President Trump has signed an executive order to help homeless veterans begin rebuilding their lives. Old Glory Bank’s McFadden Project was built with the same purpose in mind – to help our homeless veterans regain access to our financial system, which is often the first step toward getting a job or a more permanent place to live. President Trump’s order will use funds and resources previously allocated for housing illegal immigrants, instead allocating those resources to establish the National Center for Warrior Independence in West Los Angeles.
Many in our veteran community who experience homelessness have lost access to our banking system. Carrying cash can be difficult or dangerous. Without a permanent address, these vets cannot receive a physical debit card or bank statements. Moreover, they often cannot establish a new bank account without proof of a permanent residence. Without a bank account, they may not receive their VA benefits. When they are able to find work, they may face challenges collecting their wages without a bank account. The cycle becomes difficult to escape.
The McFadden Project from Old Glory Bank addresses barriers that homeless veterans face in accessing banking services, such as the lack of a permanent address and reluctance to visit physical bank branches. Named in honor of Thomas McFadden, father of one of Old Glory Bank’s teammates, the McFadden Project became a cause for which we felt a strong dedication – to find an innovative solution that overcomes the banking barriers that homelessness presents. Mr. McFadden was a Vietnam War veteran who struggled with PTSD. Though he never experienced homelessness, the lifelong impacts he felt from his service to our country inspired our bank’s commitment to supporting service men and women facing similar challenges.
Old Glory Bank offers a fully online account opening process, along with options for virtual debit cards, and mobile access to statements, eliminating the need for veterans to maintain a permanent address. Our team has arranged alternatives for the physical address requirement by working with Veterans Affairs and other organizations supporting the vet community. Our virtual debit card and mobile app allows customers to securely use tap-to-pay at local retailers without the need to carry a physical debit card or cash.
Both Trump's proposed center and the McFadden Project aim to provide comprehensive support to homeless veterans, addressing immediate needs such as housing and long-term reintegration into society. These efforts highlight a broader commitment to honoring and supporting those who have served in the military. Old Glory Bank is proud to do our part by bringing financial system access back to our brave service members. We believe that access to our financial system is a right to which all law-abiding citizens are entitled, especially those who have fought for our freedoms.