COLORADO SPRINGS, Colo. — While most credit unions are not adjusting pricing in advance of the CARD Act, that may not be the case for credit unions that have sold their portfolios.
That's according to Keith Kauffeld, VP-operations with the $464-million Air Academy FCU, and member of the CUNA Operations Sales & Service Council.
The buyer of those portfolios, in some cases banks, "could be raising their rates," Kauffeld noted.
More broadly, he agrees there is an opportunity for credit unions to increase their share of the plastic card market. "I think an informed consumer may Tyler Disburg, chief administrative officer for the $60.8-million Montana First CU in Missoula, and member of the CUNA Marketing & Business Development Council, concurs.
"If it all plays out, it could actually help differentiation," he said. "I think it will be up to credit unions to say they will not be raising their fees because they won't have to. We didn't use double-billing cycles. We didn't have pay-by-phone fees. [Credit unions] have to communicate their strengths. They need to better tailor their message to do that."
