CUNA to Offer Travelers Cheque Alternative to Credit Unions

September 20, 2001

FOR IMMEDIATE RELEASE
Contact: Tom Dunn
tdunn@cuna.com
(608) 231-4002

MADISON, WI – In response to concerns expressed by credit unions and leagues over recent changes in one travelers cheque provider’s fees, the Credit Union National Association (CUNA) has reached an agreement with Travelex to provide VISA travelers cheques to credit unions.

"Through no fault of their own, credit unions have found themselves in a challenging situation in which they need to make a decision in a very short time frame regarding a travelers cheque vendor," says Wes Millar, vice president of CUNA Strategic Services, Inc. (CSSI). "We are very aware of the concerns that many credit unions have, and we have negotiated a solution that we believe will meet the immediate and long-term needs of credit unions wanting to offer this important service to their members."

Products available to credit union members through the Travelex program include VISA travelers cheques, the TravelSource emergency assistance and access to mytravelwallet.com, a service that allows them to purchase Visa TravelMoney pre-paid debit cards, foreign travelers cheques and foreign bank notes in over 70 different currencies. In addition, credit unions will receive marketing materials at no additional cost. There will be no upfront fees and no annual fees for credit unions wishing to participate in the Travelex program. Starting program fees will be $.40 per $100 of travelers cheques sold. As the total combined quantity of cheques issued by all participating credit unions increases, the fees will decrease.

"We understand how important it is to credit unions to be able to offer this service, and we are excited to be able to help them do just that," says Thomas P. Tucker, Jr., senior vice president of Sales Development for Travelex. "Through this program, credit union members have access to U.S.-dollar travelers cheques from their credit union branch and foreign currency online. Through this program, credit unions can meet all their members’ currency needs both at home and abroad."

Travelex is a diversified worldwide money business offering retail, corporate and commercial currency services to consumers and institutions throughout the world. The company has extensive North American operations in both retail and corporate services. Major offices are located in Garden City, New York; Omaha, Nebraska; and Toronto, Canada, and over 100 retail branches are found in U.S. and Canadian airports with about 50 additional retail branches in North American city centers.

According to CUNA statistics, approximately 60 percent of credit unions offer travelers cheques to their members.

For more information, or to sign up for this program, contact Shirley Mazanet at (800) 356-9655, ext. 4290.

About CUNA:
With its network of affiliated state credit union leagues, Credit Union National Association serves more than 90% of America’s 10,300 credit unions, which are owned by more than 80 million consumer members. Credit unions are not-for-profit cooperatives where people are worth more than money. For more information, visit www.cuna.org.

About Travelex:
Travelex, the trading name of parent holding company Travellers Exchange Corporation Limited, is a diversified worldwide money business offering retail, corporate and commercial currency services to consumers, corporations and institutions throughout the world. The company was founded in 1976 as a single retail travel money branch in London and opened its first airport outlet at Heathrow ten years later. The Travelex Group acquired Thomas Cook Global & Financial Services, the financial services division of Thomas Cook, on March 27, 2001, solidifying the company's position as the world's largest foreign currency specialist. Headquartered in London, Travelex is privately owned and employs approximately 6,000 staff around the world. 3i, Europe's largest venture capital company, is a 33% shareholder. For more information, please visit www.travelex.com.

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