Posted on May 3, 2024
Veterans Continue to Benefit from VA’s Banking Program, Which Now has Over 100 Participating Financial Institutions
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Waiting for a benefit check to be delivered in the mail is a slow and tiresome process. Checks can also be lost or stolen. Thankfully, VA’s Veterans Benefits Banking Program, or VBBP (https://rly.pt/VAVBBP) helped thousands of Veterans and their families make the conversion to direct deposit, which is quick, easy, and secure.
In fact, VBBP has surpassed 100 participating financial institutions and converted more than 340,000 benefit recipients to direct deposit since its launch in 2019. The 100th financial institution to participate in VBBP was PlainsCapital Bank (https://www.plainscapital.com/) and the 101st was Frontwave Credit Union (https://www.frontwavecu.com/).
With the assistance of the Association of Military Banks of America (AMBA), VA launched VBBP to help Veterans, beneficiaries, caregivers, and survivors open accounts and enroll in direct deposit for their VA benefits.
VBBP-participating institutions also help Veterans access traditional products and services via this financial network and encourage financial inclusivity that results in Veterans saving more, building wealth, and accessing credit.
“Thanks to VBBP, VA officially reached 101 participating financial institutions and a new highpoint in conversions in February—averaging over 1,700 per week,” said Under Secretary for Benefits Josh Jacobs. “Receiving benefits through direct deposit is faster and safer than a mailed check and lowers the risk of missed payments and fraud.”
VBBP leverages a group of military and Veteran-friendly financial institutions that have experience dealing with the unique financial issues facing the military and Veteran communities.
In 2022, VA and AMBA expanded VBBP to include free financial and credit counseling (https://rly.pt/VeteransBenefitsBankingProgramCounseling)
as well as free financial education programs (VetCents https://rly.pt/VetCents and Veteran Saves. (https://rly.pt/VeteranSaves) to help Veterans and their families achieve financial resilience, increase savings, gain economic stability, and more.
All participating banks and credit unions are federally regulated, as well as FDIC or NCUA insured.
Learn more about VBBP (https://rly.pt/VAVBBP)
In fact, VBBP has surpassed 100 participating financial institutions and converted more than 340,000 benefit recipients to direct deposit since its launch in 2019. The 100th financial institution to participate in VBBP was PlainsCapital Bank (https://www.plainscapital.com/) and the 101st was Frontwave Credit Union (https://www.frontwavecu.com/).
With the assistance of the Association of Military Banks of America (AMBA), VA launched VBBP to help Veterans, beneficiaries, caregivers, and survivors open accounts and enroll in direct deposit for their VA benefits.
VBBP-participating institutions also help Veterans access traditional products and services via this financial network and encourage financial inclusivity that results in Veterans saving more, building wealth, and accessing credit.
“Thanks to VBBP, VA officially reached 101 participating financial institutions and a new highpoint in conversions in February—averaging over 1,700 per week,” said Under Secretary for Benefits Josh Jacobs. “Receiving benefits through direct deposit is faster and safer than a mailed check and lowers the risk of missed payments and fraud.”
VBBP leverages a group of military and Veteran-friendly financial institutions that have experience dealing with the unique financial issues facing the military and Veteran communities.
In 2022, VA and AMBA expanded VBBP to include free financial and credit counseling (https://rly.pt/VeteransBenefitsBankingProgramCounseling)
as well as free financial education programs (VetCents https://rly.pt/VetCents and Veteran Saves. (https://rly.pt/VeteranSaves) to help Veterans and their families achieve financial resilience, increase savings, gain economic stability, and more.
All participating banks and credit unions are federally regulated, as well as FDIC or NCUA insured.
Learn more about VBBP (https://rly.pt/VAVBBP)
Veterans Affairs (VA)
Benefits
Personal Finance
Edited 1 y ago
Posted 1 y ago
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It looks like the Veterans Benefits Banking Program (VBBP) has a lot of great perks, like quick and secure direct deposit, financial help, and access to counseling. But there are still a few drawbacks to consider.
For one, even though there are over 100 participating institutions, not all local or smaller banks, especially in rural areas, are included. This could make it harder for some Veterans to sign up.
Also, some older Veterans or those who aren’t tech-savvy might find it tricky to set up direct deposit or navigate the online resources.
Lastly, some might not even know about the program; without enough outreach, they could miss out. I didn’t know about it until I read it here, so more awareness would help.
But everything has to start somewhere, and I think it’s a good initiative. Over time, it can help more Veterans, that’s for sure.
With continued growth and awareness, it has the potential to help many.
For one, even though there are over 100 participating institutions, not all local or smaller banks, especially in rural areas, are included. This could make it harder for some Veterans to sign up.
Also, some older Veterans or those who aren’t tech-savvy might find it tricky to set up direct deposit or navigate the online resources.
Lastly, some might not even know about the program; without enough outreach, they could miss out. I didn’t know about it until I read it here, so more awareness would help.
But everything has to start somewhere, and I think it’s a good initiative. Over time, it can help more Veterans, that’s for sure.
With continued growth and awareness, it has the potential to help many.
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