Veterans benefits

Over 75,000 veterans have switched to the Veterans Banking Program

Are you a veteran who doesn’t have a bank or credit union? You’re not alone! Many veterans were in the same situation, which is why VA created the Veterans Banking Program (VBBP) in December 2019. Since then, more than 75,000 veterans have registered to receive their VA benefits through direct deposit. instead of prepaid debit cards. or paper checks.

Benefits of direct deposit

VBBP provides veterans and their beneficiaries with banking options and resources to help them manage their finances and reduce instances of fraud. Veterans can open bank accounts and receive their VA benefits by direct deposit, which has been proven to be easier, safer and more reliable than prepaid debit cards or paper checks. With direct deposit, payments are automatically placed into a secure bank account, ensuring veterans get the benefits they’ve earned on time, every time. Learn more about how direct deposit can help you get your VA benefits safely.

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 is backed by a group of military-friendly financial institutions that have experience handling the unique financial issues facing the military and veteran communities. These banks and credit unions are committed to opening bank accounts for all veterans, whether or not they are immediately eligible.

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 has many 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/.