Just when it might become more important than ever to be able to track the interchange that debit transactions generate for credit unions, many, if not most, may have not begun to uncover their debit programs' bottom lines.
"There can be a lot of reasons for confusion about the debit program," said Dan Lozier, director of client relations at The Members Group, a payments CUSO affiliated with the Iowa Credit Union League.
"Debit programs often grew out of credit union checking accounts, not credit card programs, and thus, might lack the same sorts of software or back office support that credit cards have," Lozier explained, adding that debit cards are also, in a sense, two cards in one.
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