Capital Credit Union and EMV

Capital Credit Union and EMV

There is a new transaction security feature called EMV being added to credit and debit cards. EMV utilizes a computer chip to authentic transactions rather than the magnetic stripe.

Capital Credit Union’s plan to replace current cards with the EMV card feature is as follows:

  • Visa credit cards: New credit cards containing the EMV feature are anticipated to be issued to all cardholders later this year.
  • Visa debit cards: New debit cards containing the EMV feature are anticipated to begin to be issued later this year. They will be issued upon the expiration date of your current card. As such, if your expiration date is June 1, 2017, for example, you would receive your EMV card around that time.

Please be aware:

  • All merchants that accept Visa debit or credit cards must accept all Visa cards whether or not it has the EMV feature.
  • Even though a credit or debit card does not have the EMV feature, you still have the same fraud liability with or without EMV.
  • The EMV feature is meant to replace the magnetic stripe. However, because there is slow adoption of EMV in the marketplace, most EMV debit and credit cards that are issued in the United States still contain the magnetic stripe.
  • The EMV feature is most effective when making a purchase onsite at a merchant using their EMV reader to process your card.
  • Online purchases are generally not made through an EMV reader and, therefore, typically do not provide the additional level of protection that EMV provides.
  • Having an EMV chip does not mean it will be free from fraud. Even with EMV, cards will still be vulnerable to merchant data breaches.

If you have any questions, please call us 701.255.0042 or toll free at 1.800.735.6922.