Veterans Benefits Banking Program
Join this industry-wide effort to expand veterans’ access to the banking system.
The Armed Forces Financial Network (AFFN) is proud to partner with the Association of Military Banks of America (AMBA) and the Defense Credit Union Council (DCUC) in support of the Veterans Benefits Banking Program (VBBP). The goal of the VBBP is to help veterans, beneficiaries, and caregivers join the banking system so they can easily access their benefits as well as free financial and credit counseling services. AFFN encourages our member DCUC Credit Unions and AMBA Banks to participate in the VBBP and demonstrate your financial institution’s continued commitment to our nation’s veterans.
About VBBP
Established in 2019 in partnership between the Department of Veterans Affairs and the Association of Military Banks of America, the VBBP aims to provide veterans and other VA benefit recipients with a safe, reliable, and inexpensive way to receive and manage their VA monetary benefits. The program seeks to simplify banking choices for veterans by providing them with a list of participating financial institutions that understand the unique financial needs of veterans and meet requirements for account offerings and customer service. The VBBP encourages veterans to open an account at a participating financial institution, where they can safely and efficiently manage their monthly monetary benefits using direct deposit.
How It Works
On the VBBP website, veterans and VA benefit recipients can find a wealth of helpful information about their VA benefits payment options and locate participating financial institutions. AFFN Member AMBA Banks and DCUC Credit Unions participating in the VBBP must make a commitment to provide free, no minimum balance checking accounts to any veteran using direct deposit for their VA benefits. Additionally, participating banks and credit unions must agree to help veterans overcome any obstacles that might have made opening a checking account impossible or more difficult. VBBP banks and credit unions are committed to encouraging and helping veterans and VA benefit recipients to join the banking system so they can enjoy all of the benefits that come with a direct deposit relationship.
Why Should Your Financial Institution Participate?
Banks and Credit Unions participating in the VBBP are demonstrating their commitment to support the financial wellbeing of America’s veterans. By joining VBBP, banks and credit unions can help unbanked or underbanked veterans find easy, affordable access to the financial products and services they need, while also adding new customers. Banks and Credit Unions of all sizes are welcome to join the program; the registration process is simple. Even if your bank or credit union is already serving the veteran community, participation in the VBBP can highlight an expanded commitment to those who served.
Participation Requirements
To join VBBP and be listed on the VBBP’s website as a participating bank or credit union, there are some simple requirements:
- Participating financial institutions MUST complete and sign a brief a commitment form. To join VBBP, a bank or credit union must commit to:
- Offering a low-to-no-cost checking account (no monthly maintenance fees) and no minimum balance, to a VA benefit recipient (Veteran, beneficiary, caregiver) who brings a monthly Direct Deposit to the financial institution.
- Offering assistance to VA benefit recipients if they do not qualify to open a deposit account. At the financial institution’s discretion, this assistance can be provided through financial products, education, and/or counseling.
- Participating banks and credit unions also must provide their logo, URL for their designated VBBP landing page, and a description of their financial institution with language in support of veteran and/or military communities.
Interested in Participating?
