The Department of Veterans Affairs announced on Feb. 21 that veterans and their families have a range of banking options from which they can receive their benefits.
In a tweet on Sunday, VA said veterans and their beneficiaries now have additional options for receiving VA benefits via direct deposit, as well as access to financial services at participating banks through the Veterans Banking Benefits Program.
The VBBP is a partnership between the VA and the Association of Military Banks of America. Participating banks will open an account for veterans and their family members who don’t have one.
Participating banks include Armed Forces Bank; Bank of America; Fort Sill National Bank; USAA; and Wells Fargo.
The program also provides money management tools and financial literacy services to participants.
According to a VA blog post, VBBP was established in December of 2019 to provide vets and their families with a safer, quicker and less-expensive way to receive and manage their benefits.
“Through VBBP, veterans can access federally-insured banking institutions that specialize in services for military personnel, veterans and their families,” the post reads,
Since the program launched, more than 30,000 veterans have signed up for VBBP. Veterans can learn more here sign up by calling VA at 1-800-827-1000, or visit a participating bank or credit union and request to participate in the program.
Reach Julia LeDoux at Julia@connectingvets.com.
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