Tuesday, January 17th  2017

What is an EMV Chip Card? EMV stands for Europay, MasterCard and Visa and is commonly referred to as a chip card. The chip within the card stores account information more securely, and the technology itself provides protection against fraudsters creating a replica of your card. The U.S. has started the process of migrating to EMV.


Why switch to chip cards? The biggest benefit of switching to chip cards is the reduction in card fraud resulting from counterfeit, lost and stolen cards.


What does a chip card look like? A chip card is the same size, shape and weight as your current debit card. The main differences you’ll notice include a chip on the front of the card, and the card will need to be inserted in the store or ATM terminal to be read. Chip cards will have a chip on the front and a magnetic stripe on the back for the foreseeable future. You may need to use one or the other, depending on the situation, during the lengthy U.S. transition period. It’s important to understand that your card will work, it just needs to be used correctly.


How will it work? Physically, the purchasing process will feel the same as it does now, except your card is inserted and left in the terminal while your transaction processes, rather than being swiped through the debit card reader. If you swipe your card at a chip-enabled terminal, the terminal will prompt you to insert the card if it’s capable of supporting a chip transaction. If the terminal is not chip-enabled you will swipe your card as you have always done.


What does a chip-enabled terminal look like? A chip-enabled terminal looks almost identical to the terminals you use today when you swipe your cards. In addition to the magnetic stripe reader, chip card terminals have a slot in the front where you will insert and leave your card while your transaction processes.


When will I get my chip card? As of now, there is no set date for when all cards must become chip cards. TruBank intends to begin issuing chip cards in the third quarter of 2016. All new cards will issue with a chip. All other cards will reissue with a chip at their expiration date.


When will the magnetic stripe go away? Chip cards will issue with a chip on the front and a magnetic stripe on the back for the foreseeable future. There is no set date for when all merchants are required to start using chip-enabled terminals to accept payment, so during this transition period you may be told to insert your card instead of swipe, or vice versa.