VA Caregiver Benefit Moving to Direct Deposit Only

Why is it important to have a bank account?

We believe it’s safer from the perspective of getting your payments on time, every time. We believe it is safer because if there’s any instances of fraud, the banks are federally insured to protect the consumer.

Other than receiving benefits via direct deposit, what benefits does the program offer?

The participating banks and credit unions have committed to working with veterans and beneficiaries to provide financial literacy, insights and information. In addition to helping you get set up with your bank account, they are also there to help with other financial tools and resources available, such as savings accounts, certificates of deposits (CDs) or instruction on how to use your bank card safely.

Veterans may also take advantage of a free session with either an accredited financial counselor through the Association for Financial Counseling and Planning Education or a credit counselor through the National Foundation for Credit Counseling.

Additional financial resources include VetCents, a financial education program for veterans and their families that covers topics like budgeting, and Veteran Saves, a program that helps build financial resilience.

What does this mean for older veterans?

We are very conscious that older populations or those who have historically received checks long-term may have forgotten to include their electronic funds transfer when they first signed up for their benefit. By and large we’re starting to get the older population who are receiving traditional checks or Direct Express Cards to start receiving electronic payments.

Why should a veteran open an account through VBBP instead of going directly to a bank?

Actually, we encourage you to do both. We’re not trying to supersede veterans’ options to go to a traditional bank on their own. We’re doing it to make sure that veterans have options. If a veteran has a bank of their choice we highly encourage them to go to that bank and get signed up for direct deposit.

Are there concerns about fraudsters posing as VBBP?

We are directing people to the website. We’re not asking them to take a blind advertisement saying “VBBP.” Our website will take them to the list of financial institutions that are safe and are properly insured at the federal level.