Too many merging credit unions disregard credit and debit card portfolios in their merger negotiations and preparations and this can result in needless expense and member problems, according to credit union and CUSO executives.
The Members Group discusses how cardholders would be more likely to use photo debit card or cards with company logos.
Too many credit unions put too little thought into their relationships with their credit and debit card processors and should concentrate on getting more out those partnerships.
It appears that the card data security breach at card processor Global Payments Inc. may be a good deal larger than card issuers, including credit unions, may have expected.
ST. PETERSBURG, Fla. — An undercurrent of concern about how card processor FIS was handling some of its ongoing information security problems was not enough to dissuade 321 payment executives from 131 credit unions that use the processor from meeting April 25-29 to celebrate card success and strategy.
ST. PETERSBURG, Fla. — Conference attendees told they'll be hearing from FIS brass about advisory letter from regulators and member data security.
Long, complicate processor switch process should impede exodus from FIS after regulatory letter, card consultant says.
The NCUA has asked credit unions that process their debit and credit card transactions with FIS to evaluate their relationship with the card processor in light of an information technology supervisory letter the company has received from other federal financial regulators.
Agency cites information technology supervisory letter the company has received from the FDIC; FIS processes credit and debit transactions for 5,400 credit unions.
Once again, credit card issuers across the country have begun to assess the impact of a significant card data security breach at a major card processor.