Veterans Benefits Banking Program

PA Bankers is partnering with the Association of Military Banks of America (AMBA) to bring the Veterans Benefits Banking Program (VBBP) to its member banks across Pennsylvania. The goal of the VBBP is to provide veterans, beneficiaries and their caregivers (VA Benefit recipients) with a safe, reliable and inexpensive way to receive and manage their VA benefits. 
 



VBBP guides VA benefit recipients on how to set-up direct deposit of their VA benefits before connecting them with participating banks that understand the financial needs of the veteran community. VBBP simplifies banking options through a marketplace of veteran-friendly financial institutions that are committed to helping VA benefit recipients open checking accounts and enroll in direct deposit. 

In addition to having a safe, convenient and low-to-no cost checking account where VA benefits are directly deposited, VA benefit recipients also have access to the following programs through VBBP:

  • Free financial or credit counseling through the National Foundation for Credit Counseling (NFCC) and the Association for Financial Counseling & Planning Education (AFCPE);
  • VetCents – a financial education program created specifically for veterans and their beneficiaries;
  • Veteran Saves - a program designed to help veterans save money, reduce debt and build wealth; and
  • Financial education resources - to help veterans and their families with budgeting and saving.
PA Bankers is encouraging its member banks to consider participating in the Veterans Benefits Banking Program to support veterans across the commonwealth by providing the following products and services to eligible veterans, beneficiaries and caregivers (VA benefit recipients):

  • Offering low-to-no cost (with no monthly maintenance fee and no minimum balance) checking accounts to VA benefit recipients who have their monthly benefits directly deposited to the financial institution;
  • Assisting VA benefit recipients who do not currently qualify to open an account. At the bank’s discretion, this assistance can be provided through financial products, education and/or counseling.
  • Accepting Department of Veterans Affairs (VA) identification (ID) and a VA Homeless Coordinator’s office address to open a checking or savings account for veterans who are homeless, formerly homeless, or simply do not have a permanent address. According to the Veterans Administration, having the VA ID and VA Homeless Coordinator’s office address is sufficient to meet BSA/AML requirements for new account opening. Information about banking veterans without permanent housing can be found on the Veterans Administration’s website. 
To find out more about VBBP, please click here. 

Ready to take the next step to become a participant in the VBBP? Complete and submit the commitment form. 
 

 

Contact:
Michelle Staton
Chief Operating Officer
(717) 255-6923
mstaton@pabankers.com