Legacy Member Services, an Alabama-based check product provider, and PSCU Financial Services have formed an alliance to refer small business checking services and other solutions.
The $955 million Town North Bank reached the brink of undercapitalization when it sold its card processing business to Fifth Third Processing Solutions on July 6 for an undisclosed price.
Credit unions which own the $955 million Town North Bank may face a call for additional capital to support it going forward, according to analysts asked to review the bank's financial reports.
After almost 35 years processing credit union credit card transactions, Town North Bank has sold off its last stake in card processing.
International card processor First Data Corp announced that its measure of consumer spending on their debit and credit card was soft in June, indicating that consumers are still not returning vigorously to the market.
Credit union owned Town North Bank got out of the card processing business to streamline its operations and restore some lost capital, according to its CEO Steve McDonald.
In a step designed to make it more appealing to credit unions seeking to consolidate their ATM and card processing, Credit Union 24 has announced that it can now bill debit card payments without personal identification numbers.
Credit unions that rely on card interchange for a good part of their noninterest income should see improved numbers from February and going forward, according to First Data Corp.
WASHINGTON -- CSCU President Robert Hackney wants everyone to know that the association's days of being seen as playing a more junior role with card issuing credit unions have ended.
An executive with CO-OP Financial Services reported that the ATM, EFT and shared branching CUSO will begin offering credit card processing to its participating credit unions in 2010.