04.24.2023
By VBBP
Veterans Benefits Banking Program (VBBP)
Veterans and their beneficiaries have more options for receiving VA benefits via direct deposit, as well as access to financial services at participating banks and credit unions.
What is the Veterans Benefit Banking Program?
- The Veterans Benefits Banking Program, or VBBP, is a partnership between VA and the Association of Military Banks of America (AMBA). The program provides Veterans and beneficiaries a safe, reliable, and inexpensive way to receive and manage their VA monetary benefits. The VBBP connects Veterans with banks and credit unions who understand Veterans’ financial needs and can provide Veterans and their beneficiaries the highest level of service.
Why did VA create VBBP?
- VA, in partnership with AMBA, created VBBP to provide Veterans with banking options and educational resources to help them achieve greater financial independence, resiliency, and literacy. VBBP lets Veterans and beneficiaries receive VA benefits through direct deposit, effectively manage monetary benefits, and reduce fraud.
What is the difference in VBBP and Direct Deposit?
- VBBP is a comprehensive program that helps Veterans and beneficiaries manage their monetary benefits using direct deposit. Direct deposit is a form of electronic funds transfer (EFT) whereby VA will automatically deposit money into checking or savings accounts. Direct deposit is a safer alternative than a paper check, and VBBP provides Veterans with an opportunity to open an account with banks and credit unions participating in the program. These institutions understand the unique financial issues Veterans face and can help Veterans and beneficiaries enroll in direct deposit. Bank and credit union customers also have access to other financial products and services unavailable to those receiving benefits through prepaid cards or paper checks.