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{{short description|American insurance and financial services company}}
{{sprotected}}
{{Infobox company

| name = United Services Automobile Association
<!-- Before trying to move this page and do a disambiguation page, please carefully read the talk section -->
| logo = [[File:USAA logo.svg|100px]]

| former_name = United States Army Automobile Association (1922{{endash}}1924)
{{Infobox_Company |
| type = [[Private company|Private]] ([[Reciprocal inter-insurance exchange]])
company_name = United Services Automobile Association |
| industry = [[Financial services]]
company_type = [[Reciprocal inter-insurance exchange|Reciprocal]] |
| foundation = {{Start date and age|1922|6|20}}
company_logo = [[Image:USAA.PNG|180px]] |
| location = [[San Antonio, Texas|San Antonio]], [[Texas]]<br />[[United States]]
foundation = 1922 |
| locations = 5 financial centers
location = [[San Antonio]], [[Texas]], [[USA]] |
| area_served = Worldwide
key_people = [[Robert G. Davis]], Chairman & CEO<br />[[Tim Handren]], COO<br />[[Josue Robles, Jr.|Joe Robles]], CFO<br />[[Gregory P. Schwartz|Greg Schwartz]], CIO |
| key_people = {{ubl|James M. Zortman ([[Chair (officer)|Chairman]])|Wayne Peacock ([[President (corporate title)|President]] and [[Chief executive officer|CEO]])}}
num_employees = ~21,900 (2005) |
| products = {{ubl|[[Banking]]|[[Financial planning]]|[[Insurance]]|[[Retirement]]}}
revenue = {{profit}}$11.980 billion [[United States dollar|USD]] ([[Fiscal year|2005]]) |
| revenue = {{increase}} {{US$|42.49&nbsp;billion|link=yes}} (2023)
industry = [[Financial Services]] |
| net_income = {{increase}} {{US$|1.217 billion}} (2023)
products = [[Insurance]], [[Banking]], [[Investing]] |
| assets = {{increase}} {{US$|211.6 billion}} (2023)
homepage = [http://www.usaa.com/ www.usaa.com]
| equity = {{increase}} {{US$|29.15 billion}} (2023)
| members = {{increase}} 13.5 million (2023)
| num_employees = {{circa|37,000}} (2023)
| ratio = 16.4% ([[Tier 1 capital|Tier 1]], Q2 2024)
| rating = {{ubl|[[AM Best]]: A++|[[Moody's]]: Aa1|[[S&P]]: AA+}}
| homepage = {{URL|https://www.usaa.com|usaa.com}}
| footnotes = <ref name="AnnualReport2023">{{cite web |url=https://content.usaa.com/mcontent/static_assets/Media/report-to-members-2023.pdf |title=Annual Report to Members 2023 |website=USAA |access-date=September 26, 2024 }}</ref><ref name="Pillar3 Q22024">{{cite web |url=https://content.usaa.com/mcontent/static_assets/Media/Bank_Pillar3_Regulatory_Capital_Disclosures_Q2_2024.pdf |title=Pillar 3 Regulatory Capital Disclosures |website=USAA |access-date=September 26, 2024 }}</ref><ref name="Ratings 2024">{{cite web |url=https://communications.fidelity.com/fili/spia/usaa/docs/usaa-company-profile.pdf |title=USAA Company Profile |website=[[Fidelity Investments]] |access-date=September 26, 2024 }}</ref>
}}
}}


'''United Services Automobile Association''' (USAA) is a [[Fortune 500]] financial services company focused on providing banking, investing, and insurance to people that have served in the U.S. military (including the Coast Guard), selected federal agencies, and their families. It was founded in 1922 by a group of U.S. Army officers to self-insure each other when they were unable to secure auto insurance due to the perception that they were a high-risk group. It has since expanded to serve [[Officer (armed forces)|officers]], [[enlisted]], and their families a full range of [[property & casualty insurance]], [[banking]], [[life insurance]], and [[investment]] services. USAA was one of the pioneers of [[direct marketing]] and most of its business is conducted over the Internet or telephone.
The '''United Services Automobile Association''' ('''USAA''') is an American financial services company providing insurance and banking products exclusively to members of the military, veterans and their families.<ref>{{Cite web |title=USAA Car Insurance Review for 2023 |url=https://www.usnews.com/insurance/auto/usaa-car-insurance-review}}</ref> It was founded in 1922 in [[San Antonio]], [[Texas]], by a group of 25 U.S. Army officers as a mechanism for mutual [[self-insurance]], when they were unable to secure auto insurance because of the perception that they, as military officers, were a high-risk group.<ref name="overview">{{cite web |url=https://www.usaa.com/inet/wc/about_usaa_corporate_overview_main |title=Corporate Overview |publisher=USAA |access-date=July 22, 2017 |archive-url=https://web.archive.org/web/20180714164552/https://www.usaa.com/inet/wc/about_usaa_corporate_overview_main |archive-date=2018-07-14 |url-status=live }}</ref><ref name="dis">{{cite book |last=Spechler |first=Jay W. |year=1996 |title=Reasonable Accommodation: Profitable Compliance With the Americans With Disabilities Act |publisher=St. Lucie Press |location=Delray Beach, Fla |isbn=978-1884015946 |url-access=registration |url=https://archive.org/details/reasonableaccomm0000spec |page=229}}</ref>


USAA is headquartered in northwest San Antonio, occupying a {{convert|286|acre|adj=on}} former horse farm.<ref>{{cite news| title=Speaker-to-be has deep Republican roots| first=Greg| last=Jefferson| url=http://www.mysanantonio.com/news/local_news/Speaker-to-be_has_deep_Republican_roots.html| archive-url=https://web.archive.org/web/20100701074629/http://www.mysanantonio.com/news/local_news/Speaker-to-be_has_deep_Republican_roots.html| archive-date=July 1, 2010| newspaper=[[San Antonio Express-News]]}}</ref><ref name="goliath">{{cite news |title=The ultimate niche: USAA's commitment to serving only people connected to the military, and its unusual structure and sales strategy, set it apart from the rest of the insurance industry. |date=November 1, 2002 |periodical=Goliath Business News |url=http://goliath.ecnext.com/coms2/summary_0199-2199998_ITM |last=Chordas |first=Lori |access-date=2008-02-08 |archive-url=https://web.archive.org/web/20110615104241/http://goliath.ecnext.com/coms2/gi_0199-2199998/The-ultimate-niche-USAA-s.html |archive-date=2011-06-15}}</ref> '''USAA Federal Savings Bank''', which provides banking services, is headquartered on a {{convert|575|acre|adj=on}} campus in [[Phoenix, Arizona|Phoenix]], [[Arizona]] as of April 2024.<ref>{{cite web|url=https://www.expressnews.com/business/article/usaa-federal-savings-bank-moving-hq-phoenix-19792319.php|title=USAA Federal Savings Bank has quietly moved its headquarters from San Antonio to Phoenix|first1=Patrick|last1=Danner|first2=Madison|last2=Iszler|date=September 26, 2024|website=[[San Antonio Express-News]]|publisher=[[Hearst Communications]]|access-date=September 26, 2024}}</ref>
==Lines of Business==
===Property & Casualty and Life Insurance===


USAA has since expanded to offer banking and insurance services to past and present members of the Armed Forces, officers and enlisted, and their families. The company ranked No. 96 in the 2020 [[Fortune 500]] list of the largest United States corporations by total revenue<ref>{{cite web|url=https://fortune.com/company/usaa/fortune500/| title=Fortune 500 Companies 2021| website=Fortune| language=en-US| access-date=12 July 2022}}</ref> and appeared on Fortune's 2021 Blue Ribbon list of companies, placing No. 355 on the Fortune Global 500, No. 94 on the Fortune 500, No. 55 on the 100 Best Companies to Work For and World’s Most Admired Companies.<ref>{{cite web |title=Fortune's Blue Ribbon Companies 2021 |url=https://fortune.com/2020/12/14/blue-ribbon-companies-2021/ |website=Fortune |access-date=12 July 2022 |language=en}}</ref> At the end of 2020, it had more than 13 million members.<ref>{{cite web |title=2020 Annual Report to Members |url=https://content.usaa.com/mcontent/static_assets/Media/report-to-members-2020.pdf?cacheid=2827458110_p&_ga=2.95758172.1508026691.1646625271-943359999.1646625271 |access-date=2022-03-06 |website=USAA}}</ref>
USAA's primary offering is automobile insurance using a [[Reciprocal inter-insurance exchange|reciprocal interinsurance exchange]]. This uncommon business entity issues property and casualty (P&C) insurance policies including auto, homeowners, renters, and valuable personal property insurance.

In addition to P&C insurance, USAA issues and provides service for [[whole life insurance]], [[term life insurance]], and [[annuities]]. USAA's life insurance policies, while not completely unique in the industry, are different than most offerings since they do not include a war-exclusion clause.

Other insurance services are provided by a variety of [[wholly-owned subsidiaries]]. Adult children of USAA members and U.S. military enlisted personnel make up a group known at USAA as "associate members" insured through a subsidiary called USAA-Casualty Insurance Company (USAA-CIC). USAA-CIC is not an insurance exchange but rather a [[Delaware corporation|Delaware Insurance Corporation]]. This is a subtle nuance but is important concerning the return of profits - described below. Drivers that appear to be higher-risk are insured by subsidiaries like USAA's County Mutual Insurance Company or USAA-General Indemnity Company. USAA also insures members in Europe through its subsidiary, USAA Limited. Providing international P&C coverage is uncommon for U.S. based insurance companies, but is provided because so many military families are stationed out-of-country.

Unlike most of its competitors USAA does not sell its insurance through agents. Instead, policies are sold and serviced on-line via the [[Internet]] or directly by USAA employees over the telephone. These employees are licensed representatives that are paid a salary rather than a [[fee|commission]].

===Banking===

[[Banking]] services are provided by USAA [[Federal savings associations|Federal Savings Bank]], and [[credit cards]] are provided by USAA Savings Bank. The bank was established in the early 1980s. According to the FDIC, as of June 2006 the bank held $20 billion in deposits with over 2.5 million accounts. The bank has one location in San Antonio, TX. Since few members live in [[San Antonio]], the bank provides [[remote deposit]] from home using a common computer scanner via the Internet, [[Automated teller machine|ATM]] fee rebates, Internet services, and bank-by-mail services. USAA was one of the few major banks to begin offering [[American Express]] cards in 2006 in addition to their traditional offerings of [[Mastercard]]s and [[Visa (credit card)|Visas]] [http://home3.americanexpress.com/corp/pc/2005/usaa.asp].

For many years, while USAA did not market to anyone outside its niche, they would open bank accounts for qualified customers requesting USAA's services. In July 2006, USAA chose to further focus on its target market, and will not extend new banking services to those who are not eligible to purchase P&C insurance from USAA. They continue to make an exception for residents of [[Bexar County]] (San Antonio, TX) and those people who already had a banking relationship with USAA.

===Investing and Financial Planning===

USAA provides a discount brokerage service and a family of no-load [[mutual fund]]s. Mutual funds established by other companies can also be purchased and held in USAA investing accounts. USAA also offers limited free Financial Planning advice, as well as, a more thorough flat-fee or hourly-rate [[financial advice|financial planning service]].

===Other Services===

USAA offers a mail-order catalog service which, among other things, is known for diamonds & jewelry. It has also made arrangements with other companies to provide discounts to USAA members on rental cars ([[Avis]], [[Hertz]], [[Budget]]), flower delivery ([[Teleflora|TeleFlora]]), cruises, home security, home warranties and [[FedEx]] services. For its own investment purposes, USAA operates a [[Real estate developer|real estate]] company [http://realco.usaa.com/] which has holdings including major office buildings, industrial buildings, hotels, and other properties throughout the country.

==Target Market==

USAA's mission statement indicates its focus is to serve its [[niche market]], which consists of members of the U.S. military and their families. To that end, they have always marketed directly to members of the U.S. military. They use a set of eligibility criteria including, but not limited to, U.S. military service, the USAA products purchased, and a separation grace period.

Eligibility can be determined using [http://www.usaa.com USAA's website]; however, the site does not contain a comprehensive statement of eligibility. USAA has, in the past, published a list[http://web.archive.org/web/19991013091301/usaa.com/cp_eligibility.asp] of other eligible persons including special agents of the [[FBI]] and [[Secret Service]], agents of the various military investigative services ([[Naval Criminal Investigative Service|NCIS]], [[Air Force Office of Special Investigations|OSI]], and [[Criminal Investigation Division|CID]]), [[U.S. Foreign Service]] Officers, and officers from a variety of other smaller agencies. Recently, USAA has been sharpening its focus on members of the military. So, people working for agencies that were accommodated in the past may find that they are no longer eligible http://www.afsa.org/USAID/USAA/USAAissues.cfm].

Historically, only U.S. military officers (among other federally sworn officers) were eligible to join USAA, with descendants of USAA members able to purchase insurance from USAA-CIC. It did not matter if one was an active duty or retired officer, one could join at any time. However, in the late 1990s, USAA chose to expand eligibility to enlisted members of the armed services. As the number of persons who have served on active duty in an enlisted status in the U.S. Armed Forces is quite large, USAA chose to limit the establishment of eligibility to those who are currently on active duty or who have recently separated. The same time limit on establishment of eligibility was then applied to military officers. That time limit or grace period extends through the remainder of the calendar year of separation, plus the whole next year.


==History==
==History==
The organization was originally called the '''United States Army Automobile Association'''. In 1924, the name was changed to '''United Services Automobile Association''', when commissioned officers of other U.S. military services became eligible for membership. The company was formed based on a meeting of 25 United States Army officers on June 20, 1922, at the [[Gunter Hotel]] in San Antonio, Texas, to discuss the procurement of reliable and economical auto insurance. Despite initial success, by the late 1920s, a dispute between competing factions for control of the company threatened its long-term viability. The issue was resolved when feuding members agreed to hire a leader from outside, resulting in the 1928 appointment of Major General [[Ernest Hinds]] as general manager and secretary-treasurer. Hinds provided stability and remained in the position until his death in 1941.<ref name="Universe">{{cite news |title=USAA History |url=http://www.fundinguniverse.com/company-histories/usaa-history/ |work=Funding Universe.com |access-date=July 1, 2021}}</ref>


USAA is a pioneer of the concept of [[direct marketing]]; most of its business is conducted over the Internet or telephone using employees instead of agents. Until the 1960s, the bulk of its business was conducted via mail. In the late 1960s, USAA began a transition from mail to phone-based sales and service. It launched a toll-free number in 1978, and Internet sales and service in June 1999 via its website.<ref>{{cite web |title=Board of Governors of The Federal Reserve System "Cash, Check or Cell Phone?" |url=https://www.federalreserve.gov/communityaffairs/national/2010mobile/presentations/Panel%202%20Victor%20Pascucci.htm |website=www.federalreserve.gov |access-date=12 July 2022 |language=en |date=23 February 2010}}</ref>
USAA was founded as the United States Army Automobile Association in 1922. Within a year, it was almost bankrupt, through a series of events including a new leader and expansion to serve all military officers as the United Services Automobile Association, it regained solid footing.


USAA offered restricted membership to civilians between September 2009 and August 2013. This membership provided access to USAA's investment products, most bank deposit products and life insurance. Auto and property insurance policies were not included for non-military members due to eligibility restrictions.<ref>{{cite news| title=USAA Membership: USAA Now Open To Non-Military Folk!| url=http://www.budgetsaresexy.com/2009/09/usaa-now-open-to-non-military-folk/| date=2017-12-06| archive-url=https://web.archive.org/web/20140912210935/http://www.budgetsaresexy.com/2009/09/usaa-now-open-to-non-military-folk/| archive-date=2014-09-12| journal=Budgets Are Sexy!| access-date=2020-09-10}}</ref>
It has always been headquartered in San Antonio, TX. One of its earliest buildings is located on Grayson Street across from the Quadrangle of [[Fort Sam Houston]]. While the building is in disrepair, it still bears the shield of "USAAA". After some time, it moved to Hildebrand & Broadway near Brackenridge Park, in what has become one of the AT&T buildings. In the early 1980s, it moved once again to its current headquarters in Northwest San Antonio to a campus of 286 acres on what was a horse farm.


In 2015, USAA employed more than 32,000 people at its offices throughout the world.<ref>{{cite web| url=https://www.usaa.com/inet/wc/reporttomembers_main_landing#tab1| title=USAA 2015 Report to Members| website=USAA| access-date=2016-05-03| archive-url=https://web.archive.org/web/20160420054909/https://www.usaa.com/inet/wc/reporttomembers_main_landing#tab1| archive-date=2016-04-20| url-status=live}}</ref>
==Legal Structure==


On July 26, 2019, the [[Charles Schwab Corporation]] announced it would acquire USAA's investment management and brokerage accounts for $1.8 billion.<ref>{{cite news| url=https://www.cnbc.com/2019/07/26/charles-schwab-to-buy-usaa-assets-in-1point8-billion-deal.html| title=Charles Schwab to buy USAA assets in $1.8 billion deal| last=Cullen| first=Terri| date=2019-07-26| work=[[CNBC]]| language=en| access-date=2019-11-25}}</ref> The deal with Charles Schwab closed on May 26, 2020.<ref>{{cite news |last1=Santana |first1=Steven |title=Schwab completes purchase of USAA Investment Management |url=https://www.bizjournals.com/sanantonio/news/2020/05/26/charles-schwab-completes-purchase-of-usaa-invest.html |access-date=2020-09-03 |newspaper=[[American City Business Journals|San Antonio Business Journal]] |date=2020-05-26}}</ref>
One of the characteristics that allows USAA to operate differently than almost every other [[Fortune 500]] company is that it is not a corporation. The parent company, United Services Automobile Association is an inter-insurance exchange, the establishment of which is provided for under the Texas Insurance Code [http://tlo2.tlc.state.tx.us/statutes/docs/IN/content/word/in.006.00.000942.00.doc]. This insurance exchange is made up of current and former military officers and [[Non-commissioned officer|NCOs]] who have taken out P&C policies with USAA; thus they simultaneously are insured by each other and, as a group, own USAA's assets. Theoretically, this implies that each member could be held completely responsible for all the losses of all the other members. However, the insurance code (Sec 942.142) stipulates that should an entity such as USAA accrue a substantial amount of assets, member liability is limited only to the premiums they have paid to USAA. In other words, if an enormous disaster were to result in claims that would wipe out all the assets of USAA, individual members could not legally be called upon to pay for any amount USAA is unable to pay out in claims.


==Lines of business==
== Returning Profits ==
===Property, casualty, and life insurance===
USAA offers a range of [[personal property and casualty]] (P&C) insurance, including [[automobile insurance]], [[homeowner insurance]], [[renters' insurance]], as well as [[Umbrella insurance|umbrella]] and [[Property insurance|personal property insurance]]. In addition to P&C insurance, USAA provides [[whole life insurance]], [[term life insurance]], and [[Annuity (financial contracts)|annuities]]. USAA's life insurance policies, while not unique in the industry, are different from most offerings since they do not include a [[war exclusion clause|war-exclusion clause]].<ref>{{cite web |url=http://www.investopedia.com/terms/enwiki/w/war-exclusion-clause.asp |title=War Exclusion Clause Definition |work=Investopedia |access-date=2015-10-01 |archive-url=https://web.archive.org/web/20151002054405/http://www.investopedia.com/terms/enwiki/w/war-exclusion-clause.asp |archive-date=2015-10-02 |url-status=live }}</ref>


===Banking===
Since there are no shareholders, profits are retained for financial strength or returned to the members. Returns are accomplished through an account each member has called the Subscriber Savings Account, or SSA. Each year a portion of USAA's profit is retained as "unassigned", the rest is distributed to each member's SSA using a formula based primarily on the amount of premium the member paid that year. The allocation is usually made in November or December and is released in a variety of ways including checks and electronic funds transfer. While the entirety of the SSA belongs to the member, it is only released in full if the member no longer has a USAA P&C policy.
Banking services can be accessed in person, by mail, by phone or through the internet. USAA Federal Savings Bank provides members with the ability to deposit checks to their accounts using mobile applications on the [[Apple Inc.|Apple]] [[iPhone]] and [[iPad]] and mobile devices with Google's [[Android (operating system)|Android]] operating system.<ref>{{cite news| url=https://www.nytimes.com/2009/08/10/technology/10check.html?hpw| title=USAA Bank Will Let Customers Deposit Checks by iPhone| newspaper=[[The New York Times]]| date=2009-08-09| archive-url=https://web.archive.org/web/20171005101425/http://www.nytimes.com/2009/08/10/technology/10check.html?hpw|archive-date=2017-10-05| access-date=2009-08-25}}</ref>


Major banking competitors include [[Bank of America]]-Military Bank, [[Pentagon Federal Credit Union]] and [[Navy Federal Credit Union]].<ref>{{cite news| url=http://www.stripes.com/article.asp?section=104&article=27036&archive=true| title=Choosing the right ATM in Germany a high-stakes decision| last=Boyd| first=Terry| newspaper=[[Stars and Stripes (newspaper)|Stars and Stripes]]| date=2005-05-23| access-date=2020-09-10}}</ref>
Associate members sometimes receive policy dividends instead of distributions of profits, since they are not members of the insurance exchange.


===Investing and financial planning===
==Miscellaneous Information==
USAA members are referred to its strategic partners, [[Charles Schwab Corporation]] and [[Victory Capital]], for other investment services such as [[Broker|brokerage and trading]], [[mutual funds]] and [[Exchange-traded fund|ETFs]].<ref>{{cite web| title=Products: Investments| url=https://www.usaa.com/inet/wc/investments?wa_ref=pub_global_products_invest| website=USAA| access-date=2020-09-10}}</ref><ref>{{cite press release| date=2019-07-01| title=Victory Capital Completes Acquisition of USAA® Asset Management Company| url=http://www.globenewswire.com/news-release/2019/07/01/1876568/0/en/Victory-Capital-Completes-Acquisition-of-USAA-Asset-Management-Company.html| access-date=2020-06-12| publisher=USAA| via=[[GlobeNewswire]] }}</ref><ref>{{cite news| title=Victory Capital squeezes costs out of USAA mutual funds following acquisition, but Schwab may walk off with brokerage, wealth manager in purported $2B deal| work=RIABiz| url=https://riabiz.com/a/2019/7/17/victory-capital-squeezes-costs-out-of-usaa-mutual-funds-following-acquisition-but-schwab-may-walk-off-with-brokerage-wealth-manager-in-purported-2b-deal| first=Brooke| last=Southall| date=2019-07-16| access-date=2020-09-10}}</ref>


==Target market==
The stated mission of USAA is to facilitate the financial security of its members, associates and their families through provision of a full range of highly competitive financial products and services. In so doing, USAA seeks to be the provider of choice for the U.S. military community.
USAA's mission statement indicates its focus to serve its [[niche market]], which consists of members of the U.S. military and their immediate families. To that end, the association has always marketed directly to members of the U.S. military. USAA membership is offered to officers and enlisted personnel, including those on active duty, those in the National Guard and Reserve, Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS) and all those who have served in the aforementioned categories and who have retired or have been discharged honorably.<ref name="armytimeselig">{{cite news| url=https://www.bizjournals.com/phoenix/stories/2009/11/02/daily57.html| title=USAA expands Military customer base| newspaper=Phoenix Business Journal| date=2009-11-05| access-date=2020-09-10}}</ref><ref name="usaaexpandselig">"{{cite web| url=https://www.usaa.com/inet/ent_blogs/Blogs?action=blogpost&blogkey=newsroom&postkey=now_serving_all_who_have&order=1,7000&offerName=pubHome_Bnr_1_110509_VetExpansion09| title=Page on Expanded Eligility| archive-url=https://web.archive.org/web/20120418161403/https://www.usaa.com/inet/ent_blogs/Blogs?action=blogpost&blogkey=newsroom&postkey=now_serving_all_who_have&order=1,7000&offerName=pubHome_Bnr_1_110509_VetExpansion09| archive-date=2012-04-18| website=USAA| access-date=2009-11-05}}</ref>


Historically, only U.S. military officers (among certain other federally sworn officers) were eligible to join USAA, with descendants of USAA members able to purchase insurance from USAA-CIC. It did not matter if one was an active duty or retired officer; one could join at any time. In 1973, membership was opened to members of the National Guard and Reserves, and in 1996, eligibility was expanded to enlisted members of the armed services. As the number of persons who have served on active duty in an enlisted status in the U.S. Armed Forces is quite large, USAA chose to limit the establishment of eligibility to those who were currently on active duty or who had recently separated. The same time limit on establishment of eligibility was then applied to military officers. In 2008, USAA expanded membership eligibility to all military personnel and retirees, and all veterans who separated after 1996. For a short time, USAA also offered enrollment for federal law enforcement.<ref name="armytimeselig" /> In November 2009, USAA expanded eligibility requirements to offer coverage to anyone who has ever served honorably in the US Military. As of 2022, USAA has also extended membership to those who have a general discharge from the military.<ref name="usaaexpandselig" />
USAA has offices at its headquarters in [[San Antonio, TX]], a second major office in [[Phoenix, AZ]], as well as other smaller operations in [[Sacramento, CA]], [[Colorado Springs, CO]], [[Tampa, FL]], [[Norfolk, VA]], [[Highland Falls, New York|Highland Falls, NY]], [[London, England]] and [[Frankfurt, Germany]].


==Leadership==
USAA owes a great deal of its success and expansive growth to former CEO, retired Air Force Brigadier General [[Robert F. McDermott]]. The USAA building, said to be the largest commercial office building in the country and second only in overall square footage to [[the Pentagon]], was constructed under his tenure as CEO. General McDermott was also the driving force behind USAA's shift from service-by-mail to service-by-phone. He was succeeded as CEO by retired Air Force General [[Robert T. Herres]]. It was under the leadership of General Herres that USAA expanded it's services to enlisted members of the military and ventured into [[Internet]] based financial services.
Led by USAA Chairman of the Board Vice Admiral James M. Zortman (Ret.),<ref name="board"/> USAA's board of directors named '''Wayne Peacock'''<!-- bolded per [[WP:MOSBOLD]] as a redirect target --> CEO-elect in January 2020 to succeed former CEO Stuart Parker. Peacock became CEO in February 2020 and is the first USAA CEO who is not a veteran of the armed forces.<ref name="board">{{cite web| url=https://www.usaa.com/inet/wc/about_usaa_corporate_governance_board_of_directors?akredirect=true| title=Board of Directors| website=USAA| access-date=2020-09-10}}</ref>


USAA former CEOs include retired Air Force [[brigadier general]] [[Robert F. McDermott]].{{when|date=June 2024}} The USAA office building in San Antonio was constructed under his tenure, and McDermott was behind USAA's shift from service-by-mail to service-by-phone.<ref>{{cite news| url=http://sanantonio.bizjournals.com/sanantonio/stories/2006/08/28/daily5.html| title=Former USAA CEO McDermott dies at 86| newspaper=[[American City Business Journals|San Antonio Business Journal]]| date=2006-08-28| archive-url=https://web.archive.org/web/20060904051455/http://sanantonio.bizjournals.com/sanantonio/stories/2006/08/28/daily5.html|archive-date=2006-09-04| access-date=2020-09-10}}</ref> He was succeeded{{when|date=June 2024}} as CEO by retired Air Force General [[Robert T. Herres]].<ref>{{cite news| url=https://www.bizjournals.com/sanantonio/stories/2008/07/21/daily37.html| title=Former USAA CEO Bob Herres passes away| newspaper=San Antonio Business Journal| date=2008-07-25| access-date=2020-09-10| url-access=subscription}}</ref> It was under Herres that USAA expanded its services to enlisted members of the military and developed [[Internet]] based financial services.<ref>{{cite news| url=http://www.mysanantonio.com/business/columnists/David_Hendricks_Herres_took_action_to_strengthen_USAA.html| last=Hendricks| first=David| title=Herres took action to strengthen USAA| newspaper=San Antonio Express-News| date=2008-07-25}} {{dead link|date=May 2011}}</ref> Following General Herres as CEO was Robert G. Davis,{{when|date=June 2024}} a former Army officer who came to USAA with experience in a variety of financial services companies. Davis is said to have changed the culture at USAA; during his time at USAA, membership, assets and net worth grew significantly.<ref>{{cite news| url=http://www.collision-insight.com/news/20011214-usaa.htm| title=USAA CEO Robert G. Davis Named Chairman-Elect| journal=Collision Repair Industry Insight| date=2000-12-14| archive-url=https://web.archive.org/web/20020106121020/http://www.collision-insight.com/news/20011214-usaa.htm| access-date=2008-12-25| archive-date=2002-01-06}}</ref>
USAA has over 5 million members including those doing business with any of it's subsidiaries who are eligible to purchase P&C insurance, whether or not they are actually holding a P&C policy. As of 2005 USAA had over $96 billion in assets under management. Its revenues placed it as number 189 on the 2006 Fortune 500 list.


His tenure, however, was not without controversy. Davis oversaw USAA's first layoffs and by some reports had a confrontational style of leadership. Davis had indicated to USAA employees that he intended to continue to lead USAA until 2010, however, he retired in December 2007.<ref>{{cite news| url=http://www.mysanantonio.com/news/MYSA121607_01A_usaa_297e28b_html10503.html| last1=Poling| first1=Travis E.| author2=Greg Jefferson| title=For better or worse, Davis shook USAA up| newspaper=San Antonio Express-News| date=2007-12-16}} {{dead link|date=May 2011}}</ref> The nature of his retirement seems to have been precipitous, as USAA CEO Josue Robles has stated that upon assuming the role of CEO, "I thought I was just going to be a temporary CEO and (the board) said, 'Guess what? The permanent CEO is you'."<ref>{{cite news| url=http://www.mysanantonio.com/news/MYSA062208_01A_USAARobles_3f11179_html15061.html| last=Poling| first=Travis E.| title=USAA's Robles has 'military heart, business mind'| newspaper=San Antonio Express-News| date=2008-06-22| access-date=2008-12-25| archive-url=https://web.archive.org/web/20101120080709/http://www.mysanantonio.com/news/MYSA062208_01A_USAARobles_3f11179_html15061.html| archive-date=2010-11-20}}</ref>
===Financial Ratings===
Since it is not a corporation, USAA is not bound by the same corporate governance rules as publicly traded companies. Even so, USAA is subject to insurance regulation and examination by all 50 states, as well as, federal entities like the SEC, FTC, and FDIC. In addition, its records are audited by [[Ernst & Young]] as well as the major financial rating agencies.


==Locations==
* [[A.M. Best]] Company: A++ (Superior)
[[File:USAA Office in Colorado Springs by David Shankbone (cropped).jpg|thumb|USAA's [[Colorado Springs, Colorado|Colorado Springs]] location]]
* [[Moody's]] Investor Service: AAA (Exceptional)
[[File:The Square Mid October 2022 (cropped).jpg|thumb|USAA's [[Charlotte, North Carolina]] [[South End (Charlotte neighborhood)|South End]] location]]
* [[Standard and Poor's]]: AAA (Extremely Strong)


Besides its headquarters in San Antonio, USAA has a second major office in [[Phoenix, Arizona|Phoenix]]. USAA also has offices in [[Chesapeake, Virginia]]; [[Colorado Springs, Colorado]]; [[Plano, Texas]]; and [[Tampa, Florida]]. Internationally, USAA has offices in [[London]] and [[Frankfurt]].<ref>{{cite web| url=https://www.usaa.com/inet/pages/about_usaa_corporate_overview_locations?akredirect=true| title=Corporate Offices| website=USAA| access-date=2017-03-15| archive-url=https://web.archive.org/web/20170827072358/https://www.usaa.com/inet/pages/about_usaa_corporate_overview_locations?akredirect=true| archive-date=2017-08-27| url-status=live}}</ref><ref>{{cite news| url=http://www.bizjournals.com/dallas/news/2013/09/04/usaa-to-expand-plano-it-operations.html| title=USAA to expand Plano IT operations, create 680 jobs| newspaper=Dallas Business Journal| access-date=2016-04-02| archive-url=https://web.archive.org/web/20150106205615/http://www.bizjournals.com/dallas/news/2013/09/04/usaa-to-expand-plano-it-operations.html| archive-date=2015-01-06| url-status=live}}</ref><ref>{{cite news| url=https://abcnews.go.com/beta-story-container/US/usaa-traditional-safeguard-military-families-fire-denying-loans/story?id=60090846| title=USAA, a traditional safeguard for military families, is under fire for denying loans to Coast Guard clients during the government shutdown| last=Youn| first=Soo| date=2019-01-03| work=[[ABC News (United States)|ABC News]]| access-date=2019-01-07}}</ref> The company has numerous office buildings in the [[Phoenix, Arizona|Phoenix]] area. Their largest office buildings are on a 400-acre multi-use north Phoenix campus built in 2017, these buildings contain 4,500 workers. In May 2019 USAA opened another [[Phoenix, Arizona|Phoenix]] office located at 25700 N Norterra Pkwy in north Phoenix that will eventually house 1,100 employees primarily software developers.<ref>{{cite news |url=https://www.bizjournals.com/phoenix/news/2019/05/06/usaa-opens-new-phoenix-office-plans-to-hire.html |title=USAA opens new Phoenix office, plans to hire hundreds of IT developers |first1=Corina |last1=Vanel |work=[[Phoenix Business Journal]]|date=6 May 2019|access-date=19 October 2022}}</ref><ref>{{cite news |url=https://www.bizjournals.com/phoenix/news/2017/10/24/usaa-sunbelt-start-construction-on-400-acre.html |title=USAA, Sunbelt start construction on 400-acre development |first1=Mike |last1=Sunnucks |work=[[Phoenix Business Journal]]|date=24 October 2017|access-date=19 October 2022}}</ref>
===Service Ratings===
USAA consistently receives the highest customer service ratings available to all financial services companies, not just those in its niche. For its consistently highly-rated customer service, in 2002 [[J.D. Power and Associates|JD Power]] awarded USAA with its [http://www.jdpower.com/corporate/news/releases/pressrelease.asp?ID=2002045 Chairman's Award], which at that time had only been awarded to 10 companies, none of them in the financial services arena. Since then, USAA has remained at the top of the [[JD Power]] ratings for auto insurance,[http://www.jdpower.com/corporate/news/releases/pressrelease.asp?ID=2006144&search=1] home insurance,[http://www.jdpower.com/corporate/news/releases/pressrelease.asp?ID=2006232&search=1] and mortgages[http://www.jdpower.com/corporate/news/releases/pressrelease.asp?ID=2006117&search=1], and has also received high [[JD Power]] ratings for home equity loans [http://www.jdpower.com/corporate/news/releases/pressrelease.asp?ID=2006066&search=1] and retail banking services [http://www.jdpower.com/corporate/news/releases/pressrelease.asp?ID=2006030&search=1].


On May 27, 2021, USAA announced that it will be adding an additional 750 employees to its 100-employee base in [[Charlotte, North Carolina]]. The company will be leasing {{convert|90000|sqft}} of space in a new building in [[South End (Charlotte neighborhood)|South End]] called The Square. Company employees started moving in at the end of 2021. In June 2022, USAA purchased The Square from developer Beacon Partners for $97 million. Currently the company has 500 employees in the building and they occupy 2 out of the 6 floors they originally agreed to lease of the 10 story building.<ref>{{cite news |url=https://www.bizjournals.com/charlotte/news/2021/05/27/usaa-charlotte-office-square-south-end.html
==Employment==
|title=USAA confirms Charlotte office, will lease six floors at South End building |first1=Ashley |last1=Fahey |work=[[Charlotte Business Journal]]|date=27 May 2021|access-date=28 May 2021}}</ref><ref>{{cite news |url=https://www.bizjournals.com/charlotte/news/2022/06/03/usaa-beacon-charlotte-sells.html
|title=USAA buys The Square at South End from Charlotte developer Beacon Partners for nearly $97M |first1=Jennifer |last1=Thomas |work=[[Charlotte Business Journal]]|date=3 June 2022|access-date=19 October 2022}}</ref>


== Bank secrecy violations ==
USAA employs over 21,000 personnel at its offices throughout the country, and is frequently cited as one of America's best employers.[http://www.computerworld.com/action/article.do?command=viewArticleTOC&specialReportId=9000080&articleId=111558] It has also been recognized specifically as one of America's best employers for former members of the military[http://www.bizjournals.com/sanantonio/stories/2006/11/06/daily28.html]. It is one of a dwindling number of companies that continues to offer a [[defined-benefit pension]] plan as well as a [[401(k)]] with matching, tuition reimbursement, onsite fitness & day care centers, as well as USAA membership. USAA employees from the entry-level service representative to the executive level routinely receive annual performance bonuses of well over 10% of their regular yearly salary.
On March 17, 2022, The [[Financial Crimes Enforcement Network]] (FinCEN) announced a $140 million "civil money penalty" against USAA Federal Savings Bank for violations of the [[Bank Secrecy Act]].<ref>{{cite news |title=FinCEN Announces $140 Million Civil Money Penalty against USAA Federal Savings Bank for Violations of the Bank Secrecy Act |url=https://www.fincen.gov/news/news-releases/fincen-announces-140-million-civil-money-penalty-against-usaa-federal-savings| access-date=2023-05-06}}</ref>


==Criticism==
==See also==
{{Portal|Business|Texas}}

* [[List of largest banks in the United States]]
USAA, like every large business, is not without controversy. Circa 1980 some disgruntled employees tried to form a union and could be seen marching in front of the headquarters entrance on Fredericksburg Road. In 2001, USAA started a reorganization that resulted in approximately 1,400 workers being laid off, many of whom were IT specialists. Shortly after the layoff, but several years after USAA had started using offshore personnel, the local media created a stir when they realized that USAA was outsourcing some of its IT work to Indian based companies.

==Competition==

In focusing its efforts to serve only its niche, USAA is unique in that it is the only Fortune 500 financial services company that focuses primarily on serving members of the U.S. Military and their families.

===Insurance===

[[GEICO]] is a major automobile insurance competitor, while life insurance competitors include the government's own Servicemembers' Group Life Insurance, the AAFMAA (Army and Air Force Mutual Aid Association), and the USBA.

===Banking===


==References==
Major banking competitors include [[Bank of America|Bank of America-Military Bank]], Pentagon Federal Credit Union, and the [[Navy Federal Credit Union]].
<!-- This article uses [[Wikipedia:Footnotes]]. Please use this format in the article text when inserting references. Any external link inserted directly into this section will be swiftly deleted. -->
{{reflist}}


==External Links==
==External links==
* {{official website}}
*[http://www.usaa.com/ USAA] home page
*[http://www.usaarealco.com USAA Real Estate Company]
*[http://www.usaaedfoundation.org/ USAA Educational Foundation], a nonprofit organization providing consumer information
*[https://www.usaa.com/inet/ent_references/CpStaticPages?PAGEID=cp_overview Company Overview]
*[http://tlo2.tlc.state.tx.us/statutes/docs/IN/content/word/in.006.00.000942.00.doc Texas Insurance Code Subsection on Interinsurance Exchanges]
*[http://www.vault.com/companies/company_main.jsp?co_page=10&product_id=26611 USAA Employee Surveys]
*[http://business.enotes.com/company-histories/usaa USAA history]


{{San Antonio}}
{{San Antonio}}
{{major insurance companies}}
{{US Banks}}
{{authority control}}


[[Category:Semi-protected|USAA]]
[[Category:1922 establishments in Texas]]
[[Category:Companies based in Texas]]
[[Category:American companies established in 1922]]
[[Category:Financial services companies of the United States]]
[[Category:auto insurance in the United States]]
[[Category:Fortune 1000]]
[[Category:banks based in Arizona]]
[[Category:San Antonio, Texas]]
[[Category:banks established in 1983]]
[[Category:Companies established in 1922]]
[[Category:Companies based in Phoenix, Arizona]]
[[Category:companies based in San Antonio]]
[[Category:financial services companies established in 1922]]
[[Category:insurance companies based in Texas]]
[[Category:life insurance companies of the United States]]
[[Category:online financial services companies of the United States]]
[[Category:privately held companies based in Arizona]]
[[Category:privately held companies based in Texas]]

Latest revision as of 12:36, 28 September 2024

United Services Automobile Association
FormerlyUnited States Army Automobile Association (1922–1924)
Company typePrivate (Reciprocal inter-insurance exchange)
IndustryFinancial services
FoundedJune 20, 1922; 102 years ago (1922-06-20)
HeadquartersSan Antonio, Texas
United States
Number of locations
5 financial centers
Area served
Worldwide
Key people
Products
RevenueIncrease US$42.49 billion (2023)
Increase US$1.217 billion (2023)
Total assetsIncrease US$211.6 billion (2023)
Total equityIncrease US$29.15 billion (2023)
MembersIncrease 13.5 million (2023)
Number of employees
c. 37,000 (2023)
Capital ratio16.4% (Tier 1, Q2 2024)
Rating
Websiteusaa.com
Footnotes / references
[1][2][3]

The United Services Automobile Association (USAA) is an American financial services company providing insurance and banking products exclusively to members of the military, veterans and their families.[4] It was founded in 1922 in San Antonio, Texas, by a group of 25 U.S. Army officers as a mechanism for mutual self-insurance, when they were unable to secure auto insurance because of the perception that they, as military officers, were a high-risk group.[5][6]

USAA is headquartered in northwest San Antonio, occupying a 286-acre (116 ha) former horse farm.[7][8] USAA Federal Savings Bank, which provides banking services, is headquartered on a 575-acre (233 ha) campus in Phoenix, Arizona as of April 2024.[9]

USAA has since expanded to offer banking and insurance services to past and present members of the Armed Forces, officers and enlisted, and their families. The company ranked No. 96 in the 2020 Fortune 500 list of the largest United States corporations by total revenue[10] and appeared on Fortune's 2021 Blue Ribbon list of companies, placing No. 355 on the Fortune Global 500, No. 94 on the Fortune 500, No. 55 on the 100 Best Companies to Work For and World’s Most Admired Companies.[11] At the end of 2020, it had more than 13 million members.[12]

History

[edit]

The organization was originally called the United States Army Automobile Association. In 1924, the name was changed to United Services Automobile Association, when commissioned officers of other U.S. military services became eligible for membership. The company was formed based on a meeting of 25 United States Army officers on June 20, 1922, at the Gunter Hotel in San Antonio, Texas, to discuss the procurement of reliable and economical auto insurance. Despite initial success, by the late 1920s, a dispute between competing factions for control of the company threatened its long-term viability. The issue was resolved when feuding members agreed to hire a leader from outside, resulting in the 1928 appointment of Major General Ernest Hinds as general manager and secretary-treasurer. Hinds provided stability and remained in the position until his death in 1941.[13]

USAA is a pioneer of the concept of direct marketing; most of its business is conducted over the Internet or telephone using employees instead of agents. Until the 1960s, the bulk of its business was conducted via mail. In the late 1960s, USAA began a transition from mail to phone-based sales and service. It launched a toll-free number in 1978, and Internet sales and service in June 1999 via its website.[14]

USAA offered restricted membership to civilians between September 2009 and August 2013. This membership provided access to USAA's investment products, most bank deposit products and life insurance. Auto and property insurance policies were not included for non-military members due to eligibility restrictions.[15]

In 2015, USAA employed more than 32,000 people at its offices throughout the world.[16]

On July 26, 2019, the Charles Schwab Corporation announced it would acquire USAA's investment management and brokerage accounts for $1.8 billion.[17] The deal with Charles Schwab closed on May 26, 2020.[18]

Lines of business

[edit]

Property, casualty, and life insurance

[edit]

USAA offers a range of personal property and casualty (P&C) insurance, including automobile insurance, homeowner insurance, renters' insurance, as well as umbrella and personal property insurance. In addition to P&C insurance, USAA provides whole life insurance, term life insurance, and annuities. USAA's life insurance policies, while not unique in the industry, are different from most offerings since they do not include a war-exclusion clause.[19]

Banking

[edit]

Banking services can be accessed in person, by mail, by phone or through the internet. USAA Federal Savings Bank provides members with the ability to deposit checks to their accounts using mobile applications on the Apple iPhone and iPad and mobile devices with Google's Android operating system.[20]

Major banking competitors include Bank of America-Military Bank, Pentagon Federal Credit Union and Navy Federal Credit Union.[21]

Investing and financial planning

[edit]

USAA members are referred to its strategic partners, Charles Schwab Corporation and Victory Capital, for other investment services such as brokerage and trading, mutual funds and ETFs.[22][23][24]

Target market

[edit]

USAA's mission statement indicates its focus to serve its niche market, which consists of members of the U.S. military and their immediate families. To that end, the association has always marketed directly to members of the U.S. military. USAA membership is offered to officers and enlisted personnel, including those on active duty, those in the National Guard and Reserve, Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS) and all those who have served in the aforementioned categories and who have retired or have been discharged honorably.[25][26]

Historically, only U.S. military officers (among certain other federally sworn officers) were eligible to join USAA, with descendants of USAA members able to purchase insurance from USAA-CIC. It did not matter if one was an active duty or retired officer; one could join at any time. In 1973, membership was opened to members of the National Guard and Reserves, and in 1996, eligibility was expanded to enlisted members of the armed services. As the number of persons who have served on active duty in an enlisted status in the U.S. Armed Forces is quite large, USAA chose to limit the establishment of eligibility to those who were currently on active duty or who had recently separated. The same time limit on establishment of eligibility was then applied to military officers. In 2008, USAA expanded membership eligibility to all military personnel and retirees, and all veterans who separated after 1996. For a short time, USAA also offered enrollment for federal law enforcement.[25] In November 2009, USAA expanded eligibility requirements to offer coverage to anyone who has ever served honorably in the US Military. As of 2022, USAA has also extended membership to those who have a general discharge from the military.[26]

Leadership

[edit]

Led by USAA Chairman of the Board Vice Admiral James M. Zortman (Ret.),[27] USAA's board of directors named Wayne Peacock CEO-elect in January 2020 to succeed former CEO Stuart Parker. Peacock became CEO in February 2020 and is the first USAA CEO who is not a veteran of the armed forces.[27]

USAA former CEOs include retired Air Force brigadier general Robert F. McDermott.[when?] The USAA office building in San Antonio was constructed under his tenure, and McDermott was behind USAA's shift from service-by-mail to service-by-phone.[28] He was succeeded[when?] as CEO by retired Air Force General Robert T. Herres.[29] It was under Herres that USAA expanded its services to enlisted members of the military and developed Internet based financial services.[30] Following General Herres as CEO was Robert G. Davis,[when?] a former Army officer who came to USAA with experience in a variety of financial services companies. Davis is said to have changed the culture at USAA; during his time at USAA, membership, assets and net worth grew significantly.[31]

His tenure, however, was not without controversy. Davis oversaw USAA's first layoffs and by some reports had a confrontational style of leadership. Davis had indicated to USAA employees that he intended to continue to lead USAA until 2010, however, he retired in December 2007.[32] The nature of his retirement seems to have been precipitous, as USAA CEO Josue Robles has stated that upon assuming the role of CEO, "I thought I was just going to be a temporary CEO and (the board) said, 'Guess what? The permanent CEO is you'."[33]

Locations

[edit]
USAA's Colorado Springs location
USAA's Charlotte, North Carolina South End location

Besides its headquarters in San Antonio, USAA has a second major office in Phoenix. USAA also has offices in Chesapeake, Virginia; Colorado Springs, Colorado; Plano, Texas; and Tampa, Florida. Internationally, USAA has offices in London and Frankfurt.[34][35][36] The company has numerous office buildings in the Phoenix area. Their largest office buildings are on a 400-acre multi-use north Phoenix campus built in 2017, these buildings contain 4,500 workers. In May 2019 USAA opened another Phoenix office located at 25700 N Norterra Pkwy in north Phoenix that will eventually house 1,100 employees primarily software developers.[37][38]

On May 27, 2021, USAA announced that it will be adding an additional 750 employees to its 100-employee base in Charlotte, North Carolina. The company will be leasing 90,000 square feet (8,400 m2) of space in a new building in South End called The Square. Company employees started moving in at the end of 2021. In June 2022, USAA purchased The Square from developer Beacon Partners for $97 million. Currently the company has 500 employees in the building and they occupy 2 out of the 6 floors they originally agreed to lease of the 10 story building.[39][40]

Bank secrecy violations

[edit]

On March 17, 2022, The Financial Crimes Enforcement Network (FinCEN) announced a $140 million "civil money penalty" against USAA Federal Savings Bank for violations of the Bank Secrecy Act.[41]

See also

[edit]

References

[edit]
  1. ^ "Annual Report to Members 2023" (PDF). USAA. Retrieved September 26, 2024.
  2. ^ "Pillar 3 Regulatory Capital Disclosures" (PDF). USAA. Retrieved September 26, 2024.
  3. ^ "USAA Company Profile" (PDF). Fidelity Investments. Retrieved September 26, 2024.
  4. ^ "USAA Car Insurance Review for 2023".
  5. ^ "Corporate Overview". USAA. Archived from the original on 2018-07-14. Retrieved July 22, 2017.
  6. ^ Spechler, Jay W. (1996). Reasonable Accommodation: Profitable Compliance With the Americans With Disabilities Act. Delray Beach, Fla: St. Lucie Press. p. 229. ISBN 978-1884015946.
  7. ^ Jefferson, Greg. "Speaker-to-be has deep Republican roots". San Antonio Express-News. Archived from the original on July 1, 2010.
  8. ^ Chordas, Lori (November 1, 2002). "The ultimate niche: USAA's commitment to serving only people connected to the military, and its unusual structure and sales strategy, set it apart from the rest of the insurance industry". Goliath Business News. Archived from the original on 2011-06-15. Retrieved 2008-02-08.
  9. ^ Danner, Patrick; Iszler, Madison (September 26, 2024). "USAA Federal Savings Bank has quietly moved its headquarters from San Antonio to Phoenix". San Antonio Express-News. Hearst Communications. Retrieved September 26, 2024.
  10. ^ "Fortune 500 Companies 2021". Fortune. Retrieved 12 July 2022.
  11. ^ "Fortune's Blue Ribbon Companies 2021". Fortune. Retrieved 12 July 2022.
  12. ^ "2020 Annual Report to Members" (PDF). USAA. Retrieved 2022-03-06.
  13. ^ "USAA History". Funding Universe.com. Retrieved July 1, 2021.
  14. ^ "Board of Governors of The Federal Reserve System "Cash, Check or Cell Phone?"". www.federalreserve.gov. 23 February 2010. Retrieved 12 July 2022.
  15. ^ "USAA Membership: USAA Now Open To Non-Military Folk!". Budgets Are Sexy!. 2017-12-06. Archived from the original on 2014-09-12. Retrieved 2020-09-10.
  16. ^ "USAA 2015 Report to Members". USAA. Archived from the original on 2016-04-20. Retrieved 2016-05-03.
  17. ^ Cullen, Terri (2019-07-26). "Charles Schwab to buy USAA assets in $1.8 billion deal". CNBC. Retrieved 2019-11-25.
  18. ^ Santana, Steven (2020-05-26). "Schwab completes purchase of USAA Investment Management". San Antonio Business Journal. Retrieved 2020-09-03.
  19. ^ "War Exclusion Clause Definition". Investopedia. Archived from the original on 2015-10-02. Retrieved 2015-10-01.
  20. ^ "USAA Bank Will Let Customers Deposit Checks by iPhone". The New York Times. 2009-08-09. Archived from the original on 2017-10-05. Retrieved 2009-08-25.
  21. ^ Boyd, Terry (2005-05-23). "Choosing the right ATM in Germany a high-stakes decision". Stars and Stripes. Retrieved 2020-09-10.
  22. ^ "Products: Investments". USAA. Retrieved 2020-09-10.
  23. ^ "Victory Capital Completes Acquisition of USAA® Asset Management Company" (Press release). USAA. 2019-07-01. Retrieved 2020-06-12 – via GlobeNewswire.
  24. ^ Southall, Brooke (2019-07-16). "Victory Capital squeezes costs out of USAA mutual funds following acquisition, but Schwab may walk off with brokerage, wealth manager in purported $2B deal". RIABiz. Retrieved 2020-09-10.
  25. ^ a b "USAA expands Military customer base". Phoenix Business Journal. 2009-11-05. Retrieved 2020-09-10.
  26. ^ a b ""Page on Expanded Eligility". USAA. Archived from the original on 2012-04-18. Retrieved 2009-11-05.
  27. ^ a b "Board of Directors". USAA. Retrieved 2020-09-10.
  28. ^ "Former USAA CEO McDermott dies at 86". San Antonio Business Journal. 2006-08-28. Archived from the original on 2006-09-04. Retrieved 2020-09-10.
  29. ^ "Former USAA CEO Bob Herres passes away". San Antonio Business Journal. 2008-07-25. Retrieved 2020-09-10.
  30. ^ Hendricks, David (2008-07-25). "Herres took action to strengthen USAA". San Antonio Express-News. [dead link‍]
  31. ^ "USAA CEO Robert G. Davis Named Chairman-Elect". Collision Repair Industry Insight. 2000-12-14. Archived from the original on 2002-01-06. Retrieved 2008-12-25.
  32. ^ Poling, Travis E.; Greg Jefferson (2007-12-16). "For better or worse, Davis shook USAA up". San Antonio Express-News. [dead link‍]
  33. ^ Poling, Travis E. (2008-06-22). "USAA's Robles has 'military heart, business mind'". San Antonio Express-News. Archived from the original on 2010-11-20. Retrieved 2008-12-25.
  34. ^ "Corporate Offices". USAA. Archived from the original on 2017-08-27. Retrieved 2017-03-15.
  35. ^ "USAA to expand Plano IT operations, create 680 jobs". Dallas Business Journal. Archived from the original on 2015-01-06. Retrieved 2016-04-02.
  36. ^ Youn, Soo (2019-01-03). "USAA, a traditional safeguard for military families, is under fire for denying loans to Coast Guard clients during the government shutdown". ABC News. Retrieved 2019-01-07.
  37. ^ Vanel, Corina (6 May 2019). "USAA opens new Phoenix office, plans to hire hundreds of IT developers". Phoenix Business Journal. Retrieved 19 October 2022.
  38. ^ Sunnucks, Mike (24 October 2017). "USAA, Sunbelt start construction on 400-acre development". Phoenix Business Journal. Retrieved 19 October 2022.
  39. ^ Fahey, Ashley (27 May 2021). "USAA confirms Charlotte office, will lease six floors at South End building". Charlotte Business Journal. Retrieved 28 May 2021.
  40. ^ Thomas, Jennifer (3 June 2022). "USAA buys The Square at South End from Charlotte developer Beacon Partners for nearly $97M". Charlotte Business Journal. Retrieved 19 October 2022.
  41. ^ "FinCEN Announces $140 Million Civil Money Penalty against USAA Federal Savings Bank for Violations of the Bank Secrecy Act". Retrieved 2023-05-06.
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