The $225 million Guardian Credit Union in Milwaukee and the $273 million General Mills Federal Credit Union in Minneapolis have launched start-up credit card programs with TMG Financial Services, the company and credit unions said.
Both credit unions had previously sold their portfolios to agent issuers and are replacing national bank issuer contracts as they expire.
“We discovered after selling our portfolio five years ago that not all agent issuers are the same. TMGFS and the ATIRAcredit program allow us to provide our members with a quality program – competitive rates and a strong rewards program.” said Steve Wesson, CEO at Guardian CU.
“They truly understand that the card members are much more than just someone who happens to carry our card. They understand our commitment to serving our membership and providing the best program we can,” said Missy Mound, chief operating officer at General Mills FCU.
Jeff Russell, president/CEO of TMG Financial Services, said, “There are an increasing number of credit unions who sold their portfolios five or 10 years ago who are shopping for a partner who truly understands credit unions. They have watched their portfolios not live up to their potential, and while they aren’t ready to bring the risk and complexity of running a successful credit card portfolio in-house, they need a change,”
TMGFS is a sister operation of The Members Group in Des Moines, Iowa, and said it currently has 55,000 accounts and more than $100 million in assets under management.