The United Services Automobile Association (USAA) is an American financial services company founded in 1922 in Texas by some officers of the American armed forces to properly entertain people who work in the armed forces in terms of financial services since it was difficult for them to get insurances because of the concept that they have a constant risk of life.
The headquarters of USAA insurance are spread over 116. They are known as The McDermott building. Besides this, USAA also has other corporate offices in the entire USA and also in other countries. Some of its prime offices are in Highland falls, Phoenix, and Chesapeake.
USAA believes in a traditional approach to handling the funds of its members and does not use advanced means and methods to guarantee security. Consequently, the company did not go public and still is owned privately. So, the stocks of USAA cannot be bought or sold by the public. However, one can invest in the company by becoming a member and utilizing their investment plans.
Where is USAA on Map?
|HQ:||9800 Fredericksburg Rd, San Antonio, Texas, USA|
|Industry:||Banking, Financial services and Insurance|
|Founded:||June 20, 1922|
|Key people:||Admiral Thomas B. Fargo, USN (Ret.) (chairman); Wayne Peacock (CEO)|
|Products:||Banking, Brokerage, Financial planning, Insurance, Investments and Retirement|
What services does USAA offer?
USAA is well-known for its insurance policies and is considered a leader in this aspect. Insurance was the major motive behind the formation of USAA.
USAA insurance, investment plans, mutual funds, financial advising, and brokerage accounts are some of the most famous financial services offered by USAA.
Where is USAA headquarters located?
The USAA headquarters are located in San Antonio, Texas, United States, and is known as The McDermott Building. Anyone can visit them in between 7:30 am and 8 pm on office days after booking an appointment by a call. Having an appointment is a must to get into the building.
USAA also has 8 major corporate offices in the United States. These are located in the cities Colorado Springs (CO), Phoenix (AZ), Dallas (TX), Austin (TX), Tampa (FL), Chesapeake (VA), Annapolis (MD), and New York (NY).
What is the number of USAA insurance?
The number of USAA insurance is given below:
00 1 210-498-2722
How do I contact USAA corporate?
There are several ways to contact USAA corporate from which you can adopt one suitable to you. Using their contact number is the most convenient way not only for you but also for them, following are two contact numbers of USAA corporate.
You can also choose to contact USAA headquarters via mail and for that purpose, you can send a letter to their mailing address which is given below.
USAA, P.O Box 659453, San Antonio, Texas
If you have been given an email address by USAA, then sending an email will make a lot more sense.
Back in the early 1900s, the banks and insurance companies were reluctant to issue loans, insurances, and other financial services to the people who work in the armed forces of the United States because it was commonly believed that they are at constant risk. This was a huge concern of armed forces and to tackle this problem, some officers of armed forces founded USAA.
Major William Henry Garrison called a meeting of 24 army officers in 1922 to discuss this idea in Gunter Hotel and the same year, they registered the company with the name “United States Army Automobile Association” which was changed later on.
Initially, the main purpose of USAA was to help the employees of the armed forces but eventually, when the public realized the potential of the company and its growth over time, they became interested in it. So, the company gave access to its membership to the public of America from 2009 till 2013.
USAA was not at any time meant to be this huge and the goal presented by Major William which was to be achieved was to provide adequate financial services to military officers. Today, USAA is the most successful insurance provider in the United States and it also has started doing business in Europe and United Kingdom.
USAA company profile
USAA is a group of privately-owned financial companies and these companies provide different kinds of financial services in the USA. Mainly, the company caters to the employees and veterans of the armed forces of the United States along with their family members. However, you can still avail of their membership if your parents or grandparents had worked in the armed forces.
Civilians are not allowed to get membership of USAA insurance.
USAA mission statement:
USAA focuses on providing the same financial services that ordinary people have access to but military officers are not able to get benefits from them. This was the motive behind the creation of USAA and is the mission statement. USAA narrates it as “We are ready to serve”.
USAA CEO and key executive team:
|Dan McNamara||President, USAA Financial Advice and Solution Group|
|Torben Ostergaard||Executive Vice President and Chief Risk Officer|
|Dana Simmons||Executive Vice President, CEO Chief of Staff|
|Jeff Wallace||Executive Vice President and Chief Financial Officer|
|Chad Borton||President, USAA Federal Saving Bank|
|Bob Johnson||Executive Vice President, Chief Legal Officer, and General Counsel|
|Jim Syring||President, USAA Property, and Casualty Insurance Group|
|Patricia Teague||Executive Vice President, Human Resources|
|Andrew Walker||Executive Vice President and Chief Administrative Officer|
How does USAA make money?
As we know that USAA is an insurance company and with that, it also provides some financial services to the public. It makes money from the insurance policies, public investments in the company, and by providing other financial services like financial advising etcetera. USAA is perhaps the largest insurance service provider in America. So, it mainly sells insurance policies and most of its revenue comes from the insurance sector. USAA, as we previously described, adopts a conservative approach while managing the funds to play in a safe environment.
USAA is not a public company and is owned by some individuals. That is why the profits are not distributed among the stockholders, rather it is distributed to the members who own the company. In 2019, the total revenue of the company was around $35 billion out of which around $4 billion was the net income of the company which was distributed among the members.
Top 5 biggest USAA competitors or Alternatives
MetLife is also a US-based insurance company founded in 1868 by William P. Stewart. MetLife offers health insurance, financial advising, retirement investment plans, and much more.
Because of the reliability and the trust people have in the company, MetLife is considered a great competitor of USAA.
2. Progressive Insurance
Progressive insurance was founded in 1937 in the United States. Its headquarters are located in Mayfield, Ohio. Unlike other insurance companies, Progressive insurance does not focus on all types of insurances, rather they only focus on automobile insurances.
In an automobile, they especially provide insurance services to high-risk drivers to facilitate and protect them from any future loss.
GEICO (Government Employees Insurance Company) is also an automobile insurance company. GEICO secures its position in the top 5 best automobile insurance companies in the United States. It provides cheap automobile insurance services as compares to Progressive insurance and that is why GEICO is very famous.
GEICO got a 4.5/5 rating from WalletHub’s editors based on the customer reviews. So, it gives hard competition to USAA.
Allstate insurance company was founded by Sears which is an American department store company. Allstate is another large name in the insurance market. It is also considered one of the largest competitors of USAA. Allstate offers retirement plans, investment plans, life insurance, accidental insurance, and health insurance. Allstate also provides its services in Canada.
It is a reputable company in the USA and due to this, it is growing rapidly. But still, it is not that big competent of USAA.
5. State Farm Insurance
Who does not know State Farm Insurance? Perhaps the most famous and reliable insurance company in United State. Its headquarters are situated in Bloomington, Illinois, United States. State Farm according to research, insures more houses and automobiles than any other insurance company.
The revenue of the company is booming. So, we can say that State Farm is the largest competitor of USAA.
The Best USAA credit cards
Here, we will be discussing five credit cards offered by USAA in detail.
1. USAA Rewards Visa Signature Card
A good option if you are a frequent traveler. Reward Visa Signature Card means there will be a higher probability of your card being accepted internationally. This will be very beneficial for you while traveling. You will also get travel insurance with Visa Signature Card.
2. USAA Cashback Rewards Plus American Express Card
This card does not provide any kind of sign-up bonus but as the name suggests, it will provide you cashback on your purchases. This card is suitable for anyone who works on military bases. It is specially made to cater to them.
3. USAA Rate Advantage Visa Platinum Card
If you want to cut down the interest rates on your purchases and cash transfers, then the USAA Rate Advantage card is perfect for you. You will have to pay the lowest interest rates by using this card. This rate will be between 6.9% – 23.9%.
Though this card will be very helpful for you you will not get any sign-up bonuses and rewards by using this card.
4. USAA Rewards American Express Card
If you are familiar with the rewarding system of USAA and you are willing to get benefits from that rewarding system, then USAA Reward American Express Card is made for you. You will earn a large number of points on purchases by using this card.
Sad to say that USAA does not reveal the worth of these points. Also, the sign-up bonus on this card is very less.
5. USAA Preferred Cash Rewards Visa Signature Card
This is another great option for anyone who is looking for cashback. We would say that this card is better than USAA Cashback Reward Plus American Express Card because you will get 1.5% cashback on your every purchase with this card. But both of these cards will not give you a sign-up bonus.
Does USAA have 24/7 customer service?
The USAA customer service is not available 24/7. They have a specific timing but their customer service is great. You can contact them between 8 am to 5 pm on weekdays.
How many digits are in a USAA account number?
The USAA account number is written after the routing number. The account number of USAA consists of 10 digits.
How do I find my routing number on USAA?
Your USAA account number is a 10-digit number. This account number is written after the routing number. So, an easy way to find your routing number is by ignoring the first 10 digits of your account number from the right side.
Is USAA only for the military?
Yes, the financial services of USAA are only for people who work in the armed forces and their families. The public cannot get access to their membership.
Can civilians get USAA?
Civilians who do not have any family members in the armed forces are not allowed to get the USAA membership. However, they are eligible to get some of the services of USAA like investment accounts and life insurance.
Can I deposit cash to USAA?
Yes, you can deposit cash to USAA. For this purpose, you would have to use the USAA ATM which you can find by using their app or website. You can also deposit cash in a USAA account with a check.
Even though USAA was founded to help the officers of the armed forces of the United States but due to the strong leadership and perfect business model, the company grew a lot in the past 60 years. The company was recently listed as the 102nd largest company in the USA in Fortune 500.
The revenue of USAA in 2019 was around $35 billion which as compared to its competitors, is not too much but because the public has a huge trust in the company, the projections of the company’s growth are unimaginable.