David Webb Show

Charles Tapp II, Chief Financial Officer of the Dept. of Veterans Affairs

Episode Summary

Charles Tapp II joins David WEbb to discuss the effort to uplift Veterans with simple banking through the Veterans Benefit Banking. A surprising number of veterans do not use banks -- unlike many of us who don’t really give it a second thought. Many have applied for bank accounts in the past but were turned down. Community banks are aiming to turn this around for them now. Currently, many veterans receive their monthly benefits via paper Treasury checks which they cash for large fees at retail or convenience stores, or in prepaid debit cards that are hard to cash anywhere. Paying their monthly bills result in more unnecessary fees. All of these things mean multiple trips into the community, not advised in this time of COVID, compounded by other difficulties if they are disabled or live in rural areas. $1.6 million paper Treasury checks go uncashed each year, and these checks and debit cards are 16 times more likely to be lost or stolen. Receipt of benefits are delayed by weather events or mail slowdowns.