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MBCook10y ago

Basically a values thing that they are dedicated to military personnel and their families. Some of their products are open to everyone (IIRC), but most are limited to military, spouses, and immediate family.

From Wikipedia:

USAA was founded in 1922 by a group of U.S. Army officers to self-insure one another when they were unable to secure auto insurance because of the perception that they, as military officers, were a high-risk group.

tsotha10y ago

USAA isn't a bank, it's a credit union. It's "field of membership" is uniformed military and their families.

a3n10y ago

Actually, USAA is a bank. At least the bank part of them is a bank. They're also an insurance company, an investment company, and a few other things. But the banking part is a bank.

From their site's front page: USAA means United Services Automobile Association and its insurance, banking, investment and other companies. Banks Member FDIC. https://www.usaa.com

Notice the FDIC. Credit unions are not insured via FDIC, they use NCUA. http://www.gobankingrates.com/banking/fdic-versus-ncua-insur...

nulltype10y ago

Can anyone recommend a credit union as good as USAA that accepts people unaffiliated with the military?

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jschwartzi10y ago

It's a very low risk group of people compared to the general populace.

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