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Is USAA considered as Bank or CU?

Super Contributor

Is USAA considered as Bank or CU?

Is USAA considered as Bank or CU?
Message 1 of 7
6 REPLIES
Super Contributor

Re: Is USAA considered as Bank or CU?

  It's a Federal Savings Bank.
Message Edited by DI on 11-28-2009 07:34 PM
Message 2 of 7
Senior Contributor

Re: Is USAA considered as Bank or CU?

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.

Message 3 of 7
Super Contributor

Re: Is USAA considered as Bank or CU?

If it is a bank then it should  be open for every one right? Why this membership business?
Message 4 of 7
Super Contributor

Re: Is USAA considered as Bank or CU?


concorduser 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.  

Message 5 of 7
Senior Contributor

Re: Is USAA considered as Bank or CU?


concorduser 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.
Message 6 of 7
Super Contributor

Re: Is USAA considered as Bank or CU?

Few months ago, I could open only savings/checking. Not a CD. Now I am able to open the CD.
Message 7 of 7