Chip-enabled debit cards contain a small microprocessor chip embedded in the card plastic. Cards with this “Europay, MasterCard and Visa” (or EMV) security standard are already widely in use outside of the U.S. This technology adds an extra layer of security to fight against point-of-sale transaction fraud resulting from card theft, skimming or counterfeiting.
The chip contains information about your account and the card expiration date. Each time you use your chip debit card in a chip-enabled terminal or ATM, it generates a code that is unique to that transaction, making it much harder to counterfeit your card or to use it fraudulently for in-store purchases.
The use of chip card technology is becoming more widespread in the U.S. Many merchants are installing chip-enabled card terminals and accepting transactions. But the large-scale process of moving from magnetic stripe to chip cards is expected to take several years. That’s why the new 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 stripe as it is today.
As your existing card expires, a new chip-enabled card will be sent to you. Or visit any of our banking centers or call 816-245-4225 to get your new chip-enabled debit card.
It’s important to note that when you receive a new chip debit card, a new card number will be issued. This means that any automatic payments (like bills or monthly subscriptions) that you’ve established will need to be updated with your new card number.
All debit cards that First Federal issues come with zero liability protection so you are not held liable for unauthorized transactions if a card is stolen, lost or fraudulently used at a merchant or online. As always, it’s important to promptly report a lost or stolen card or any suspicious transactions by calling (833) 305-5910. See the applicable agreement for your account on liability and reporting requirements for authorized transaction.
When used at merchants with chip-enabled card terminals, the process is a bit different, but easy:
For merchants without chip-enabled terminals, you’ll swipe your card through the terminal just as you do today.
Yes. For ATM transactions, insert your card into the terminal and follow the instructions 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. Then remove your card and any money you might have withdrawn.
You may be asked to provide your signature or enter your PIN to complete a transaction when you use your card. You’ll need to use your PIN at ATMs and it may be required at some unattended terminals, such as fuel pumps and payment kiosks.
As always, it’s important to report a lost or stolen card or any suspicious transactions immediately by calling (833) 305-5910. Keep a record of the phone number on the back of your card and call if necessary.
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.