Veterans Benefits Banking Program
BankOn Program
BankOn coalitions are local partnerships between government agencies, financial institutions, and community organizations that work together to improve the financial stability of unbanked and underbanked residents in their communities.
Neither VA nor AMBA endorses any particular banks, credit unions, products or services, or requires Veterans or other beneficiaries to use them.
What is Bank On?
The Cities for Financial Empowerment (CFE) Fund’s Bank On program seeks to help Americans to become banked by encouraging banks to establish accounts that conform to the Bank On National Account Standards. These standards seek to eliminate the barriers that have traditionally discouraged Americans from opening bank or credit union accounts. The CFE Fund works directly with national and regional financial institutions to encourage the widespread availability of safe, low-cost transactional products.
VThe CFE Fund has worked closely with the Bank On National Advisory Board and other key stakeholders to develop the Bank On National Account Standards. Inspired by the Federal Deposit Insurance Corporation’s (FDIC) Model Safe Accounts Template, these standards provide local programs with a benchmark for account partnerships with financial institutions, including their local partners. Financial institutions with accounts that meet these standards can apply free for national certification here.
How are VBBP and Bank On Different?
In addition to participating in VBBP by offering free checking with no minimum balance accounts to Veterans, some banks and credit unions also offer Bank On-certified accounts to their customers, including Veterans. The Bank On program, sponsored by the Cities for Financial Empowerment (CFE) Fund, seeks to make it easier for Americans to become banked by encouraging banks and credit unions to establish accounts that eliminate many traditional barriers to banking. One of the biggest barriers Bank On accounts have eliminated is overdraft fees.
Although VBBP accounts and Bank On accounts are similar, they are not identical. At banks and credit unions displaying the Bank On logo, Veterans can choose between them based on the account characteristics that are most important to them. To help Veterans choose, we’ve compared the accounts below.
VBBP Accounts
Bank On Accounts
Monthly maintenance fee
VBBP Accounts
none, with monthly direct deposit*
Bank On Accounts
possibly up to $5, if not waivable, or $10 or less if waivable**
Overdraft fees
VBBP Accounts
possible, per institution (opt-in only)
Bank On Accounts
none
Minimum opening deposit
VBBP Accounts
varies by institution (credit unions require share account deposit)
Bank On Accounts
$25 or less
Account activation, Closure, Dormancy, Inactivity, and Low Balance Fees
VBBP Accounts
varies by institution
Bank On Accounts
none
Insured by FDIC or NCUA
VBBP Accounts
yes
Bank On Accounts
yes
*bank/credit union may have a monthly direct deposit minimum or debit card use requirement; please check bank/credit union description for more information
**offer at least two different options to waive the fee entirely with a single transaction (e.g. direct deposit with no minimum deposit, online bill pay, or debit card purchase)
Discover the Power of Budgeting!
Unlock the secret to financial freedom and take control of your money with effective budgeting. Learn how to make your income work for you, save for your dreams, and achieve your financial goals.
Start your journey to
