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A More Secure Way To Pay EMV Chip - Enhanced Debit Card Coming Soon ! Beginning early Fall 2016, Baylands Federal Credit Union will start issuing all new debit cards with chip-based technology. This new feature will make your Baylands debit card more secure, enable it to be used at more places around the world, and best of all, come at no-cost to you. EMV, which stands for Europay, Mastercard and VISA®, is a new global standard for credit and debit payment cards which utilize embedded microchips that hold encrypted card information. Every time you use a chip card at a chip-enhanced terminal, a unique transaction code is created that protects your information. Because of this technology, an EMV chip-enhanced card is extremely difficult to counterfeit and dramatically increases the security of every transaction. On top of all the added security, you will be able to use your Baylands VISA® debit card at even more places worldwide. You’ll enjoy greater convenience anywhere you travel as chip-enhanced cards are common in over 130 countries including Canada, Mexico, and the United Kingdom. Since chip technology is new to the United States, some merchants have not adopted the new chip-enhanced terminals. Your Baylands VISA® Debit Card will also have a magnetic stripe on the back for use at merchants that have not yet migrated to the new technology, and will allow you to continue making purchases domestically by swiping your card and signing a receipt.
How It Works
The process for completing a transaction using the card technology is different from the traditional swipe card, but is just as easy and convenient. Remember to leave your card in the terminal until the transaction is complete and you are prompted to remove the card. Removing it too soon will end the transaction and your purchase will not be processed. The transaction may take a little longer to process with a chip card, but the added security to your account will be well worth it.
1 INSERT CHIP CARD
3
2 AMOUNT OK?
Insert the chip portion of the card into the terminal with the chip facing up and leave the card in the terminal until the transaction is complete.
ENTER PIN OR SIGN
Keep your card in the teminal and follow the prompts on the terminal’s screen.
REMOVE CHIP CARD
Remove your card from the terminal when prompted and take your receipt.
Frequently Asked Questions Q. How can I get an EMV chip-enhanced Baylands VISA® debit card? A. Beginning early Fall 2016, VISA® debit cards issued by Baylands for new accounts will include EMV microchips. For existing cardholders, we will begin reissuing cards with the new chip-enhancement, and expect the process to take several months to complete. Q. Why has Baylands switched to EMV chip-enhanced debit cards? A. Chip card technology is already in use in other countries and is now coming to the United States. Replacing magnetic-stripe-only cards with new cards that enable both magnetic-stripe and chip-enhanced payments is one way we can simplify your purchase experience as technology continues to change. Upgrading the card will provide you with greater security for your transactions. Additionally, it will not only provide more convenience for Baylands members who travel internationally to other countries where chip cards are the standard, but will allow them to pay more easily for purchases. Q. What are the security benefits of the EMV-chip enhanced cards? A. EMV cards come with advanced security due to the chip technology that makes it extremely difficult for a fraudster to copy or counterfeit. Every time you use your card in a chip-enhanced terminal, the chip protects your information by creating a unique transaction code. This helps prevent stolen data from being used fraudulently. Just remember, this solution is great for in-store purchases, but “card not present” transactions such as over-the-phone or online are still vulnerable. The risk of fraud may never be totally eliminated, but your financial security is our top priority and we will always look for new technology that reduces the risk. Q. What information is stored on the chip? A. The chip stores information required to authenticate, authorize, and process transactions. The process the chip uses to complete the transaction makes the card more secure than traditional magnetic strip cards. Q. Will my current PIN (personal identification number) work with my new card? A. Yes – your current PIN will be valid for your new chip-enhanced Debit card. Q. What additional information may be requested to authenticate my transaction? A. Much like your current debit card, transactions processed as “credit” may require a signature while transactions processed as “debit” will require a PIN number for authentication. If you have forgotten your debit card PIN number, please contact the credit union for assistance. Q. Do I need a metal wallet to secure my EMV card? A. No. All of Baylands’ chip-enhanced VISA® debit cards are “contact only cards” and cannot be scanned from a distance. The metal card wallets advertised on TV are designed for “contactless” (RFID) cards. Q. Are there any additional fees associated with the new EMV chip-enhanced debit cards? A. No additional fees apply to new or naturally reissued Baylands VISA® EMV chip-enhanced debit cards. A nominal fee may be assessed for Replacement cards (ex/ card lost or damaged). A copy of the Fee Schedule is available and can be viewed on our website at www.baylandsfcu.org. Q. Will this change affect billers that charge my card regularly? A. It is best practice to periodically review any merchants or companies you have authorized to regularly submit charges to your debit card to ensure they have correct billing information and expiration dates for the card. Q. What should I do with my existing VISA® Debit Card? A. Once you activate your new card, the old card becomes invalid. As a security precaution, please destroy the old card.
Questions? Contact us at 804-843-2520
