Fifth Third Processing Solutions LLC said Monday that it has signed credit card processing agreements with Education First Credit Union and USA One Credit Union.
Education First, of Columbus, Ohio, is working with Fifth Third's portfolio consulting team to find ways to expand its $6 million card program, Fifth Third said. The 18,600-member credit union has two branches in Columbus.
"Our goal is to make our credit card top of wallet," Tara Neiswonger, the chief financial officer of Education First, said in a press release. USA One of Matteson, Ill., is planning to beef up its program with Fifth Third's marketing promotions to land new cardholders and increase card use. The credit union has 9,000 members in the Chicago area.
The credit unions will have access to tools for managing daily monetary adjustments, such as fees, balance transfers and cardholder account updates, as wells online reporting capabilities.
Fifth Third Processing is a joint venture of Fifth Third Bancorp of Cincinnati and the private-equity firm Advent International Corp. It processes more than 33.3 billion automated teller machine and point of sale transactions a year, and more than $344 billion in debit and credit card sales volume.
It serves more than 180,000 merchant and financial institution locations and 11,000 ATMs in 44 states and 11 countries.
