NAPERVILLE, Ill. – For the eleventh consecutive year, the ILCU Service Corp. has either paid participating credit unions a rebate or issued a major price decline to credit unions that use LSC services.
In the latest rebate, LSC distributed more than $335,000 in rebates to 733 Illinois credit union customers during the first quarter of 2006 for their use of LSC services during 2005.
George Fiegle, LSC executive vice president and chief operating officer, said the number of credit unions that received the rebates was the largest number of credit unions ever participating in LSC.
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According to LSC, for 2005, Illinois credit unions were benefactors of more than half of the rebate pool as a result of using the following LSC products and/or services: Ad Asylum, Member Access (ATM/EFT), AutoSource, CU CHECK (debit cards), Gemini/Apollo (credit cards), Creditors Resource Service (collections), and Service Corp Item Processing (SCIP). In addition, credit unions from other states shared in a generous rebate pool as well from usage of LSC's National Apollo (credit card), CU CHECK (debit), and ATM programs. Overall, LSC currently has agreements with leagues in 43 states to provide these and other LSC products and services to credit unions and their members.
Rebates are calculated using a four-part formula: the total rebate pool is determined by LSC's performance; each product line is examined to determine the percentage of total LSC business it contributed; individual credit union contribution to revenue in each product line is calculated; and percentages earned by a particular credit union in all product lines are added to determine each CU's share of the total rebate.
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