EMV Debit Cards
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EMV Debit Cards
As it is with any new technology, there are lots of questions. So, to get you ready, here are answers to the five most common questions we're hearing.
- What is EMV (Chipped Cards)
EMV stands for "Europay, Mastercard, Visa." These are the companies that worked together to build the new standards for how these cards would operate. The cards work by inserting a microchip to authorize the transaction, instead of swiping the magnetic stripe.
- Why is the chip better?
On a normal debit or credit card, your personal information and the card information is stored unsecured on the magnetic strip. That data is available to anyone who can scan your card, intercept a payment, or breach a store's sales data. Chipped cards store your data securely, use encryption to run a transaction, and don't leave your personal data in a store's sales records.
- When will I get a chipped debit card?
We will start issuing chipped debit cards to customers who cards expire January 2017 and will continue to send them to customers as their cards expire.
- Where can I use my new chipped debit card?
You can use your new debit card at any store that accepts chipped debit or credit cards.
- How do I use my the chipped debit card?
Instead of swiping your card, you will be asked to insert it into the card reader and leave it there for the duration of the transaction. Because of the new levels of security, it will probably take a few seconds to complete. You will be prompted to either enter your PIN or sign your name depending on the type of transaction. The terminal will alert you when the transaction is complete and you can remove your card.
If you have any other questions about these new cards or how they work, please contact the bank at 815-623-5243 or email us at CustomerService@GatewayCB.com