23.03.2023 - 21:32

Is USAA considered a credit union?

Is USAA considered a credit union?

Answers (1)
  • dontlie
    April 2, 2023 в 08:26

    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.

Do you know the answer?
Not sure about the answer?
Find the right answer to the question Is USAA considered a credit union? by subject Social-sciences, and if there is no answer or no one has given the right answer, then use the search and try to find the answer among similar questions.
Search for other answers
New questions in the category: Social-sciences

Password generation