#Middlebury #Veterans
They call them “the unbanked,” people who don’t use banks for any reason. At this point there are 250,000 veterans without bank accounts. Without one, they can receive their benefits only through a prepaid debit card or a paper check.
Last year, the Department of Veterans Affairs established the Veterans Benefits Banking Program, and 25,000 veterans so far have signed up, mostly because of the convenience, safety and money-saving aspects. Having a bank account can save you a trip to the convenience store to buy a money order … as well as the fee to pay for it. Just sit at home and write a check at your leisure. Pop it in the mail and off it goes.
Once a bank knows you for a little while, you’ll be in a better position to apply for a loan or a credit card. If you sign up for automatic deposit at one of the VBBP financial institutions, your benefits won’t have to get to you in the mail. You won’t have to pay check-cashing fees either. And paying a bill by check is proof that you paid it.
Go online to the VA site veteransbenefitsbanking.org and click on Find A Bank/Credit Union. Scroll down and see what looks good and fits your needs. Maybe you have a special affinity to a certain bank or credit union because of where you served. You’ll find Kirtland Federal, Fort Hood National, Andrews Federal and dozens more. (A small plug here: I’ve done business with USAA for many years, as did my father, and they’ve always treated me well, through loans, credit card accounts, auto insurance and more.)
Click around the site for more information. Once you have a bank account (be sure to tell them about VBBP when you sign up), you’ll want direct deposit of your benefits. To arrange that, call 800-827-1000 Monday to Friday, 8 a.m. to 9 p.m. EST.
© 2020 King Features Synd., Inc.
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