SAN DIEGO - PSCU Financial Services has announced a new policy in which any credit union with 24 months or less remaining on a contract with another vendor can sign a letter of intent to move that program over to the cooperative and gain the company’s relationship price discounts immediately. The policy change was announced by PSCU-FS President David Serlo during the CUSO’s 2008 Member Forum here, the largest it has ever hosted in its 31-year history.
With the industry losing one credit union a day, Serlo urged attendees to tap into the cooperative’s resources to gain the advantages of its scale and expertise.
Serlo told the meeting that its new agreement with First Data, will save $112 million over seven years. PSCU-FS said it returned 91% of its savings for 2007 to its member-owners and will return 103% of its annual savings for 2008. It will also return $20.5 million in proceeds resulting from Visa’s IPO to credit unions that issue Visa cards under its principal agreement.
