ST. LOUIS—Arsenal Credit Union said it has signed on with the Veteran’s Benefits Banking Program, which it said will provide veterans, beneficiaries, survivors, and caregivers with access to financial services and other support.
According to the credit union, the VBBP is a program that aims to improve banking access for unbanked and underbanked veterans.
“It does this by giving veterans, beneficiaries, and caregivers the choice of receiving their direct deposits into existing or new bank accounts,” Arsenal CU stated.
It stated VBBP’s goal is to encourage financial empowerment and to help create a more secure financial future.
The Commitment
Through the VBBP, Arsenal Credit Union said it commits to:
- Offer a low-to-no cost (with no monthly maintenance fee and no minimum balance) checking account to VA benefit recipient who brings a monthly deposit to the credit union.
- Assist a VA benefit recipient who does not currently qualify to open an account. At the credit union’s discretion, this assistance can be provided through financial products, education, and/or counseling.
- Accept Department of Veterans Affairs (VA) identification (ID) and a VA Homeless Coordinator’s office address to open a checking or savings account for Veterans who are homeless, formerly homeless, or simply do not have a permanent address.
