Making Your Debit Cards More Secure with EMV!
An embedded computer chip in each card contains a cardholder’s account information and the chip issues a unique one-time code for each transaction. That unique code is generated when cards are used at merchants using chip-enabled payment terminals.
Some facts you should know about Chip-Enabled Cards
What is EMV?
EMV, which stands for Europay, MasterCard and Visa, is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. With the numerous large-scale data breaches and increasing rates of counterfeit card fraud, U.S. card issuers are migrating to this new technology to protect consumers and reduce the costs of fraud to the bank.
Why are EMV cards more secure?
EMV cards contain a small computer chip embedded in the plastic as well as the magnetic strip on the back. The computer chip provides an extra level of security when making purchases because your card information is not passed through to the merchant. With each transaction using the EMV chip a unique transaction code is created that cannot be used again making it difficult for fraudsters to use that transaction code to make unauthorized purchases.
When will I receive my new EMV Debit card?
Over the next few months Queenstown Bank will begin issuing Chip cards to our customers. Cards will be issued based on your expiration date.
Do I need to activate my new card?
Yes. Once you receive the new chip card you will need to do a pin transaction, such as a balance inquiry at an ATM or a POS transaction using your pin number to activate the card.
Will I have the same pin number and card number?
Yes. Your card and pin number will stay the same. However, the expiration date and security code on the back of the card will be different. Keep in mind that if you have any automatic/monthly payments with your debit card you will need to contact those merchants and give them the updated expiration date and security code.
How do I use my Chip card?
You no longer have to swipe the card. Instead you will do what is called “card dipping”, which means inserting your card into a terminal slot and waiting for the transaction to process. If the terminal does not accept chip cards you will still be able to swipe the card using the magnetic strip on the back.
Will my card work outside of the United States?
Yes. Foreign countries have already adapted the EMV Chip technology. If you are planning on traveling outside of the country please inform the bank so that we can make sure your card is active outside of the US.
Are there any restrictions on where can I use my card?
No. The new chip card can be used at any merchant location and ATM regardless if the merchant/ATM is upgraded to the EMV technology.
Will there be any ATM fees for using the EMV chip card?
No. Queenstown Bank does not charge our customers to use the EMV chip card at our ATM’s. Fees will still apply when using foreign ATMs.