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Paying the Piper CUNA Mutual's Card Premium Hikes Hit Some CUs Harder Than Others

CUNA Mutual executives have been warning CUs for months that the costs of insuring their credit and debit card programs against fraud would eventually have to rise, and now that time has come.

By David Morrison | Updated on August 15, 2006

MADISON, Wis. — CUNA Mutual executives have been warning CUs for months that the costs of insuring their credit and debit card programs against fraud would eventually have to rise, and now that time has come.

The insurer confirmed that rate increases have started to be sent out to CUs whose insurance policies are up for renewal in the fall. CUNA would not discuss the terms of any individual CU’s policy and stressed that each CU’s situation would be different depending on their fraud history, but some credit unions have described increases of between 200% and 300% to their processors and associations. CUNA Mutual says that, so far, it has received only minimal feedback from credit unions about the increases, though they just started being sent out.

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