WARRENVILLE, Ill. -- ICUL Service Corporation and Members United Corporate Federal Credit Union consolidated their check processing operations as of Dec. 10. The combined program is owned and operated by Members United.
The Service Corporation had been providing share draft item processing services to Illinois credit unions under the business identity of Service Corporation Item Processing and served approximately 175 credit unions in Seventh Fed District (Chicago). Eighth Fed District credit unions (St. Louis) were not affected by this consolidation.
"The primary reason for this consolidation was to provide the highest possible value to member credit unions for their share draft processing needs. It's an economies-of-scale business, and our combined large scale helps us keep costs down. This allows credit unions to continue to offer a competitive share draft product to their members," said David Preter, Members United president.
--msamaad@cutimes.com
