Is USAA considered as Bank or CU?

[Red1Blue]

Is USAA considered as Bank or CU?

[DI]

  It's a Federal Savings Bank.

Message Edited by DI on 11-28-2009 07:34 PM

[creditwherecreditisdue]

The banking wing of USAA (the part that issues the CC's) is an FSB that is owned by a mutual insurance company that is in turn owned by its policy holders.

[Red1Blue]

If it is a bank then it should  be open for every one right? Why this membership business?

[DI]

---

@Red1Blue wrote:
If it is a bank then it should  be open for every one right? Why this membership business?

---

Anybody can join.  But some members are restricted from certain products..  They're an FSB, but operates like a bigtime CU.  

[creditwherecreditisdue]

---

@Red1Blue wrote:
If it is a bank then it should  be open for every one right? Why this membership business?

---

Anyone can open a deposit account there.

[Red1Blue]

Few months ago, I could open only savings/checking. Not a CD. Now I am able to open the CD.