From financial and credit counseling to fiscal education, the Veterans Benefits Banking Program and participating financial institutions help veterans make their most of their money
Service members and veterans face a number of financial challenges when they return stateside, including buying a home and opening a bank account. To help veterans get all of the advantages of joining the banking system, the foundation of the American Bankers Association (ABA) proudly supports the Veterans Benefits Banking Program (VBBP). “The program seeks to simplify banking choices for veterans by providing them with a list of participating financial institutions that understand the unique financial needs of veterans and meet requirements for account offerings and customer service,” according to ABA.
In addition to the list of qualified banks and credit unions, VBBP also provides free financial and credit counseling, access to financial education resources through VetCents, and encourages veterans to make their most of their money through the Veteran Saves program. With a focus on banking services available to veterans to access their benefits, the VBBP wants to help veterans achieve greater “financial independence, resiliency and literacy.” Importantly, VBBP banks and credit unions “commit to no-minimum-balance, low-to-no-cost checking accounts for veterans with a qualifying direct deposit and help veterans become banked.”
A member of VBBP, Origin Bank offers a range of financial solutions tailored to assist veterans and other community heroes. Origin services the VA Home Loan program which makes home ownership more accessible to former and current service members and offers a Hero Mortgage program in which the bank waives all origination, underwriting, processing, and administrative fees on mortgage loans for veterans, active duty military, first responders, healthcare workers, law enforcement, and full-time teachers. Their Hero Checking also waives monthly service charges to make banking more affordable.
VeraBank is a Texas based community bank that offers VA loans to veterans, service members, and surviving spouses. A participating bank in VBBP, VeraBank’s VA lending program offers government-insured loans with low down payments and flexible qualifications, along with additional financing options available to veterans. Also a member of VBBP, Harvard Federal Credit Union provides a range of banking solutions for veterans, including financial aid assistance and financial health support. “Veterans bravely protect our freedoms and keep us all safe and secure – true heroes for who they are and what they do,” according to Harvard FCU. “Veterans deserve support and resources to stay on a positive financial footing.”
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