Veterans Benefits Banking Program, Association of Military Banks of America, and Wells Fargo exhibited at the 2023 AFCPE Symposium. Learn more about exhibiting →
The VBBP, initiated in 2019, is on a mission to expand financial access for all Veterans and is committed to connecting them to personalized banking solutions in an accessible and convenient format. VBBP has evolved from encouraging Veterans to open bank accounts for the direct deposit of their monthly monetary benefits, into a comprehensive 3-pillar program. This initiative, credited with successfully banking over 300,000 veterans, has expanded its reach to include over 100 participating banks and credit unions. The ultimate goal is to ensure that Veterans, beneficiaries and caregivers, regardless of their location—whether in a bustling city or a serene rural community—have easy access to valuable financial resources.
The VBBP is a partnership between the U.S. Department of Veterans Affairs (VA) and the Association of Military Banks of America (AMBA). Funding and support for VBBP are generously provided by the Wells Fargo Foundation and the American Bankers Association (ABA) Foundation.
Pillar 1: Banking Under and Unbanked Veterans
This first and original pillar of the VBBP provides VA beneficiaries with a choice of nearly 100 banks and credit unions that have committed to helping Veterans get banked. These institutions offer low-to-no-cost accounts, with no monthly maintenance fees to VA beneficiaries who bring their direct deposit to the bank or credit union.
Pillar 2: Financial and Credit Counseling
As VBBP grew, so did the support, resources, and tools to provide broader financial support to its users. The second pillar added to the VBBP was complimentary financial and credit counseling. Offered through a partnership with the Association for Financial Counseling and Planning Education® (AFCPE) and the National Foundation for Credit Counseling (NFCC).
One free consultation with a credit or financial counselor is a benefit through the Veterans Benefits Banking Program. Veterans can connect with an NFCC Certified Credit Counselor or an AFCPE® Accredited Financial Counselor, and we pay the counselor for the session. More information about this benefit can be found on our website.
Pillar 3: VetCents – a Highly Personalized Financial Wellness Journey
The most recent pillar added to the VBBP is the revamped VetCents program. Launched in November 2023, VetCents delivers an award-winning, financial wellness experience that rewards users who use it to track their financial needs and secure resources for their financial health. The program makes the journey towards financial wellness both beneficial and engaging.
The most recent pillar added to the VBBP is the revamped VetCents program. Launched in November 2023, VetCents delivers an award-winning, financial wellness experience that rewards users who use it to track their financial needs and secure resources for their financial health. The program makes the journey towards financial wellness both beneficial and engaging.
Beyond providing financial education, VetCents facilitates connections to partners, programs, and services, which all serve as a catalyst for achievements to encourage the user to push forward in their financial planning and journey. As a beacon of financial empowerment, VetCents ensures a comprehensive and tailored approach matching each user’s needs, equipping them for a fulfilling and rewarding financial journey.
We encourage you to leverage this program with your clients – Veterans, VA beneficiaries, survivors, caregivers, transitioning servicemembers, and their family members. VetCents is a great resource for people who are unsure about where to start or which initial steps are most important. It allows them to find resources, both Veteran-specific and general, and track their progress on their own or in conjunction with a counselor. To offer to your clients, you can send them to the VBBP, or directly to VetCents.
About the Authors
By Lawrence Bowdish, Wells Fargo Foundation and Andia Dinesen, AFC®, Association of Military Banks of America (AMBA)
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