A $600 million credit union has ended an agent issuing card relationship with FIA Card Services and is launching an agent issuing program with Elan Financial Services.
FIA Card Services is the card issuing arm of Bank of America and Elan Financial Services is a subsidiary of US Bancorp.
The Franklin Mint Federal Credit Union, headquartered in Broomall, Penn., had between 8,000 and 9,000 card accounts with FIA. The credit union has roughly 65,000 members.
The credit union decided to leave FIA after the issuer did not express interest in acquiring a 1,700 card portfolio that Franklin Mint had taken on when merging a smaller CU. Additionally, the credit union had been looking at Elan for some time, according to Allan Stevens, a vice president at the CU.
"We concluded that Elan was really a better fit for us," he said.
FIA Card Services, then MBNA, acquired Franklin Mint's card portfolio in 2005. Franklin Mint was one of the first credit unions to begin issuing American Express cards through its relationship with MBNA/FIA.