USAA is owned by its members, who are primarily current and former members of the U.S. armed forces as well as family members of those who served. USAA is headquartered in San Antonio and has been a privately-owned financial institution since its founding in 1922.
That said, USAA did sell its investment management business to Charles Schwab & Co. in 2020. Schwab is currently the exclusive provider of wealth management and investment brokerage services for USAA members.
USAA offers its members credit cards, checking and savings accounts, home and auto insurance, home mortgages, and more. USAA is the 13th-largest credit card issuer in the United States, with around 8.2 million cards in circulation. For more information, check out USAA reviews.
This answer was last updated on 07/03/24 and it was first published on 02/24/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
USAA is owned by its members, who are primarily current and former members of the U.S. armed forces as well as family members of those who served. USAA is headquartered in San Antonio and has been a privately-owned financial institution since its founding in 1922.
Who bought out USAA? ›
(NASDAQ:VCTR) (“Victory Capital” or “the Company”) and USAA® today announced that Victory Capital has entered into a definitive purchase agreement to acquire USAA Asset Management Company (which includes its Mutual Fund and ETF businesses and USAA 529 College Savings Plan).
Is USAA a federal government agency? ›
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.
What bank is associated with USAA? ›
Bank name: USAA Federal Savings Bank.
Is USAA owned by Schwab? ›
Schwab acquired USAA wealth management services, brokerage accounts and investment management solutions. Victory Capital acquired USAA Mutual Funds, USAA 529 College Savings Plan and USAA ETF businesses.
Is USAA owned by another company? ›
USAA is headquartered in San Antonio and has been a privately-owned financial institution since its founding in 1922. That said, USAA did sell its investment management business to Charles Schwab & Co. in 2020.
Why does USAA have an F rating? ›
A check of the BBB website provides a few answers. The failing grade is due to two stated reasons. The first is that the company agreed this year to a $15 million settlement with the U.S. Consumer Financial Protection Bureau over how USAA's banking arm mishandled thousands of personal checking accounts.
Who runs USAA? ›
Wayne Peaco*ck is the president and chief executive officer of USAA, with more than 30 years of experience at the company.
Is USAA still only for the military? ›
USAA membership is primarily reserved for military service members and their families. If you're not eligible for USAA insurance, we can still serve you through the USAA Insurance Agency.
Is USAA federally backed? ›
USAA Federal Savings Bank, an equal housing lender, and USAA Savings Bank are FDIC Insured. Quicken® is a registered trademark of Intuit, Inc.
USAA reported a net income of $1.2 billion and improved its net worth by $1.7 billion, or 6% year over year, ending the year at $29.1 billion. Additionally, revenues increased by 17% in 2023 for a total of $42.5 billion, driven by strong product revenue performance across all three lines of business.
Where does USAA rank in banking? ›
I'm excited to share that USAA Bank has once again topped the US list on Forbes' World's Best Banks 2024! This is the second year that we've ranked #1, which would not be possible without our incredible teammates that work tirelessly to provide a world-class experience for our members.
Who oversees USAA bank? ›
CEO Wayne Peaco*ck
As president and CEO, Peaco*ck oversees USAA, which includes the Property and Casualty Insurance Group, Federal Savings Bank, Life Insurance Company, Investment Services Company and Alliance Services Company.
Has USAA been sold? ›
The referrals come on top of the 1.1 million USAA accounts and $80 billion in assets Schwab got right off the bat through its $1.6 billion purchase of USAA's brokerage division, May. 26.
Why does USAA only serve the military? ›
USAA was founded on military values. We consider it a privilege to serve those who defend our country. Our unwavering commitment to serve with excellence means we work to support our members' changing needs today, tomorrow and for generations to come.
Did USAA sell out? ›
USAA sold its investment businesses to Victory Capital and Schwab in July 2019 and is now a Victory Capital Investment Franchise. Here's how it affects you as a customer. USAA's investment management business recently changed ownership.
What happened with USAA? ›
Information for USAA Bank Members
The Office of the Comptroller of the Currency (OCC) and the Financial Crimes Enforcement Network (FinCEN) have announced consent orders and two fines totaling a net amount of $140 million against USAA Bank for not meeting Bank Secrecy Act/Anti Money Laundering (BSA/AML) requirements.
Who handles USAA investments now? ›
Charles Schwab and Victory Capital, USAA's strategic providers for investment products and services.
Is USAA merging? ›
Although no exact date has been set, the charter amendment and merger are expected to be completed in the second quarter of 2024. There are no insurance subsidiaries included in the Bank's consolidated group. There are no subsidiaries with total capital less than the minimum capital requirements.
Is USAA now victory funds? ›
USAA Mutual Funds are now known as Victory Funds. There are no changes to the funds' investment objectives, the investment teams managing the funds, or their respective investment processes due to the change in the product branding.
