As military service members transition to civilian life, navigating financial landscapes can be daunting. Fortunately, the Veterans Benefits Banking Program (VBBP) offers valuable resources tailored to help veterans, caregivers, and survivors manage their financial health effectively. With the support of the Department of Veterans Affairs (VA) and the Association of Military Banks of America (AMBA), transitioning service members can find essential tools to ensure a smoother financial journey.
Join the movement
Join the ranks of over 400,000 veterans, survivors, beneficiaries, and caregivers who have successfully transitioned to direct deposit through the Veterans Benefits Banking Program. By signing up for direct deposit, you not only streamline your financial processes but also gain access to a range of benefits designed to support your financial well-being.
The three pillars of VBBP
The VBBP is built on three foundational pillars that empower veterans and their families:
1. Find a bank or credit union
Navigating banking options can be overwhelming. VBBP provides a financial institution database where VA benefit recipients can find banks or credit unions that cater to their specific needs. Participating institutions offer low-to-no-cost checking accounts with no monthly maintenance fees or minimum balances, ensuring that your money is both safe and accessible.
- What to expect:
- Federally insured and regulated
financial products - Tailored services for veterans and
their families
- Federally insured and regulated
2. Receive free financial counseling
Financial uncertainty can lead to stress and confusion, but help is available. VBBP offers up to three free sessions with an AFCPE® trained Accredited Financial Counselor® or an NFCC Certified Credit Counselor, designed to assist you in various areas:
- Understanding your credit report and history
- Planning for emergencies
- Creating and sustaining a budget
- Managing debt
- Understanding VA benefits
- Saving for large purchases
- Avoiding foreclosure or eviction
Over 1,100 VA benefit recipients have taken advantage of this service. Testimonials highlight the positive impact of these sessions:
RELATED: Veterans Benefits Banking Program assists service members with financial transition
“My Counselor was amazing. He was very kind and thorough when reviewing our finances. I really appreciated his positive attitude, which made a stressful situation bearable — and maybe even a little bit fun.”
“Carolyn was friendly and very knowledgeable. She provided me with steps to save for a new home and offered tips on how to get a lower interest rate.”
3. Improve financial health with VetCents
Good financial health starts with making informed decisions. VetCents is an innovative online program designed specifically for transitioning service members, veterans and their families to enhance financial well-being. This personalized tool offers:
- A financial health assessment to uncover immediate needs
- Personalized wellness plans that align with your financial goals
- Resources and guidance to help you navigate your financial journey
VetCents acts as a bridge, connecting you to valuable partners, programs, and services, ensuring a holistic approach to your financial wellness.
Take action now
Transitioning service members and their families are encouraged to take the following steps to ensure financial stability:
• VeteransBenefitsBanking.org to explore banking options using the VBBP database to locate a financial institution that fits your needs.
• Meet with a financial or credit counselor: Take advantage of up to three free sessions available to help you understand your finances.
• Sign up for VetCents: Start your journey towards financial wellness today.
Voices from the community
The importance of financial preparedness is echoed by leaders in the field, according to retired Army Brig. Gen. Omuso George, president & CEO of AMBA.
“By partnering with financial institutions that understand the unique needs of veterans, we are making it easier for veterans, survivors and caregivers to access the services they deserve. It’s all about building a
supportive community.”
A statement also echoed by VA Secretary Denis McDonough on VA’s VBBP website www.benefits.va.gov/benefits/banking.asp, explains that “Veterans deserve to get their benefits
in the safest, most secure way possible — and that’s what the Veterans Benefits Banking Program delivers. Expanding this great program, to include financial counseling and education, will have a real impact on Veterans’ lives [by] helping protect and grow the benefits they earned.”
Transitioning from military service to civilian life presents numerous challenges, especially in managing financial health. With programs like the Veterans Benefits Banking Program, veterans, caregivers, survivors, and their families have access to essential resources and support.
Take the first step today by visiting the recommended websites, finding the right banking options, meeting
with financial counselors, and signing up for VetCents. Your financial journey begins now — make it a rewarding one!
