[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 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.

[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.

Auto and property insurance policies were not included for non-military members due to eligibility restrictions.

[16] On July 26, 2019, the Charles Schwab Corporation announced it would acquire USAA's investment management and brokerage accounts for $1.8 billion.

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.

[21] 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] 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.

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] In November 2009, USAA expanded eligibility requirements to offer coverage to anyone who has ever served honorably in the US Military.

),[27] USAA's board of directors named Wayne Peacock CEO-elect in January 2020 to succeed former CEO Stuart Parker.

[28] USAA former CEOs include retired Air Force brigadier general Robert F. McDermott, who took the position in 1969.

[32] Following General Herres as CEO as of 2000 was Robert G. Davis, a former Army officer who came to USAA with experience in a variety of financial services companies.

[39][40] On May 27, 2021, USAA announced that it will be adding an additional 750 employees to its 100-employee base in Charlotte, North Carolina.