X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MADISON, Wis. — CUNA Mutual executives have been warning CUs for months that the costs of insuring their credit and debit card programs against fraud would eventually have to rise, and now that time has come.

The insurer confirmed that rate increases have started to be sent out to CUs whose insurance policies are up for renewal in the fall. CUNA would not discuss the terms of any individual CU’s policy and stressed that each CU’s situation would be different depending on their fraud history, but some credit unions have described increases of between 200% and 300% to their processors and associations. CUNA Mutual says that, so far, it has received only minimal feedback from credit unions about the increases, though they just started being sent out.

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?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.