What You Should Know About the Veterans Benefits Banking Program

What You Should Know About the Veterans Benefits Banking Program
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The VA and the Association of Military Banks of America (AMBA) have partnered to create the Veterans Benefits Banking Program (VBBP), which may help veterans with credit or legal issues – and limited access to banking institutions – find financial help.

 

Each financial firm participating in this program is committed to assisting veterans and their families find banking solutions that fit their needs and qualifications.

 

Veterans face increasing challenges from a variety of predatory financial companies. For example, scams, frauds, and corrupt busines practices from sketchy financial firms often target military members and veterans. It is critical that veterans receiving VA compensation have access to the regulated, safe, and reliable financial services provided by the firms in this program.

 

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The financial firms in this program offer support, education, and banking solutions leading to greater financial independence, knowledge, and recovery in difficult times. In addition, the enhanced services provided by this program will assist VA beneficiaries in managing their veteran compensation to reduce the number of fraud cases reported to the VA.

 

All veterans who receive compensation from the VA are eligible to participate with VBBP financial institutions, but the program is designed especially for those who receive financial benefits but do not have a current financial firm to help them manage their money, such as veterans who receive pre-paid cards or checks in the mail. It provides these veterans with an opportunity to open a bank account with a partner firm and receive funds electronically.

 

Veterans must work with a financial institution to determine their eligibility. They can learn more about which firm fits their needs and how to apply for an account (all firms have an application process) at www.veteransbenefitsbanking.org. You can also see a list of participating firms if you prefer to visit in person.

 

Learn more about the details of this program here.

 

AMBA is the only trade association representing financial institutions specializing in providing banking services for military personnel, veterans, and their families around the world. AMBA has a long history of partnering with DoD for the benefit of military members and their dependents.

 

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About the Author

Lt. Col. Shane Ostrom, USAF (Ret), CFP®
Lt. Col. Shane Ostrom, USAF (Ret), CFP®

Ostrom retired from the Air Force in 2000 and joined the MOAA team in 2006. His responsibilities include researching and answering member inquiries regarding military benefits, health care, survivor issues, and financial concerns.