We recently sent a letter regarding some current and upcoming changes to the VISA credit card program. For your convenience, a copy of the letter can be found below.

If you have further questions for Velocity Credit Union regarding these changes, please call 512.469.7000.

If you have questions or need assistance with your current VISA account, please contact Elan Financial at 800.558.3424.

February 23, 2012

Dear Member:

Five years ago, a decision was made to sell Velocity Credit Union's MasterCard credit card portfolio to another financial institution, Town North Bank. It was a credit union-friendly bank, and they had partnered with us for years on the servicing of our credit card program. A couple of years later, Town North Bank sold the portfolio to Elan Financial Services, who then issued Visa cards to the customers who were still a part of the program.

After careful deliberation, we have determined that Velocity is better suited to serve our members with our own credit card program. Now that the term has come to an end and the non-compete period has expired, we are happy to announce that in the second quarter of 2012, we will once again have our own credit card. We are designing a new card program and believe you will be very pleased with it.

Contractually, Elan Financial Services is required to send a new credit card to all Velocity members who currently have one. If you do currently have a card, you should receive your new card from them in the near future. You will notice a difference in this Visa credit card because it will NOT have Velocity Credit Union's logo on it. That relationship ends this month, February 2012.

We appreciate your business and the relationship we have been fortunate to have with you. We hope that we have the opportunity to introduce our new card to you in the coming months. If you have any questions or would like additional information, please feel free to call us at 512.469.7000 or 800.933.2029.

Sincerely,

Michael G. Fisher
Sr. Vice President - Lending