18 Feb Veterans Get More Banking Options, Under New VA Partnership

Some veterans will have better access to banking through a new partnership between the Department of Veterans Affairs and the Association of Military Banks of America. It’s advantageous for the veterans who haven’t been able to open bank accounts in the past, which decreases their ability to receive their VA benefit funds via direct deposit.

The VA delivers about $118 billion each year in benefits and services for veterans and their families. About 250,000 veterans and their beneficiaries receive their benefits through a pre-paid debit card or a paper check.  In some cases, these veterans may not even have a bank account

Another big advantage is that these banks are already familiar with the financial needs and challenges of former military service members.  These institutions can also support veterans with financial education and resources tailored to their specific needs. Some of the participating banks have branches that are located on bases, but they also have a large number of branches outside the gate, which will be accessible to veterans, said Andia Dinesen, vice president of communications and operations for AMBA.

There are currently seven banks that are participating in the Veterans Benefits Banking Program: 

• Armed Forces Bank
• Bank of America
• First Arkansas Bank and Trust
• Fort Hood National Bank
• FSNB
• Regions
• Wells Fargo

Andia Dinesen said other banks and credit unions are welcome to join the effort, as well.

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For more information on Veterans Banking Initiatives, visit https://www.benefits.va.gov/benefits/banking.asp.