WARRENVILLE, Ill. — ICUL Service Corporation and Members United Corporate Federal Credit Union consolidated their check processing operations as of Dec. 10. The combined program is owned and operated by Members United.
The Service Corporation had been providing share draft item processing services to Illinois credit unions under the business identity of Service Corporation Item Processing and served approximately 175 credit unions in Seventh Fed District (Chicago). Eighth Fed District credit unions (St. Louis) were not affected by this consolidation.
“The primary reason for this consolidation was to provide the highest possible value to member credit unions for their share draft processing needs. It's an economies-of-scale business, and our combined large scale helps us keep costs down. This allows credit unions to continue to offer a competitive share draft product to their members,” said David Preter, Members United president.
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:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 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.
