Veterans benefitting from VA’s new banking program

Waiting for a benefit check to arrive in the mail can be slow and frustrating, with the added risk of checks being lost or stolen. Fortunately, the VA’s Veterans Benefits Banking Program (VBBP) has provided a solution for thousands of Veterans and their families by helping them switch to direct deposit, a faster, easier, and more secure option.

Since its launch in 2019, VBBP has partnered with over 100 financial institutions and successfully transitioned more than 340,000 benefit recipients to direct deposit. PlainsCapital Bank became the 100th institution to join VBBP, followed by Frontwave Credit Union as the 101st.

The VA, with support from the Association of Military Banks of America (AMBA), created VBBP to assist Veterans, beneficiaries, caregivers, and survivors in opening accounts and signing up for direct deposit for their VA benefits.

VBBP-participating institutions not only facilitate direct deposit but also offer Veterans access to a range of traditional financial products and services. This network promotes financial inclusivity, helping Veterans save more, build wealth, and access credit.

“Thanks to VBBP, VA reached 101 participating financial institutions and hit a new milestone in February, with an average of over 1,700 conversions per week,” said Under Secretary for Benefits Josh Jacobs. “Receiving benefits through direct deposit is quicker and safer than receiving a check by mail, reducing the chances of missed payments and fraud.”

VBBP leverages a network of military and Veteran-friendly financial institutions that understand the unique financial challenges of the military and Veteran communities.

In 2022, the VA and AMBA expanded VBBP to include free financial and credit counseling, along with free financial education programs (VetCents and Veteran Saves) designed to help Veterans and their families achieve financial resilience, increase savings, and improve economic stability.

All participating banks and credit unions are federally regulated and insured by the FDIC or NCUA.

For more information, visit VBBP.

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