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:
    1. Direct deposit into an existing or new bank account
    2. Electronic funds transfer to a Direct Express prepaid or other prepaid card
    3. 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.

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Your VA Benefits Payment Options

Direct Deposit*
Checking / Savings Account
Direct Express**
Prepaid Card
US Government Check
Branch BankingYes, most banks operate branches. Some are national; others are regional. Community banks operate in smaller areas. A few banks are digital only.NoNo
Depositing FundsUnlimited deposits to checking or savings accountsOnly US Government funds may be deposited; no other funds may be addedNo
Access to Funds24/7 through ATM / POS networks, checks drawn on account, mobile payments and deposits24/7 through ATM / POS networksFunds available only when check is cashed
Mobile BankingMobile 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 ChecksUnlimited check writing on most bank checking accountsNoNo
Automatic Bill PaymentsMost banks allow automatic payments of billsNoNo
Daily Spending LimitsMost 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 monthFunds available only when check is cashed
Fees & ChargesLow/no fees or most banking servicesOne free cash withdrawal per deposit; fees charged for most other servicesFees often charged for cashing checks unless check is deposited into or cashed by a bank
Access to Financial Education and AdviceYes, most banks have robust education programsYes, limited education programs availableNo
Customer ServiceYes, full service availableYes, limited service availableNo
FDIC InsuredUp to $250,000Up to $250,000No
Ability to SaveYes, with interest-bearing checking or savings account balancesNoNo
LoansAvailable from most banks for qualified borrowersNoNo
Credit CardsAvailable from most banks for qualified borrowersNoNo
Fraud & Theft ProtectionLiability limited to $50 when fraud or theft reported within 2 business days; $500 when reported within 60 daysLiability limited to $50 when fraud or theft reported within 2 business days; $500 when reported within 90 daysIn 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.

Frequently Asked Questions

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