The 107,000-member, $3.2 billion Lockheed FCU has signed on with CO-OP Financial Services for credit card processing.
According to NCUA records, Lockheed had a credit card portfolio of roughly 36,000 active accounts worth roughly $115 million in outstanding balances as of the end of 2011.
“Our existing agreement for credit card processing expired and our goal was to improve service for our members while controlling expenses,” said Bob Rivera, vice president, IT programming and operations for Lockheed FCU in Burbank, Calif. “Combining our ATM, debit and credit card services with one processor will help to accomplish that goal.
Rivera added, “With the new agreement, our credit card services can benefit from that relationship as well. Moving our credit card processing to the same processor as our other card services will improve our ability to recognize and prevent fraud across all our card transactions.”