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I guess the counter question is why is USAA only available to military members?
by nulltype 11y ago
I guess the counter question is why is USAA only available to military members?
- tsotha 11y agoUSAA isn't a bank, it's a credit union. It's "field of membership" is uniformed military and their families.
- a3n 11y agoActually, 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 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-insurance/ http://www.gobankingrates.com/banking/fdic-versus-ncua-insur...
- nulltype 11y agoCan anyone recommend a credit union as good as USAA that accepts people unaffiliated with the military?
- astrange 11y agoOnline banks like Capital One 360 don't charge overdraft fees and have fast check settlement. I can't comment on transaction ordering or anything - also, it might be hard to find an ATM that will do cash deposits. And not only is there no account fee, but the checking account pays a pitiable amount of interest.
- MBCook 11y agoBasically 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.
- jschwartzi 11y agoIt's a very low risk group of people compared to the general populace.