Being awarded VA benefits can be a huge relief for the veterans who find themselves in need of support. That said, no one likes filing paperwork, standing in line, or otherwise spending large amounts of time navigating bureaucracy and red tape.
To that point: we use digital transactions for just about all other financial activities. VA disability payments shouldn’t be the odd man out.
Let’s take a few minutes to cover the direct deposit information you’ll need to send your disability payment directly to your bank account—including how it works, how to set it up, and maybe a few additional reasons on why it’s a good idea.
Understanding Veteran Disability Benefits
We discuss the finer points of disability benefits elsewhere, but just as a convenient refresher, here’s a quick summary:
Many service members endure physical, psychological, and emotional hardships during their time in the military. In some cases, these experiences have lasting effects that can significantly impact their lives.
If a veteran has developed a debilitating physical or psychological condition as a result of their time in the service—or experienced the aggravation of a preexisting condition—they likely qualify for disability benefits from the Department of Veteran Affairs.
Securing these benefits requires collecting relevant supporting evidence and filing a claim, then waiting for the VA to process and approve the claim. Depending on the number of qualifying conditions, and their severity, veterans can be awarded compensation in the form of disability payments.
If reading the above paragraphs felt very “been there, done that” for you, that’s good. It means you’ve completed the more frustrating, time-consuming parts already. Now let’s talk about the direct deposit information you’ll need to know to receive your disability compensation faster, and why you’d want to do that.
Advantages of Direct Deposit for Veteran Disability Benefits
Just in case you’re unfamiliar with the practice, or perhaps just unfamiliar with the term, direct deposit is the financial jargon for electronically depositing payments like paychecks, stipends, loans, tax refunds, and many other transactions, directly into your bank account. Once it’s set up properly, there’s no need for input on your part. All you have to do is wait for someone on the other end to push a button and for the computers to do their thing.
There are some pretty clear benefits to direct deposit. For one, you don’t have to fuss with paper checks. You don’t have to pick them up personally or deposit them yourself at the bank. Your payment goes directly into your bank account via electronic transaction.
It’s also faster to receive compensation via direct deposit. Depending on where you bank and what system you’re dealing with, you can often access your money same-day—so, for example, if payday at work is Friday, you may have already received your payment when you wake up on Friday morning. Even if you would be collecting the paper check that same day, direct deposit still arrives sooner.
Finally, direct deposit makes things easier to adjust when there’s a change in circumstances. Should you need to move, travel, or want to start putting your money into a different bank account, direct deposit makes the process much simpler. Deposits happen automatically no matter where you (or your local bank) happen to be, and switching your VA disability payment to a different bank account is as simple as changing your routing and account number in the system.
Signing up for direct deposit for your VA benefits is beneficial for the same reasons it’s beneficial in any other situation: It’s faster, easier, and more convenient.
Process of Setting up Direct Deposit for Veteran Disability Benefits
Much like filing a disability claim, you can sign up for and change your direct deposit information via the VA website. You can also sign up over the phone or in person at a VA regional office. And, in the event you don’t have reliable access to a phone or the internet, you can even print VA Form SF-1199a to fill out and send through the mail.
To sign up for direct deposit, all you’ll need is your account number for the bank account you want the money to deposit into and the routing number for your banking institution.
Frequently Asked Questions about Veteran Disability Direct Deposit
Q: What do I need to be able to set up direct deposit?
A: The two things you’ll need no matter where you set up a direct deposit (be it at the VA, at your job, or anywhere else) are the account number and the routing number.
Q: Do I have to have an account number? What if I don’t have a bank account currently?
A: Unfortunately, you do have to have a bank account for the direct deposit to deposit directly into. Luckily, there are a number of banks, credit unions, and other institutions that are veteran-friendly. The Veterans Benefits Banking Programs can connect you with participating banks who work specifically with veterans, and they can help you get your account set up and ready to receive benefits payments.
Q: What payments can be set up with direct deposit?
A: You can set up your VA disability benefits to be paid via direct deposit. You can also do the same for your healthcare travel reimbursements. In fact, you have to if you want to receive them at all. Oh, and of course, you can set up direct deposit for things like paychecks from a job, etc., just like normal.
Q: Can I change which of my accounts is set up for direct deposit?
A: Yes, you can. Be aware though, that if you’re too close to the next deposit date, the change may not take effect until after the upcoming payment.
Conclusion
It may seem self-explanatory, but we’ve all been in a position before where “I don’t know what X is, and at this point, I’m afraid to ask.” Hopefully, this article has provided the information you were looking for, without giving you a subtext of “hey, you should know this already.”
Securing benefits from the VA is a complicated and confusing process as it is. You deserve to have at least this part of the equation made as simple and painless as possible. By setting up direct deposit, you can start receiving your VA Disability compensation without lifting a finger — giving yourself the gift of convenience, and that’s a gift that keeps on giving.
If you’d like to learn more, take our Get Started quiz today.
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