A credit union that shares leadership with the Illinois Credit Union League is issuing a credit card that consumer advocates have condemned as a consumer unfriendly, "fee-harvesting" card.
The cards are issued by Services Credit Union, a privately insured, state-chartered credit union that lists Daniel Plauda, the CEO of the Illinois Credit Union League, as its CEO and shares the same address as the ICUL.
Consumer advocates define fee-harvesting credit cards as those with low credit limits and high fees. According to 2007 report from the National Consumer Law Center on the topic fee-harvesting cards "share a common thread: high fees that eat up most of an already low credit limit, leaving the consumer with little real, useable credit and at a high price."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
