Since its inception in 2019, the Veterans Benefits Banking Program has helped approximately 634,000 recipients switch from receiving their benefits from check or other means to direct deposit at a financial institution, the Association of Military Banks of America announced today.
The VBBP is a private-public partnership between the Department of Veterans Affairs and AMBA that provides veterans and their beneficiaries with a safe and reliable way to receive and manage their VA monetary benefits. Approximately 150 financial institutions currently participate in this program, the association said.
The American Bankers Association encourages banks to participate in the program, although banks do not need to be an ABA or AMBA member to take part. Banks participating in the VBBP must make a commitment to provide free, no minimum balance checking accounts to any veteran using direct deposit for their VA benefits. Additionally, participating banks must agree to help veterans overcome any obstacles that might have made opening a checking account impossible or more difficult.
