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."