What We Do
- AMBA and its member banks are excited about the opportunity to support our Nation’s Veterans by offering appropriate financial services to help them achieve greater financial independence, resiliency, and literacy.
- VBBP seeks to simplify banking choices by helping eligible Veterans select the right bank and services for themselves and their families.
- VBBP helps Veterans and other VA beneficiaries choose among the three available options for receiving VA monetary benefits:
- Direct deposit into an existing or new bank account
- Electronic funds transfer to a Direct Express prepaid or other prepaid card
- Mailing of paper checks to pre-approved beneficiaries
- VBBP simply introduces banking options to eligible veterans who do not currently have bank accounts.
- VBBP does not require Veterans who are satisfied with their current financial situation to change how they receive their VA monetary benefits.
- Neither VA nor AMBA endorses any particular banks, credit unions, products or services, or requires Veterans or other beneficiaries to use them.
Your VA Benefits Payment Options
| Direct Deposit* Checking / Savings Account | Direct Express** Prepaid Card | US Government Check | |
| Branch Banking | Yes, most banks operate branches. Some are national; others are regional. Community banks operate in smaller areas. A few banks are digital only. | No | No |
| Depositing Funds | Unlimited deposits to checking or savings accounts | Only US Government funds may be deposited; no other funds may be added | No |
| Access to Funds | 24/7 through ATM / POS networks, checks drawn on account, mobile payments and deposits | 24/7 through ATM / POS networks | Funds available only when check is cashed |
| Mobile Banking | Mobile apps allow bank customers to manage accounts, set up automatic bill payments, person-to-person payments, mobile deposits, mobile payments, etc. | Mobile app available only to check account balances, view transaction history, and find ATMS. Does not support card transactions. | No |
| Writing Checks | Unlimited check writing on most bank checking accounts | No | No |
| Automatic Bill Payments | Most banks allow automatic payments of bills | No | No |
| Daily Spending Limits | Most banks don’t charge for or limit numbers of cash withdrawals. ATM limits vary by bank. Savings accounts limit you to no more than six transfers or withdrawals from a savings deposit account per statement cycle. | No spending limits; only one free ATM cash withdrawal per month | Funds available only when check is cashed |
| Fees & Charges | Low/no fees or most banking services | One free cash withdrawal per deposit; fees charged for most other services | Fees often charged for cashing checks unless check is deposited into or cashed by a bank |
| Access to Financial Education and Advice | Yes, most banks have robust education programs | Yes, limited education programs available | No |
| Customer Service | Yes, full service available | Yes, limited service available | No |
| FDIC Insured | Up to $250,000 | Up to $250,000 | No |
| Ability to Save | Yes, with interest-bearing checking or savings account balances | No | No |
| Loans | Available from most banks for qualified borrowers | No | No |
| Credit Cards | Available from most banks for qualified borrowers | No | No |
| Fraud & Theft Protection | Liability limited to $50 when fraud or theft reported within 2 business days; $500 when reported within 60 days | Liability limited to $50 when fraud or theft reported within 2 business days; $500 when reported within 90 days | In many cases, the government will reissue stolen checks, but the process takes time |
*Checking and Savings accounts vary in some respects. This chart lists legal characteristics shared by all accounts and the most common other characteristics shared by most accounts.
**VA monetary benefits can be posted to any prepaid card. The Direct Express program is the most common; its characteristics are listed here for comparison. Other prepaid card programs may vary.
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