, a financial education program specifically designed for Veterans and their families, helps them gain the knowledge, skills and confidence to reach their financial goals.
- Veteran Saves is an initiative that helps Veterans build financial resilience.
Visit VBBP to find out more about the program and other resources it offers.
Topics in this story
Link Disclaimer
This page includes links to other websites outside our control and jurisdiction. VA is not responsible for the privacy practices or the content of non-VA Web sites. We encourage you to review the privacy policy or terms and conditions of those sites to fully understand what information is collected and how it is used.
Statement of Endorsement
Reference herein to any specific commercial products, process, or service by trade name, trademark, manufacturer, or otherwise, does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States Government, and shall not be used for advertising or product endorsement purposes.
More Stories
Starting July 1, 2025, service members, their spouses and Veterans covered under VA life insurance programs will see lower monthly premiums.
This week, VA awarded the third option period for its contract with Oracle Health to support its Federal Electronic Health Record (EHR) modernization.
On Memorial Day and the days leading up to it, Americans from across the country will gather at cemeteries and memorials to honor and remember the service members who sacrificed everything in defense of our nation and freedoms.
I was expecting instructions on specific information on how to open an account