USAA, or the United Services Automobile Association, is often mistaken for a credit union due to its member-focused services and financial products. However, USAA is not a credit union. It is actually a financial services company that primarily serves members of the U.S. military, veterans, and their families.
Unlike credit unions, which are not-for-profit organizations owned by their members, USAA operates as a for-profit entity. It offers a wide range of financial products, including banking, insurance, investment, and retirement services. Despite not being a credit union, USAA is known for its competitive rates and customer-centric approach, similar to what you might expect from a credit union.
In summary, while USAA shares some characteristics with credit unions, such as a focus on serving a specific community and offering competitive financial products, it is not classified as a credit union.