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PSCU looking to stem the credit card portfolio sell-off

ST.PETERSBURG, Fla. - For credit unions, there's a new but familiar player in the credit card portfolio sales game - Payment Systems for Credit Unions, Inc. Responding to major issuers targeting credit union credit card portfolios, PSCU is providing CUs a turnkey alternative- the PSCU Portfolio Management Solution. From evaluation...

By Staff Writer | Updated on August 07, 2001

ST.PETERSBURG, Fla. – For credit unions, there’s a new but familiar player in the credit card portfolio sales game – Payment Systems for Credit Unions, Inc. Responding to major issuers targeting credit union credit card portfolios, PSCU is providing CUs a turnkey alternative- the PSCU Portfolio Management Solution. From evaluation to purchase, PSCU will maintain on-going servicing of the credit card portfolio. “The credit card portfolio purchase will remain transparent to our member’s cardholders with no reissue of cards, no conversion or deconversion,” said PSCU President Dave Serlo. According to Serlo, the credit union name and logo will also remain on the credit card, allowing for continued credit union branding and cross-selling opportunities. “It’s an alliance between PSCU and National City to make sure members get the first class servicing they are comfortable with,” said PSCU Director of Marketing/Product Development Robert Montaudo. “Think of it as an agent relationship or affinity program, members keep the same 800 number, same statement without any disruption of service.” Montaudo stresses that PSCU is not actively encouraging credit unions to sell their portfolios. “We still believe that credit cards are a core service that credit unions should not relinquish.” PSCU is owned by more than 500 member credit unions representing over six million cardholder accounts.

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