New EMV chip-based cards coming soon to American 1
Ensuring the security of our member’s information and finances is a priority for American 1 Credit Union. That’s why we have been in the process of upgrading our credit and debit cards to the new chip-based EMV card. Many other financial institutions have also begun to upgrade their cards and that has created a bottleneck in the changeover process. American 1 is forging ahead to ensure that members can receive EMV cards in a timely fashion.
While there are many media reports about an “EMV deadline” in reality, October 1, was simply a shift in who is responsible for fraud reimbursement. American 1 has and will continue to ensure the burden of liability does not fall onto members. Our members are the first priority.
American 1 wants to ensure members that our debit and credit cards will continue to work at any retailer that accepts Visa and Mastercard. Card usage for members will not be interrupted and will function normally – despite any media reports stating otherwise. Even when we begin to phase-in the EMV chip-based cards, our current cards will continue to function as members have come to expect.
- A survey in September from CreditCard.com found that only 40% of credit cardholders have received a chip card.
- Another study from card transaction processor, Fiserv, found that only 19% of debit cardholders currently have EMV cards.
- Only about one-quarter (26%) of national and regional merchants – stores and restaurants with multiple locations – have started to accept chip cards.
While EMV cards will make transactions more secure (learn why and how the process works) it will take time to replace current technology. American 1 Credit Union is committed to protecting our members and ensuring the use of their credit or debit card is convenient throughout the entire process of upgrading to EMV chip-based cards.
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