Choosing the Right Financial Institution as a Veteran

Nov 12, 2024

The Veteran Saves Team brings to you a special Veteran-focused mini-series to celebrate Veteran Saves Week, a 4 day event encouraging Veterans, transitioning servicemembers, and their families or caregivers to do a financial check-in and gain a clear view of their finances. 

In this episode, Krystel, Amelia, and Amy discuss the importance of choosing the right financial institution, the unique needs of veterans, and how selecting a bank or credit union that aligns with those needs can empower veterans on their financial journeys.

This episode is sponsored by JPMorgan Chase, a proud supporter of the military and Veteran community.

During the episode, we’ll dive into... 

1. Introduction to Veteran Saves Week:

   • Veteran Saves Week is an opportunity to provide veterans with the resources and support they need to manage finances confidently and reach their financial goals.
   • Each day focuses on a different financial theme, addressing topics like housing, debt, banking, and transitioning from military to civilian life.

2. Today’s Theme – Choosing the Right Financial Institution:

   • Sponsored by JPMorgan Chase, this episode dives into choosing a bank or credit union that best supports veterans' financial needs, including benefits, services, and resources that align with their financial goals.
   • Chase programs like Military Pathways and the Veterans Jobs Mission support veterans in transitioning to civilian careers and assist veteran-owned businesses.

3. Veteran Saves Program Overview:

   • Veteran Saves supports veterans in achieving financial goals through resources, articles, videos, and reminders.
   • Veterans can take the Veteran Saves Pledge at VeteransSaves.org to set and reach savings goals with support from Veteran Saves.

4. Save or Skip Segment:

   • Scenario: Should veterans open multiple accounts at different banks to leverage specific benefits from each?
   • Takeaway: This approach could maximize benefits, but it may add complexity. Veterans should consider their preferences for simplicity vs. maximizing perks.

5. Choosing Between Banks and Credit Unions:

   • Banks: Often provide more locations, specialized military programs, and features like waived fees and tailored loan products.
   • Credit Unions: As not-for-profit organizations, credit unions often offer lower fees and better interest rates, plus personalized service but may have fewer locations.

6. Key Factors for Choosing a Financial Institution:

   • Mobile Banking: Essential for veterans who travel frequently.
   • Loan Products: Some institutions offer veteran-specific loans with lower fees or better terms.
   • Fees: Look for institutions that waive monthly fees and offer transparency on hidden costs.
   • Customer Service: Many institutions provide specialized support for veterans, including financial education and VA-specific assistance.

7. Veterans Benefits Banking Program (VBBP):

   • The VBBP, a partnership with the VA and the Association of Military Banks of America, allows veterans to open accounts with participating banks and access direct deposit, financial counseling, and education.

 

Links Mentioned in This Episode:

• Veteran Saves Pledge 
• Veterans Benefits Banking Program (VBBP)
• VetCents Financial Education
• Military Pathways Program
• Veteran Jobs Mission

Thank you for tuning in to this episode of Think Like a Saver! We hope you've gained some valuable insights into overcoming financial overwhelm and taking control of your financial future. Remember, no matter where you are on your financial journey, it's never too late to start saving.  

Thank you to JPMorgan Chase for supporting Veteran Saves and the veteran community!