By Evan Sparks
As the nation observes Veterans Day, it’s a good time to reflect not just on the service of our veterans but to spotlight the ways banks engage veterans, service members and their families throughout the year.
USAA — a major financial services firm uniquely dedicated to serving service members, their families and their descendants — is launching a five-year, $500 million commitment called “Honor Through Action.” USAA CFO Brett Seybold calls it “a comprehensive movement to support our military community through meaningful careers, financial security and holistic well-being.”
In an interview, Seybold notes that “empowering military families to achieve lasting financial stability through education, assistance and advocacy, because we believe that financial security is foundational to their ability to thrive today, tomorrow and to the future.” One example he notes is USAA’s government shutdown loan program. The shutdown (which is expected to end this week after more than 40 days) “is impacting military families dramatically, and we are out there giving 0% interest loans to those families that have a banking relationship with us, so that we can be there to support them through this trying time,” Seybold says.
Banks of all sizes are involved in supporting veterans. At the ABA Community Commitment Awards last month, Indiana, Pennsylvania-based S&T Bank was recognized for supporting military families through its development of products, programs and sponsorships that assist service members. That support includes donations of volunteer time and contributions to veteran-serving organizations, as well as an Armed Forces Checking Account product available only to those with valid military ID. This account offers free wire transfers, checks and safe deposit boxes without minimum balances and monthly maintenance fees. “S&T’s steadfast support for active-duty service members, Veterans and their families continues to be an integral part of our people-forward banking purpose and community focus,” says CEO Chris McComish. “We are proud to deliver essential services and solutions that empower and advocate for the needs of this highly deserving community.”
S&T also offers an in-bank employee resource group comprising 70 S&T team members who support service members and veterans. “Receiving an award that recognizes our efforts to support both current and former military members is very humbling,” says S&T Bank Chief Human Resources Officer Susan Nicholson stated. “We are grateful for the impact our colleagues’ dedication is making in the lives of those who serve and their families.”
To help veterans access and manage the benefits associated with their service, ABA and the Association of Military Banks of America support the Veterans Benefits Banking Program. Through this program, which is offered at no cost to banks, banks offer a low-to-no-cost checking account to a Veterans Administration benefit recipient who receives a monthly deposit. The 65 participating banks also offer assistance to VA benefit recipients who may not qualify for a deposit account. Participating banks are listed on the VBBP webpage where veterans can find a bank that works for them.
