ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home ABA Banking Journal

Banks partner with VA to serve veterans in need

November 9, 2023
Reading Time: 3 mins read
Banks partner with VA to serve veterans in need

Steve Lepper and Bonnie Wallace discuss the Veteran Benefits Banking Program at ABA’s Annual Convention in October 2023.

A popular program that has banked thousands now offers financial education and credit counseling.

By Craig Colgan

Four years ago, the Department of Veterans Affairs approached the Association of Military Banks of America with a problem: Too many veterans were unbanked and underbanked.

The VA asked if AMBA would be willing to put together what Steve Lepper, president and CEO of AMBA, calls a financial institution marketplace, to provide veterans options to have their benefits deposited securely. The effort that followed, the Veterans Benefits Banking Program, has served 270,000 veterans. But the success of the effort does not mean the challenge is going away.

“Right now, the VA still tells us they’ve got between 80,000 and 100,000 unbanked veterans,” Lepper says. “It’s like a boat with a hole in it. You keep bailing the water and more water comes in.” To help, the ABA Foundation is partnering with AMBA and serving as the 501(c)(3) fiscal sponsor for the donations that fund the VBBP.

“There are military men and women transitioning all the time out of the military,” Lepper adds. “The PACT ACT has created a huge wave of new claims and many of these veterans are not putting their money into a bank account.” The PACT Act expands VA health care and benefits for veterans exposed to burn pits, Agent Orange and other toxic substances.

Participation in the Veterans Benefits Banking Program is free to any financial institution. The only commitments: Provide a free or low-cost checking account for veterans to direct deposit their VA benefits — and provide assistance to any veteran who may have difficulty opening that account, for any reason, including homelessness or credit issues. “However the bank wants to help the veteran is up to the bank,” Lepper says.

One of the first banks to participate was Wells Fargo. “Wells has been a big supporter of the military for 170 years,” says Bonnie Wallace, SVP and head of financial health philanthropy at Wells Fargo Foundation. “We have a number of our own programs. But it’s difficult to reach veterans.”

One reason is trust, she says. “We find that working with an organization like AMBA and participating in the Veterans Benefit Banking Program gives us some instant credibility,” she adds.

The VBBP is undergoing another upgrade. “It’s not just about connecting veterans to bank accounts,” Wallace says. “They have now layered in the opportunities to receive financial education and credit counseling, through two very reputable organizations. And the results we have seen from that have been incredible. What we are hearing from the veterans is not just that those counseling sessions been transformational, but they want more.” The new financial education platform — dubbed VetCents — was announced earlier this week.

One question that supporters of the program hear frequently is: If my bank has programs that work with veterans already, why look into VBBP?

“If we are trying to bank more veterans and if we want to see more of our customer base be veterans, we have to go find them,” Wallace says. “That’s expensive, from a marketing perspective. As a member of the Veterans Benefit Banking Program, all of that work is done for us. It’s a great channel to bank veterans.”

For more information, visit aba.com/vbbp and veteransbenefitsbanking.org.

ADVERTISEMENT
Tags: PhilanthropyUnbankedVeterans
ShareTweetPin

Author

Craig Colgan

Craig Colgan

Craig Colgan is digital editor of the ABA Banking Journal.

Related Posts

ABA Regulatory Policy and Compliance Inbox: Must banks disclose all co-branding relationships?

ABA Regulatory Policy and Compliance Inbox: Just what is reportable under CRA?

Compliance and Risk
July 9, 2025

What about refinances and renewals for small business, small farm and community development loans? And: Understanding risk-based pricing notices.

The ever-expanding role of chief risk officer

The ever-expanding role of chief risk officer

Human Resources
July 7, 2025

'A new era has emerged in which CROs faced greater nonfinancial risk amid pressure to boost the bottom line.'

Chair’s View: Celebrating a century of giving back

Chair’s View: Celebrating a century of giving back

Community Banking
July 1, 2025

Not only do we celebrate the 150th anniversary of our organization, we also commemorate an important milestone for the ABA Foundation.

Sanctions Compliance Pitfalls for Banks

How one bank’s ‘stop and think’ message slashed customer fraud losses

Compliance and Risk
May 20, 2025

What constitutes effective fraud prevention strategy? One path to success is a larger, strategic program.

From the Vault: The Wall Street banks and the Lusitania

From the Vault: The Wall Street banks and the Lusitania

ABA Banking Journal
May 13, 2025

Notes from an era where world events interrupted religious division.

Bowling together

Bowling together

Community Banking
April 22, 2025

ABA Government Relations Council Chair Ken Clayton’s vision for strong banks and strong hometowns.

NEWSBYTES

HUD reverses Biden-era policies on appraisal review

July 11, 2025

ABA donates to Texas flood relief efforts, urges bankers to contribute

July 10, 2025

Mortgage rates rise

July 10, 2025

SPONSORED CONTENT

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

July 1, 2025
AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025

PODCASTS

Breaking down the bank-related provisions in the big budget bill

July 10, 2025

Podcast: Inside ABA’s new Treasury Check Verification System API

June 25, 2025

Podcast: Staying close to clients amid tariff-driven volatility

June 18, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.