Are you a Veteran without a bank or credit union? In December 2019, VA established the Veterans Benefits Banking Program, or VBBP, to help Veterans like you manage their finances and protect themselves from fraud. Since then, more than 100,000 Veterans have taken advantage of this program and switched to direct deposit.
Interested in seeing how you can help protect the benefits you’ve earned too? Keep reading to learn more!
As a partnership between VA, the Association of Military Banks of America and the Defense Credit Union Council, VBBP helps Veterans receive their VA benefits through direct deposit instead of pre-paid debit cards or paper checks. Direct deposit uses the same secure electronic banking systems as the world’s leading financial institutions. Because your benefits go to a secure bank account, direct deposit is a safer and more reliable financial option.
It’s also your best defense against financial fraud. With direct deposit, your money is transferred directly and is immediately accessible in your account. This eliminates the risk of stolen checks, forgeries, and identity theft. In fact, VA’s Veterans Benefits Administration has seen a significant decline in fraud since the establishment of VBBP due to Veterans converting to direct deposit.
Since VBBP’s inception in fiscal year 2020, there were an average of 97.5 financial fraud cases per month. This is a 75% decrease compared to the monthly average of 395.9 in fiscal year 2019. During fiscal year 2021 through end of July, there has been further improvement with an average of 40 monthly financial fraud cases.
If you’re still receiving your VA benefits through pre-paid debit cards or paper checks, don’t wait to make the switch. Join the 100,000+ individuals who have signed up for direct deposit. This makes sure you get your benefits on time and with peace of mind.
More information on how to protect your benefit payments through VBBP
Life comes with plenty of challenges, but banking shouldn’t be one of them. To identify participating banks and get more information about VBBP, please visit benefits.va.gov/VeteransBanking or veteransbenefitsbanking.org.
If you already have a bank account and would like to have your federal benefits electronically deposited, you can call VA at 1-800-827-1000 and provide your account information or visit va.gov/change-direct-deposit/.