USAA and Pen Fed joining forces

[score_building]

http://www.navytimes.com/news/2010/11/military_usaa-and-penfed-111710w/

http://www.mysanantonio.com/business/local/usaa_and_penfed_form_alliance_108787779.html

"USAA and Pentagon Federal Credit Union have formed an alliance that will provide access to a range of products and services to each organization's membership.

Eligible PenFed members will have access to auto, home and life insurance; annuities; and investment products from USAA.

Starting next year, USAA will offer its members new lower-rate jumbo-mortgage loans.

Both organizations' members also will be able to speak to USAA staff about their nonbanking needs at some PenFed branches, either in person or through video telephony.

PenFed is the third-largest credit union in the country, with nearly a million members. San Antonio's USAA has about 7.8 million members."

[haulingthescoreup]

Whoa!

But not a merger, right?

eta: lol, OK, not a merger. That's interesting. No access to each other's CC's for instance, but some access to some products.

[score_building]

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@haulingthescoreup wrote:

Whoa!

But not a merger, right?

eta: lol, OK, not a merger. That's interesting. No access to each other's CC's for instance, but some access to some products.

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  but perhaps it is the beginning of something more HTSU..?

[haulingthescoreup]

About a year ago, I was talking to a USAA CSR about something, car insurance, I think. She went through the usual quick review of everything else, and asked why I hadn't gotten my auto loan from them, and I told her that PenFed had a much better rate. She sighed, and said, Yeah, we've been noticing that. Then I told her how nice the PenFed Plat Visa was, too. She sighed again, poor lady, although she was very gracious.

I still love USAA best, though, and they know that.

It will be interesting to see if they cook up anything else on down the line. The different eligibilities will cause problems if it ever got to a merger, though.

[llecs]

I *heart* banking at NavyFCUPenfedUSAFCU!

[shiftomnimega]

I noticed that PenFed is offering a car buying service, too.  Probably the same one that is being offered by AMEX and USAA.

If PenFed and USAA are flirting with merger I wonder how it would work for their respective financial institutions.  PenFed being a credit union and USAA being a bank and all.

[score_building]

Pen Fed has apparently vacillated with the idea of becoming a bank for some time.

[Anonymous]

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@haulingthescoreup wrote:

Whoa!

But not a merger, right?

eta: lol, OK, not a merger. That's interesting. No access to each other's CC's for instance, but some access to some products.

---

If a PenFed member gets auto insurance, what's to stop USAA from placing a CC offer in their "My Offers" page?  Nothing.

I think PenFed is in distress or close to it and the two are dating prior to a marriage.

[Anonymous]

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@score_building wrote:

Pen Fed has apparently vacillated with the idea of becoming a bank for some time.

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Sources?

[haulingthescoreup]

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O6 signed:

IAALBNYL

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lol at the new siggy...

eta: reminds me of one of my favorite bumper stickers: "Yes, it's my truck. No, you can't borrow it."