Are you a Veteran who doesn’t have a bank or credit union? You’re not alone! Many Veterans were in the same situation, and that’s why VA established the Veterans Benefits Banking Program (VBBP) in December 2019. Since then, more than 75,000 Veterans have signed up to receive their VA benefits through direct deposit instead of pre-paid debit cards or paper checks.
Benefits of direct deposit
VBBP provides Veterans and their beneficiaries with banking options and resources to help manage their finances and reduce instances of fraud. Veterans can sign up for bank accounts and receive their VA benefits using direct deposit, which is proven to be easier, safer, and more reliable than pre-paid debit cards or paper checks. With direct deposit, payments are automatically placed into a secure bank account, ensuring that Veterans get the benefits they have earned on time, every time. Learn more about how direct deposit can help you safely get your VA benefits.
How VBBP works
VBBP is a partnership between VA, the Association of Military Banks of America (AMBA) and the Defense Credit Union Council (DCUC). The program leverages a group of military-friendly financial institutions that have experience dealing with the unique financial issues facing the military and Veteran communities. These banks and credit unions have undertaken a commitment to open bank accounts for all Veterans, regardless of whether they immediately qualify.
VA, AMBA and DCUC do not endorse any bank or credit union and you are not required to use a VBBP bank or direct deposit to receive monetary benefits.
For more information
Life comes with plenty of challenges, but banking shouldn’t be one of them. Please visit benefits.va.gov/VeteransBanking or veteransbenefitsbanking.org to find participating banks or get more information about VBBP.
Veterans who already have a bank account but want to use direct deposit for their federal benefits can call VA at 1-800-827-1000. You can also visit va.gov/change-direct-deposit/.