WATERLOO, Iowa (7/23/10)--Eighteen individuals have been arrested for involvement in a bad check scam that affected two credit unions in Iowa. Veridian CU and Iowa Community CU, both of Waterloo, Iowa were hit with a check scam that cost the credit unions and several other financial institutions a total of $125,000, according to local media reports (Waterloo Cedar Falls Courier July 22). Police arrested 10 individuals Monday and another group Tuesday and charged them in the scam. According to authorities, the individuals opened accounts at several institutions to get starter checks and debit cards. Then, they swapped checks and made false deposits, inflating the value of the accounts. They also are accused of using debit cards and checks to get cash and purchase items. The money was laundered through U.S. Postal money orders. Veridian CU has $1.6 billion in assets. Iowa Community CU has $74 million in assets.