IPFS News Link • Bitcoin
Retail bank integrates bitcoin service
• http://bravenewcoin.comFounded by a group of U.S. Army officers in 1922, the United Services Automobile Association (USAA) now has over 23,400 employees in offices throughout the country, and assets of over US$70 Billion in 2015.
The Fortune 500 diversified financial services group of companies offers banking, investing, financial advice, and insurance products, and is currently the sixth largest provider of auto insurance in the US, with over five percent of the national market share.
Full membership was only available to enlisted officers in the armed forces until 1996, although financial products like life and home insurance had been marketed to the public for decades. After 1996, the group opened up to active military, former military, their families, and cadets or midshipmen.
USAA had 10.7 million customers, spread across 19 major markets, by the end of 2014. The only physical branch is in the group's hometown, San Antonio, Texas. Banking is primarily done online through USAA Federal Savings Bank, which has a convenient Mobile App where members can send money, get proof of insurance, pay bills, and deposit checks.
The financial services group is privately-run, which has served it well over the years. Since there are no shareholders, a percentage of profits are returned to the members directly, in the form of an annual dividend. USAA members get an annual disbursement check based on the previous years profit.
The USAA regularly scores the among the highest on customer satisfaction surveys and service ratings for financial services companies. JD Power and associates awarded USAA with its Chairman's Award, the first ever in the financial services arena to earn that distinction, and a survey by Zogby International ranked them number one out of 145 American companies in customer service.
The group's structure also allows them to experiment with new ideas. Checks can be deposited by taking a picture of them with your smartphone, a service pioneered by the group in 2011. USAA is also known for inventing the concept of direct phone marketing in the 1960's, over a decade before they offered any banking services.
Following a four month pilot program, USAA members can now view the balance of their Coinbase account, alongside the rest of their USAA accounts and financial services.
The financial services group made a major investment in Coinbase, during the US$75 million Series C fundraising round in January 2015, alongside The New York Stock Exchange and BBVA Ventures.
In order for USAA customers to add their Coinbase account, they only need to go to their accounts summary page, add the account, and sign into Coinbase. From there onwards, Coinbase wallet and vault balances will show up inside of their USAA online and mobile accounts, underneath the "My Accounts Summary" page.




