By Omuso George and Lindsay Torrico
Each Veterans Day, Americans pause to recognize the service, sacrifice and resilience of those who have worn our nation’s uniform. It is also an opportunity to consider how we can support veterans, service members and military families long after the expressions of gratitude have ended.
For banks, that means helping veterans and military families navigate financial transitions, build long-term financial security and thrive in the communities they call home.
Military life can bring unique financial challenges, from frequent relocations and deployments to career transitions and disruptions to spousal employment. At the same time, as financial services evolve, veterans and military families must navigate new digital tools, payment options and increasingly sophisticated scams. Banks can help them understand their choices, use digital services confidently and access personalized guidance when they need it.
Now more than ever, trusted institutions matter. Banks are uniquely positioned to help military families manage change, establish stability and connect to resources and opportunities that support their long-term well-being.
Four ways banks can support military communities:
1. Help veterans navigate major life transitions
Leaving military service is one of the most significant transitions many veterans will experience, requiring important decisions about employment, housing, education, healthcare and retirement. Banks can help by providing personalized financial guidance, educational resources and connections to community partners. One example is the Veterans Benefits Banking Program, VBBP, a partnership between the Department of Veterans Affairs and Association of Military Banks of America, AMBA, supported by the ABA Foundation. It connects veterans and other VA benefit recipients with participating financial institutions to receive and manage their benefits through direct deposit, along with access to free financial and credit counseling. Supporting veterans through this transition creates opportunities for their families while strengthening the communities they join.
2. Invest in financial capability and wealth building
Financial knowledge is important, but military families also need the tools, guidance and confidence to turn that knowledge into greater financial security.
Banks can provide resources focused on saving, credit management, fraud prevention, homeownership, retirement planning and other wealth-building strategies. Responsible lending can also help veterans pursue homeownership and other wealth-building opportunities.
By meeting military families at these pivotal moments, banks can help them make informed decisions, build resilience and pursue financial goals. The ABA Foundation’s free financial education programs and consumer resources give banks tools they can use in outreach to veterans and military families, including younger family members and older veterans.
3. Create pathways to employment, entrepreneurship and leadership
Banks can support military communities by recruiting, hiring and advancing veterans and military spouses. Banking offers career opportunities that draw on skills developed through military service, including leadership, operations, cybersecurity and risk management. Many banks have veteran hiring programs.
For veterans who want to start or grow a business, access to capital and guidance can be equally important. Banks can help them prepare for financing, connect with business advisers and explore small-business loans, lines of credit and Small Business Administration-backed financing where appropriate. Partnerships with Veterans Business Outreach Centers can provide aspiring entrepreneurs with additional training and mentoring.
By pairing access to capital with sound guidance, banks can help veterans build businesses that create jobs and strengthen local economies.
4. Serve as community anchors for military families
For military families, relocating can mean starting over: new schools, jobs, neighbors and support systems.
Banks can be among the first local institutions families encounter. A relationship that begins with opening an account, financing a home or seeking financial guidance can become an important connection to the broader community.
Through volunteerism, financial education and partnerships with local organizations, banks can serve as both financial partners and community connectors, helping military families establish stability, build relationships and feel welcomed.
Beyond Veterans Day
Veterans Day gives us an important moment to honor service, but meaningful support for military families requires a year-round commitment.
Banks can put that commitment into practice by exploring VBBP participation, offering financial education through ABA Foundation programs, and supporting homeownership and entrepreneurship through practical guidance and responsible lending.
This Veterans Day, we can honor service not only through appreciation, but through action. By investing in the financial well-being and economic opportunity of veterans, service members and military families, banks can help those who have served build strong futures for themselves, their families and their communities.
The ABA Foundation and the Association of Military Banks of America are partnering to expand opportunities for banks to support the long-term financial security and resilience of service members, veterans and military families. AMBA brings expertise in military banking, while the ABA Foundation equips banks with financial education and community engagement resources. Together, they are helping banks translate their commitment to military communities into meaningful action.
Omuso George is president and CEO of the Association of Military Banks of America and retired U.S. Army Brigadier General. Lindsay Torrico is executive director of the ABA Foundation.
