Chip Debit Cards

toro-fcu-credit-cardToro Credit Union now offers debit cards with EMV chip technology for all members. Chip debit cards are already in wide use around the world and are quickly becoming the standard in the United States. Chip cards still have a magnetic stripe on the back, so they can be used at both chip-enabled payment terminals and traditional card readers.

Benefits of chip debit cards:

  • Enhanced security
  • Wider international acceptance
  • Fraud reduction

An EMV microchip embedded in the card adds an extra layer of protection against fraud for purchases and ATM transactions. The chip automatically encrypts all personal and transaction information tied to your card. Each transaction generates a unique code, adding an extra safeguard against unauthorized use and counterfeiting.

How to Use Chip Debit Cards

Chip debit cards can be used just like traditional debit cards. If the payment terminal has a chip card reader, you will insert your card rather than swipe it. At terminals that are not chip-enabled, you will be able to swipe your card as normal.

  1. Insert your debit card face up and feed it into the chip card reader chip end first.
  2. Leave the card in the reader during the transaction and follow the instructions on the screen. You will enter your PIN as usual.
  3. Remove your card when the transaction is complete.

Chip debit cards will not change the way you perform ATM transactions or make payments online.

FAQs About Chip Debit Cards

When will Toro Credit Union issue chip debit cards?
Your current debit card will be replaced with a new chip card prior to the end of 2017. We will automatically mail your new card to your current address—no action needed from you. Once your new card arrives, activate it for use and then destroy your old card. There is no charge for the new card.

What does EMV mean?
EMV stands for Europay, MasterCard, and Visa. It refers to the fraud-reducing technology contained in the microchip that is embedded in chip cards. The microchip encrypts information to increase security for transactions made at point-of-purchase terminals or ATMs. EMV cards have both an embedded microchip and a traditional magnetic stripe.

Why chip technology now?
Chip technology was first developed in 1993 and has since been implemented by more than 80 countries worldwide. This global acceptance, in addition to the increase of card-related fraud, has created a new sense of urgency for EMV to be widely adopted in the U.S.

Do chip cards look different?
Chip cards are the same size and thickness as a standard debit card. However, they have a small metal chip embedded in the card that is used to securely communicate to the chip-enabled merchant terminal or ATM during a transaction.

Will magnetic stripes be replaced by the EMV chip?
No, all chip cards are still required to have magnetic stripes because not all merchants have chip-enabled card readers. Eventually all merchants will adopt this technology. At that time, magnetic stripes will be gradually phased out.

What should I do if I lose my debit card?
Contact us immediately upon loss or theft of your debit card at 1-800-383-8000.