The $16.5 billion State Employees' Credit Union has, so far, had more than 500,000 of its credit and debit cards involved in the Heartland Payment Systems breach and is facing the prospect of more, according to the credit union's CEO Jim Blaine.
"We are old fashioned about this so we take the most conservative position and close and reissue the compromised accounts," Blaine said. "But I gotta tell you that it gets expensive."
Blaine
estimated the costs of closing accounts and reissuing plastics, so far, at more than $1.5 million. According to the credit union's September 2008 call report, State Employees' credit union has more than 190,000 credit card accounts and more than 1.6 million share draft accounts that are eligible for debit cards.
© 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.
