Frequently Asked Questions About EMV Chip Cards

Posted by Katrin Sticha on Jan 06, 2016 06:00:00 AM

Topic: ALL

Credit card with EMV chip

As of January 1, 2016, you should be using the new EMV® chip card we sent you.  Since this is new technology, there’s bound to be some questions.  We’ve taken some time to compile some of your questions.

Q: Why was my CheckCard upgraded to a chip card?

A: Your new card uses a microchip to provide greater security. Chip cards, now the global standard used around the world, were introduced to give consumers more protection against fraud and theft.

Q: Will I be charged for this new card feature?

A: There are no extra costs or fees associated with your new chip card. Likewise, there should be no changes to the card terms, unless you request a new card with added benefits. You will enjoy the same benefits with your chip card as you do today with your debit or credit card.

Q: So, what is a chip card?

A: The card is like your regular credit or debit card, except your card number, name, and other account information is stored on a very secure microchip –making it virtually impossible for fraudsters to counterfeit your card.

Q: Why are chip cards safer?

A: The embedded chip in your new card generates a unique, one-time code required to approve each transaction. This “dynamic” code makes it virtually impossible for fraudsters to copy or counterfeit your card. While magnetic stripe cards offer protection from unauthorized use of your card or account information, chip offers a new layer of security. No personal information is stored on the card.

Q: Where can I use my chip card?

A: Merchants across the U.S. are accept chip card transactions. And your chip card will work at terminals where only magnetic stripe transactions are accepted.

Q: How do I use my chip card?

A: Simply insert your chip card face up in the terminal, and leave the card there while the transaction is processed. To complete your transaction, just follow the prompts on the terminal. You will be asked to sign or enter a PIN, depending on the requirements of your issuer.

Q: Can I use it to make purchases online or by phone?

A: Yep! You can use your chip card to make these purchases as you have been.

Q: Will chip cards prevent data breaches?

A: While chip cards won't prevent the types of large-scale data breaches that have hit some merchants, they do make it extremely difficult to produce counterfeit cards from that stolen data.

Q: Did I get a new PIN number?

A: You will use a Personal Identification Number, or PIN, for verification with an EMV chip card. You can continue to use the same PIN as before, or you can select a new one. During some transactions, you may be asked for your signature. If the transaction amount is low, you may not have to do either.

Q: Did my card number change?

A: Yes, your reissued Bank Mutual CheckCard will have a new card number for your security and protection. You will need to update your recurring transactions to ensure they continue uninterrupted.