Veterans Affairs (VA) custodian accounts
Manage a VA bank account with confidence
Learn more about VA custodian bank accounts at Chase
What is a VA custodian?
A Veteran Affairs (VA) custodian, also called a Veteran Affairs fiduciary, is a person or organization chosen by the Department of Veteran Affairs to manage benefit money for a person who cannot handle their own finances. The custodian makes sure the money is used for the well-being of the beneficiary and their dependents. The custodian must keep the beneficiary’s money safe, pay bills and follow VA rules.
What is a VA custodian bank account?
A Veterans Affairs (VA) custodian bank account is a special account set up to hold and manage VA benefit money for a person who cannot handle their own finances. The account is opened by the VA-appointed custodian or fiduciary, and it keeps the beneficiary’s VA funds separate. The custodian uses this account to pay the beneficiary’s bills, take care of their needs and follow VA rules. The account must be properly titled to show it belongs to the beneficiary and is managed by the custodian.
Opening a VA custodian bank account
To open a VA custodian bank account, you will need your VA custodian documents and IDs, and then schedule a meeting with a banker at a Chase branch.
Required Veterans Affairs custodian documents
To get started, you should bring your VA custodian documents.
Veterans Affairs custodian document examples
- Letter of appointment
- Award letter
- Federal benefit check made payable to custodian for beneficiary
Other document examples (if applicable)
- Name change documents
Required identification
A VA custodian will need primary and secondary IDs that display their current U.S. residential address.
All ID requirements (PDF) are subject to change based on account or customer information. Please contact your local branch for additional ID requirements.
U.S. citizens
Primary ID examples
- Driver's license
- State ID
- U.S. Passport
Secondary ID examples
- Credit or debit card
- Bank statement
- Recent pay stub or utility bill in your name
Non-U.S. citizens
Primary ID examples
- Passport with photo
- U.S. Employment authorization card
- Matricula consular card
Secondary ID examples
- Driver's license
- Bank statement
- Recent pay stub or utility bill in your name
Schedule a meeting with a Chase banker
After you've gathered your documents, you will need to schedule a meeting with a banker to open or service a VA custodian bank account. If you are a client of JPMorgan Private Client, please reach out to your Relationship Manager or Senior Private Client Banker to open a VA Custodian bank account. You may have to visit a Chase branch more than once. Requirements may vary by state.
FAQs
A Veteran Affairs (VA) custodian, also called a Veteran Affairs fiduciary, is a person or organization chosen by the Department of Veteran Affairs to manage benefit money for a person who cannot handle their own finances. The custodian makes sure the money is used for the well-being of the beneficiary and their dependents. The custodian must keep the beneficiary’s money safe, pay bills and follow VA rules.
A Veterans Affairs (VA) custodian bank account is a special account set up to hold and manage VA benefit money for a person who cannot handle their own finances. The account is opened by the VA-appointed custodian or fiduciary, and it keeps the beneficiary’s VA funds separate. The custodian uses this account to pay the beneficiary’s bills, take care of their needs and follow VA rules. The account must be properly titled to show it belongs to the beneficiary and is managed by the custodian.
A beneficiary for VA accounts is a person who receives VA benefits, like a Veteran, their survivor, minor child, or an adult who cannot manage their own VA money because of injury, illness, age, or being under 18.
A VA custodian, also called a VA fiduciary, is a person or organization appointed by the Department of Veteran Affairs (VA) to manage VA benefit money for someone who cannot handle their own finances. Only a VA-appointed custodian can receive and use VA funds for the beneficiary. A power of attorney (POA) is a legal document that lets someone make decisions for another person, but it does not give them the right to manage VA benefit payments. If you want to help with VA benefits, you must be appointed by the VA as a custodian or fiduciary, even if you already have a POA.
A VA custodian account can be opened by the person or organization chosen by the Department of Veterans Affairs to manage a veteran’s benefits. To open the account, they need to bring documents from the VA that prove they are the official custodian. An agent with a power of attorney cannot open a VA custodian account.
Once you have your documents from the Department of Veterans Affairs (VA), you will need to meet with a banker in person to open or service a VA custodian account. These accounts cannot be opened online.
No, you cannot convert an existing account into a VA Custodian account. A new account will need to be opened for this purpose.
If the VA custodian is a business rather than an individual, the representative of the business will need to bring additional documents that show they are authorized to act on behalf of the business. The specific documentation required may depend on the type of business entity.
No, the beneficiary is not able to transact on the account or view account information. Only the custodian can manage and access the account.