Search
 

West Virginia Credit Unions Have Access to Mid-States Item Processing Services

WARRENVILLE, Ill. - West Virginia credit unions can now look to Mid-States Corporate for share draft processing. Mid-States and West Virginia Corporate have formed a partnership that gives West Virginia credit unions another processing option in the wake of the Fed announcing it is closing its Charleston, West Virginia office,...

By Staff Writer | Updated on August 24, 2004

WARRENVILLE, Ill. – West Virginia credit unions can now look to Mid-States Corporate for share draft processing. Mid-States and West Virginia Corporate have formed a partnership that gives West Virginia credit unions another processing option in the wake of the Fed announcing it is closing its Charleston, West Virginia office, where many West Virginia CUs are processed. West Virginia Corporate said it selected Mid-States for its pricing, redundant processing centers, and business philosophies. West Virginia Corporate President/CEO Charles Thomas said it was important for West Virginia Corporate to maintain the relationship with members, which the Mid-States deal allows it to do. “We’ll be doing the marketing, we’ll be managing the relationship. The important part for our credit unions is they contract with us, settlement is with us, and member capital will be with us. They won’t be required to have any account relationships with Mid-States to take advantage of the service,” said Thomas. Speaking from the road, Thomas didn’t know how much item processing volume West Virginia CUs generate each month. He said the corporate never thought it made sense to create its own item processing product because there wasn’t enough volume, and the geography didn’t make sense to do other partnerships. With the Fed closing the Charleston office however, it was time for the corporate to look for options. Thomas also noted that the two corporates have a non-compete agreement in place. Mid-States leadership has said in the past that it would not market to other corporates’ members unless other corporates marketed to its members. Thomas said he believes over time most West Virginia credit unions will choose to use Mid-States for item processing.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.