CUNA Strategic Services chooses Illinois Service Corp. as new partner for prepaid travel

Posted: 2011-02-17 00:00:00

February 17, 2011 – Effective today, CUNA Strategic Services (CSS) has expanded its partnership with the Illinois Credit Union League (ICUL) Service Corporation (LSC) to market LSC’s Visa TravelMoney card as the most cost effective pre-paid travel product for credit unions and their members.

Since 2009, CSS and LSC have partnered to market the gift and general purpose reloadable debit card programs.

Offered by LSC as part of its CU MONEY prepaid product family since the fall of 2007, credit union members have been embracing the TravelMoney card, as it provides the security of travelers’ cheques and the convenience of a Visa card.

Currently, 628 credit unions across the country already offer TravelMoney to their members.  Overall, LSC serves more than 2,500 credit unions in 45 states with its CU MONEY products, including gift cards, establishing it as the number one provider of prepaid card products for credit unions.

“By furthering our alliance with CSS, we will see increased volumes and be able to provide even better pricing to help credit unions compete in the marketplace,” said George Fiegle, LSC EVP/COO.  “Consumers want these products - prepaid cards are the third evolution of the card payment business, following credit cards and debit cards, and are the fastest growing form of payment in the past 20 years.”

“Offering the Visa TravelMoney Card is a natural evolution of our relationship with LSC and will enhance credit unions ability to serve their members with a low cost option in the marketplace,” said Wes Millar, CUNA Strategic Services senior vice president.

TravelMoney Cards are accepted by 25 million Visa merchants and at ATMs worldwide. In addition, card users also enjoy unlimited reloads up to $5,000 at the credit union or via the Internet.

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Note 1: The Illinois Credit Union League (ICUL) is the primary trade association for credit unions in Illinois, which provides members with information, legislation and education.  Membership is open to any credit union operating in accordance with the Illinois Credit Union Act or the Federal Credit Union Act.  There are 396 credit unions in Illinois with more than 2.7 million members.  A subsidiary of ICUL, the ICUL Service Corporation offers fee-based products and services and is dedicated to helping credit unions compete.  Its services include collections; credit, debit, EFT, and ATM cards; and strategic planning.

Note 2: CUNA Strategic Services Inc., owned jointly by Credit Union National Association (CUNA) and the state leagues, saved credit unions $25 million in 2010 through its national pricing programs. It provides credit unions with access to high quality products, services, and technologies delivered with a competitive advantage made possible through volume pricing and strategic program development. For more information, visit cunastrategicservices.com.