Card Portfolio Back Into the Eli Lilly FCU Fold
The lists of credit unions that had previously sold their card portfolios to banks only to come back into issuing again grew last week as the 60,000-member $1 billion Eli Lilly Federal Credit Union converted a card portfolio that it had previously sold to a bank back to its own systems again.
The Indianapolis-based credit union had sold its 6,800-card $20 million portfolio to MBNA in 2002.
Jones reported that the portfolio had not changed all that much during the decade it had been with Bank of America. It had consisted of about 6,800 cards when the credit union sold it in 2002 and was about 6,800 cards when Eli Lilly bought it back in 2012.
It had changed in a couple of ways, however. First, some MasterCard and American Express cards had crept into the portfolio as well, and all those accounts were became Visa accounts during the conversion.