St. Thomas Credit Union is now offering credit cards with chip technology and debit cards will be coming soon. The embedded computer chip provides more security and wider international acceptance.
A microchip embedded in the card adds a new layer of protection against fraud for purchases made at the point of sale. Information programmed into the chip is personalized for your account and each transaction generates a unique code, adding an extra safeguard against unauthorized use and counterfeiting.
These cards are already in wide use around the world and are now becoming the standard in the U.S.
Follow these steps to use your card at a chip-enabled terminal:
||Start the payment process by 'swiping' your card, just as you do today. If the terminal is chip-enabled, you will be instructed to insert your card.
1) Insert your card, face up and chip end into the chip-enabled terminal.
2) Leave the card in the terminal during the entire transaction.
3) Follow the instructions on the screen and either sign your name or enter your PIN as needed. Be sure to remove your card and take your receipt when the transaction is complete.
|If a merchant isn't using a new chip-enabled terminal yet. Your payment will process as it normally does from your initial 'swipe'. Chip cards will continue to have the magnetic stripe on the back of the card.
||Online of phone purchases
Provide your card information as you have done in the past. Chip cards will not change the way payments are made online or by telephone.
|At an ATM
The process is essentially the same as at a merchant. Insert your card, leave it in the ATM, and follow the prompts on the screen. Depending on the type of ATM, you might be prompted to re-insert your card. Leave the card in the ATM until the transaction is complete and the card is released, and then remove your card. A PIN is needed for ATM transactions.
When will the change happen?
Even though chip cards have started being issued in the U.S. and some merchants have already installed chip-enabled card terminals for payment, the entire conversion process is expected to take a few years to complete.
This is why chip cards will continue to have a magnetic stripe on the back. That way, if a merchant's terminal or an ATM is not yet chip-enabled, your transaction can still be processed using the magnetic strip as it is today.
When will I get my chip card?
Your card will be replaced with a new chip card as your current card expires. Once your new card arrives, be sure to activate it for use and then destroy your old card.
There is no need to request a new card. You'll automatically receive your new card in the mail before your card's expiration date. There is no additional charge for the new chip card.
If you are planning to travel internationally and have an immediate need for a chip card, please contact us at 615-292-7828. We must have at least 2 - 3 weeks notice to order these cards.
How am I protected?
With Zero Liability - All debit and credit cards that we issue come with 'zero liability protections,' so you are not held liable for unauthorized fraudulent transactions if a card is stolen, lost or fraudulently used at a merchant or online. It is important that you promptly report a lost or stolen card or any suspicious transcations. A great way to monitor your card use and ensure the most security for your account is to pair this new EMV technology with our CardValet App! Ask us for more information.
Contact us for more information
Call us at 615-292-7828 or stop in if you have additional questions about chip cards, CardValet, or if you are interested in opening an account.
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