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USAA Teams With Federal Credit Union

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USAA has struck a deal to offer its products and services to members of Pentagon Federal Credit Union (PenFed).

The alliance is one of a number of affinity deals USAA has forged since it recently opened up its membership qualifications, says Eric Smith, president, USAA Life Insurance Company, a division of United Services Automobile Association, San Antonio, Tex.

PenFed, Alexandria, Va., is the first bricks-and-mortar affinity institution it has partnered with, he adds.

Membership in USAA, formerly available only to military people and families and to those who signed up before they left active duty, last year opened up to anyone who has served in the military as well as their descendents. The main condition: The initial member must have been honorably discharged.

“We now have the potential for tremendous growth over the next 10 years,” says Smith.

The alliance with Penn Fed is one result of that move, allowing USAA to offers its broad lines of insurance as well as investment products and other services to the credit union’s members.

The company’s services will be available in PennFed branches from video booths and, in some locations, through live USAA agents, Smith says.