Veterans Benefits Banking Program
About the Veterans Benefits Banking Program
The Veterans Benefits Banking Program (VBBP) helps our Veterans, VA beneficiaries and caregivers by offering financial services to help achieve greater financial independence, resiliency and literacy.
Neither VA nor AMBA endorses any particular banks, credit unions, products or services, or requires Veterans or other beneficiaries to use them.
The Veterans Benefits Banking Program, or VBBP, is a program that VA established through a partnership with the Association of Military Banks of America (AMBA).
The program provides Veterans, beneficiaries, and caregivers (VA benefit recipients) a safe, reliable, and inexpensive way to receive and manage their VA monetary benefits.
VBBP connects VA benefit recipients with banks and credit unions who understand Veterans’ financial needs and can provide Veterans and their families with the highest level of service.
VBBP is accessible to VA benefit recipients’ regardless of their credit or legal history and can even help homeless Veterans open a checking or savings account.
The three ways Veterans Benefits Banking Program can help you become more financially secure...
The information below is provided to help you better understand VBBP and how it can help Veterans and their families.
Does VBBP offer anything more than lists of military-friendly financial institutions?
VBBP is more than just a marketplace of Veteran friendly financial institutions. VBBP provides a suite of other products and services.
For example, there is VetCents, a self-guided financial education program aimed at helping Veterans improve their financial wellbeing.
VBBP offers a free session with a credit counselor from the National Foundation for Credit Counseling (NFCC) or a free session with a financial counselor from the Association for Financial Counseling and Planning Education® (AFCPE®).
VBBP also works with Veteran Saves, a campaign run by the Consumer Federation of America (CFA), dedicated to helping Veterans, beneficiaries, and caregivers save money, reduce debt, and build wealth.
What is the Association of Military Banks of America?
The Association of Military Banks of America (AMBA) is the only nonprofit trade association representing banking institutions specializing in providing banking services to military personnel, Veterans, and their families. AMBA has a long history of partnering with the federal government and other nonprofits for the benefit of military members and their dependents. AMBA’s membership includes large and small national- and state-chartered banks, many operating on military installations, and all insured by the FDIC.
Why did VA select AMBA to help start VBBP?
AMBA is the only trade association representing banking institutions specializing in providing banking services to military personnel, Veterans, and their families. AMBA has a long history of partnering with the federal government and other nonprofits to assist military members and their dependents. VA and AMBA are collaborating to identify and recruit banks and credit unions that offer banking products meeting Veterans’ distinct financial needs.
Can AMBA assist Veterans and their families with fraud prevention and recovery?
AMBA provides education about fraud on its website and through its member banks to help Veterans avoid fraud and to mitigate the effects of fraud if it occurs.
Why did VA create VBBP?
VA, in partnership with AMBA, created VBBP to provide VA-benefit recipients with banking options and educational resources to help them achieve greater financial independence, resilience, and literacy. VBBP provides options to VA-benefit recipients to receive their benefits through Direct Deposit, effectively manage monetary benefits, and reduce the risk of fraud.
When did VBBP begin?
VA and AMBA officially launched VBBP on December 20, 2019. Since then, thousands of VA-benefit recipients have used VBBP to open accounts at participating banks and credit unions.
Who is eligible to use VBBP?
Any Veteran, beneficiary, or caregiver (i.e., a VA-benefit recipient) who receives recurring federal monetary benefits or stipends can use VBBP.