CUNA And Travelex Lower Travelers Cheque Fees

June 11, 2002

FOR IMMEDIATE RELEASE
Contact: Veronica LaDuke
vladuke@cuna.com, (608) 231-4038

MADISON, WI – It just got easier for credit unions to provide VISA travelers cheques to their members. CUNA and Travelex have announced that they are lowering the fees for credit unions purchasing VISA travelers cheques through CUNA. Effective June 1, CUNA and Travelex are now offering VISA travelers cheques to credit unions for a fee of $.10 per $100 sold, down from $.40 per $100.

“The fact that we can offer this rate reduction shows that credit unions are definitely seeing the value of our product over alternatives,” says Wes Millar, vice president of CUNA Strategic Services, Inc. (CSSI). “This is not a sale. It is a long-term price adjustment made possible by the growth in travelers cheque volume our program has seen since its inception. As volume continues to build, we plan to drop the per-check fee altogether.”

In addition to VISA travelers cheques, credit union members can take advantage of the Travelex mytravelwallet program, a service that allows them to purchase VISA TravelMoney pre-paid debit cards, TravelSource emergency assistance, foreign travelers cheques, and foreign bank notes in over 70 different currencies. In addition, credit unions receive marketing materials at no additional cost. Credit unions pay no upfront fees and no annual fees to participate in the Travelex program.

“The credit unions who signed on to our program early have made this price reduction possible for everyone,” adds Millar. “The response has been tremendous since we started this service in September. ”

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.

CUNA signed an agreement with Travelex to offer VISA travelers cheques to credit unions in September 2001, and over 250 credit unions currently participate in CUNA’s travelers cheque program. According to CUNA statistics, close to 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.

"This group of credit union professionals has broad experience in credit union and CUSO operations and management," said CUNA President and CEO Dan Mica. "Further, the task force membership brings to the table a broad range of views built on their experience with credit unions and credit union groups over many years. This group, we think, offers the best chance for developing a common approach for the credit union community in resolving the issue at hand."

About CUNA:
With its network of affiliated state credit union leagues, Credit Union National Association serves more than 90% of America’s 10,000 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 Travelex PLC, 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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