WARRENVILLE, Ill. — Consolidation of item processing for credit unions and their leagues took another step forward last week with announcement by Members United Corporate Federal Credit Union to buy and manage the check processing unit of the Illinois Credit Union League.
Terms of the transaction were not disclosed, but Members United said it would add the 4.5 million-a-month check processing business of ICUL Service Corp. to its item processing business, now at 20 million-a-month, some time in the third quarter.
Citing "economies of scale" and the continuing slide in check volume as factors behind the sale, the ICUL Service Corp. and Members United insisted the transfer would help ensure stable item pricing for client CUs in the future.
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