VA’s Veterans Benefit Banking Program converts 250,000 Veterans and their beneficiaries to direct deposit

U.S. Department of Veterans Affairs — Sat, 08 Jul 2023 21:57:47 -0400

Remember those days when you had to wait for your check to be handed out at your job, or for it to be delivered via the mail? If so, you know it was a long, cumbersome process that many of us are glad we no longer must deal with.

Well, thanks to the establishment of the VA’s Veterans Benefits Banking Program (VBBP), https://rly.pt/VAVBBP7823 more than 250,000 Veterans and their beneficiaries have joined VBBP and no longer have to wait. The program was established in 2019 to create bank accounts, convert paper checks to direct deposit, and allow recipients to receive their benefits payments through electronic funds transfers (EFT) quickly and safely.

VBBP benefits also now apply to VA-approved caregivers in addition to Veterans and their beneficiaries. In fact, VA recently updated its mission statement to include caregivers: “To fulfill President Lincoln’s promise to care for those who have served in our nation’s military and for their families, caregivers, and survivors.”

There are 71 financial institutions participating in VBBP – this includes 17 banks and 54 credit unions. VA started VBBP with the nonprofit Association of Military Banks of America (AMBA), https://rly.pt/ambahq helping connect Veterans with participating banks or credit unions that understand your financial needs. AMBA continues to recruit new financial institutions at a record pace, and their collaboration with VA keeps VBBP growing.

Free credit counseling from the National Foundation for Credit Counseling (NFCC) and free financial counseling through the Association for Financial Counseling & Planning Education® (AFCPE®) are also available through VBBP. https://rly.pt/VeteransBenefitsBankingProgramCounseling

These counselors work with Veterans, beneficiaries, caregivers, and family members to develop customized plans to meet their unique goals and needs.

VA mailed letters about the free counseling to nearly 2.5 million Veterans and beneficiaries between August 2022 and May 2023 to spread the word.

The program also sponsors VetCents, https://rly.pt/VetCents7823 a financial education program that covers topics like budgeting, and is specifically designed for Veterans and their families. The Veterans Saves program was also created to help Veterans build financial resilience, save, plan, and budget for the future. https://rly.pt/VetSaves7823

FOR MORE INFORMATION

VBBP helps Veterans take an important step towards protecting their VA benefits. If you, or someone you know, are eligible for VA benefits and would like to learn more about VBBP, please visit:

https://rly.pt/VeteransBenefitsBanking
Or
https://rly.pt/VAVBBP7823

VA.gov | Veterans Affairs

Apply for and manage the VA benefits and services you’ve earned as a Veteran, Servicemember, or family member—like health care, disability, education, and more.

Response by Maj Kim Patterson made Jul 8 at 2023 10:05 PM

Maj Kim Patterson — Sat, 08 Jul 2023 22:05:23 -0400

Good info. The American Red Cross also has some services for military families.

Response by SGT Private RallyPoint Member made Jul 9 at 2023 3:24 PM

SGT Private RallyPoint Member — Sun, 09 Jul 2023 15:24:50 -0400

Thanks for the info.

Response by SGT Ruben Lozada made Jul 10 at 2023 2:21 PM

SGT Ruben Lozada — Mon, 10 Jul 2023 14:21:03 -0400

Good afternoon. Excellent post. Thank You for sharing this.

Response by SGT John Allendorf made Jul 16 at 2023 8:37 PM

SGT John Allendorf — Sun, 16 Jul 2023 20:37:09 -0400

I got paid in cash $82 my first time