Yes, USAA is considered a credit union, but with some differences from traditional credit unions.
USAA stands for United Services Automobile Association, and it was originally founded in 1922 by a group of Army officers who wanted to insure each other's vehicles. Today, USAA provides a variety of financial services, including banking, insurance, and investment products, primarily to military members and their families.
USAA operates under a federal charter and is regulated by the National Credit Union Administration (NCUA), which oversees all credit unions in the United States. However, USAA is technically not a credit union because it does not have a membership requirement based on a common bond, such as living in a certain geographic area or belonging to a certain employer or organization. Instead, USAA's membership is limited to current and former military members and their families.
Despite this difference, USAA operates much like a traditional credit union, with a focus on serving its members and offering competitive rates and fees. USAA also participates in the CO-OP Shared Branch network, which allows members to access their accounts at thousands of other credit unions across the country.
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