Ethan Riley
There are several banks that offer financial services and resources to veterans. These include the Veterans Benefits Banking Program (VBBP), a partnership between the VA and the Association of Military Banks of America (AMBA), which provides veterans with access to banks and credit unions that understand their unique financial needs. The Armed Forces Bank is another example, catering to active-duty and retired military personnel, offering services such as free checking, early pay, and VA home loans. Additionally, Bank of America offers special rates and waived fees for military members. These initiatives aim to support veterans in managing their finances and achieving greater financial independence.
| Characteristics | Values |
|---|---|
| Banks dedicated to veterans | Armed Forces Bank, Bank of America, Wells Fargo |
| Services | Low-to-no-cost checking accounts, free financial counselling, financial education, direct deposit, home loans, credit cards, vehicle lending, credit-building, VA home loans, personal loans |
| Other | 75% of Armed Forces Bank's team are affiliated with the military |
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What You'll Learn
The Veterans Benefits Banking Program (VBBP)
VBBP offers veterans the opportunity to open a checking or savings account with participating banks and credit unions and enroll in direct deposit, which is a safer alternative to paper checks. Direct deposit is a form of electronic funds transfer (EFT) where the VA automatically deposits money into the veteran's account. VBBP participating institutions are chosen based on their safety, reliability, and customer service, and they have experience dealing with the unique financial challenges faced by the military and veteran communities.
Through VBBP, veterans can access financial resources such as VetCents, a financial education program created specifically for veterans and their families. VetCents provides education on budgeting, saving, building credit, and homebuying. VBBP also offers protection against identity theft and fraud, which are common issues faced by veterans.
The program is not a sign-up process through the VA but rather with the participating banks, who decide which offerings they present as part of the program. Veterans can choose from a list of participating banks and credit unions, which offer low-to-no-cost checking accounts with no hidden fees or minimum balance requirements. These financial institutions provide federally-insured and regulated financial products, services, and education tailored to the needs of veterans and their families.
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Financial education and counselling
The Veterans Benefits Banking Program (VBBP) is a partnership between the Veterans Benefits Administration and the Association of Military Banks of America (AMBA). The program provides veterans with a safe, reliable, and inexpensive way to receive and manage their VA monetary benefits.
VBBP connects veterans with banks and credit unions that understand their unique financial needs and can provide them with the highest level of service. These financial institutions are familiar with the challenges faced by veterans and their families and are willing to help them open accounts, utilize direct deposit, and increase financial security.
VBBP offers free financial counselling from accredited financial professionals. These counsellors provide personalized coaching and education tailored to the needs of veterans, their families, caregivers, and survivors. They offer guidance on understanding financial situations, setting goals, budgeting, improving saving practices, controlling expenses, and reaching financial goals.
The National Foundation for Credit Counseling (NFCC) and the Association for Financial Counseling and Planning Education (AFCPE) offer VBBP participants one free consultation with a credit or financial counsellor. An NFCC-certified credit counsellor can help those seeking to get out of debt, avoid foreclosure, or qualify for a first-time home purchase. An AFCPE-accredited financial counsellor can assist in creating a personalized budget, spending plan, or savings plan.
VBBP also includes VetCents, a financial education program created specifically for veterans and their families. VetCents provides education on a range of financial topics, including budgeting, saving, building credit, and homebuying. It offers resources to help veterans learn to save for unexpected expenses, retirement, and other financial goals.
Through VBBP, veterans can access various resources and educational programs to improve their financial literacy, build sound financial habits, and achieve greater financial independence and stability.
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Direct deposit and account opening
The Veterans Benefits Banking Program (VBBP) is a partnership between the VA and the Association of Military Banks of America (AMBA). The program provides veterans with a safe, reliable, and inexpensive way to receive and manage their VA monetary benefits. The VBBP connects veterans with banks and credit unions that understand their financial needs and can provide them with the highest level of service.
Through the VBBP, veterans, beneficiaries, caregivers, and survivors can open a checking or savings account and enroll in direct deposit. Direct deposit is a safer and more secure alternative to paper checks, as it involves the VA automatically depositing money into the chosen account electronically.
The VBBP also provides free financial counselling and access to financial education through VetCents, encouraging veterans to save through the Veteran Saves program. Participating financial institutions offer eligible veterans low-to-no-cost checking accounts with no hidden fees or minimum balance requirements, ensuring their money is safe and accessible.
In addition to the VBBP, there are banks dedicated to serving active and retired military personnel, such as the Armed Forces Bank, which offers a range of financial services and resources. Similarly, Bank of America provides special rates on lines of credit, home loans, vehicle lending, and credit cards, while waiving various fees for those who qualify for military benefits. Wells Fargo also has a long history of supporting the military and offers various financial services and resources for veterans.
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Support for active and retired military
There are several banks that offer support for active and retired military personnel in the form of specialised financial services and resources.
Armed Forces Bank
Armed Forces Bank is a full-service bank dedicated to serving active and retired military personnel, civilians, and their families in all 50 states and worldwide. The bank offers a range of financial services, including free checking, early pay, quick access to personal loans, VA home loans, and credit-building options. Approximately 75% of their team has some affiliation with the military. They also provide educational resources to help their clients avoid overdrafts, understand the importance of good credit, and protect themselves from scams and fraud.
Bank of America
Bank of America offers financial services and resources to military members, including special rates on lines of credit, home loans, vehicle lending, and credit cards. They waive monthly maintenance fees, ATM fees, and other fees for those who qualify for military benefits. The bank also assists military members in understanding and accessing the benefits and protections provided by the Servicemember Civil Relief Act (SCRA).
Wells Fargo
Wells Fargo has a long history of supporting the military, dating back to 1860 when they transported troops and carried funds for pay. They continue to offer financial support and resources to active-duty military, those transitioning to civilian life, and retired veterans. Wells Fargo provides dedicated teams to assist with VA loan benefits and ensure compliance with the Servicemember Civil Relief Act (SCRA). They are also a corporate member of the National Association of Veteran-Owned Businesses (NAVOBA) and work to identify veteran-owned businesses for procurement opportunities.
Veterans Benefits Banking Program (VBBP)
The Veterans Benefits Banking Program is a partnership between the VA and the Association of Military Banks of America (AMBA). It connects veterans, veteran beneficiaries, and caregivers with banks and credit unions that offer federally insured and regulated financial products and services tailored to their unique needs. These financial institutions provide low-to-no-cost checking accounts and savings accounts, direct deposit options, free financial counselling, and financial education through VetCents to help veterans achieve greater financial literacy and independence.
These banks and programs demonstrate a commitment to supporting active and retired military personnel by providing specialised financial services and resources to meet their unique needs.
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Special rates and waived fees
Several banks offer special rates and waived fees for veterans and active-duty military service members. These benefits are often provided in alignment with the Servicemembers Civil Relief Act (SCRA) and the Military Lending Act (MLA). The former restricts any debt acquired before active duty to 6% interest, while the latter caps the interest rate on all debt acquired during military service at 36% per year.
Bank of America
Bank of America offers special rates and waived fees for military members. They waive monthly maintenance fees, ATM fees, and enact Servicemember Civil Relief Act (SCRA) benefits to ease financial obligations. They also offer special rates on lines of credit, home loans, vehicle lending, credit cards, and more.
Chase
Chase offers special benefits for current service members and veterans of the US Armed Forces. They waive the $25 monthly service fee for the Chase Premier Plus Checking account for those with a qualifying military ID. Additionally, they offer no foreign exchange rate adjustment fees on debit card purchases or ATM withdrawals in currencies other than US dollars. Chase also provides no-fee access to the first four non-Chase ATM transactions each statement period.
Capital One, Citi, and U.S. Bank
These banks waive their personal credit card annual fees for military service members and their spouses. Citi's waiver includes the Citi Prestige Card, while U.S. Bank's waiver includes the U.S. Bank Altitude Reserve credit card.
American Express
American Express offers special military protections on their cards for active-duty service members, military spouses, and those on 30+ day active orders. They previously waived interest on their personal loans for active-duty military personnel, but this is no longer the case.
Veterans Benefits Banking Program (VBBP)
The Veterans Benefits Banking Program (VBBP) is a partnership between the VA and the Association of Military Banks of America (AMBA). It connects veterans and beneficiaries with banks and credit unions that understand their unique financial needs. Participating financial institutions offer low-to-no-cost checking accounts with no hidden fees or minimum balances. They also provide federally insured and regulated financial products, services, and education tailored to veterans' needs. VBBP also offers free financial counselling and access to financial education through VetCents, encouraging veterans to save through the Veteran Saves program.
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Frequently asked questions
The Veterans Benefits Banking Program (VBBP) is a partnership between the 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.
VBBP connects veterans with banks and credit unions that understand their unique financial issues. These institutions can provide direct deposit, which is safer and more secure than paper checks. They also offer other financial products and services that are unavailable to those receiving benefits through prepaid cards or paper checks.
AMBA is a not-for-profit association of banks that serve the military community and their families. They work to ensure that military members have the banking options, financial education, tools, and resources needed for a successful financial life.
Yes, the Armed Forces Bank is a full-service bank founded in 1907, catering to active-duty and retired military personnel, civilians, and their families in all 50 states and around the world. Bank of America also offers financial services and resources specifically for military members.
