ORLANDO, Fla.–A simple review can save many credit unions at least $20,000 annually.
Dave Serlo, president of Payment Services for Credit Unions (PSCU) told the company’s annual meeting here that most credit unions have duplicative networks for which they are paying unnecessarily. “We were able to save most credit unions $20,000 a year, and one Midwest credit union $140,000,” said Serlo. “I believe there is money on the table right there that can be had just by reevaluating your networks.”
Similarly, Serlo urged credit unions that do so to review whether they need to offer both Visa and MasterCard. Emphasizing he wasn’t expressing a preference for one over the other, Serlo said credit unions issuing both cards often are doing so as the result of a decision made 25 years ago. “This is another golden opportunity for an active review,” he recommended.
