USAA history

The 1924 annual meeting also resulted in a vote to adopt an industry standard for insurance premiums, minus a discount of 20 percent.

By 1927, USAA's business was thriving.

Thus, on January 1, 1928, Major General Ernest Hinds, commanding general of Fort Sam Houston in Texas, became both the general manager and secretary-treasurer of USAA. Assured that he would have complete control of the company, Hinds took over.

1932 — The first Annual Report to Members is published, highlighting our financial success and commitment to members.

1934 — Membership is expanded to include Foreign Service officers, State Department officials and their widows.

USAA adopted another preventive measure in 1938, introducing its first Safe Driver Reward Plan, which enrolled a majority of the company's members.

By 1941, the year the United States entered World War II, USAA's membership exceeded 22,000, and its assets had increased five-fold over the previous decade.

1948: A New York office is opened.

In 1957, USAA installed an IBM 650 computer, the first move in the drive to automate its cumbersome operations.

In 1962, USAA added 110,000 more square feet to its San Antonio building and began conversion to a newer, larger computer system, the IBM 7074-1041.

By 1967, USAA's assets had reached $206 million, and its membership topped 650,000, a rapid rate of growth attributed to the mass mobilization of troops to fight in Vietnam.

1969 — Our 1 millionth member joins, Officer Candidate Eugene Butel of Fort Sill, Oklahoma.

In 1973, USAA bylaws were revised to allow officers in the National Guard and the military reserves to be eligible for membership, as well as military dependents.

1983 — The USAA Federal Savings Bank opens.

1990 — The USAA Educational Foundation is established to help consumers make informed decisions by providing free information on financial management, safety concerns and significant life events.

1991 — Electronic funds transfer (EFT) is made available to members so they can move money from their bank accounts to pay insurance premiums or purchase mutual funds.

A new building for USAA's mid-Atlantic regional center in Norfolk, Virginia, was completed in 1992.

By 1993, USAA's owned and managed assets had reached $33 billion as the company, in its broadened guise, became the 21st largest American diversified financial services company in the Fortune Service 500.

Revenues were $6.8 billion in 1996.

Robert G. Davis became chairman, president, and CEO of USAA in June 1999, succeeding Robert Herres.

In 2003, USAA was preparing to make all of its core processing transactions accessible through the Internet.

Another 500 positions were added there in March 2004; regional offices were hiring as well.

2008 — Our eligibility requirements are expanded to include military retirees, regardless of when they retired.

In 2015, USAA employed more than 32,000 people at its offices throughout the world.

2016 — We're the first bank to offer voice—guided mobile app check deposit for visually-impaired members.