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, electronic funds transfer, or 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 or requires Veterans or other beneficiaries to use them.
Your VA Benefits Payment Options
Checking / Savings Account
|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||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.