EMV Debit Chip Card
YOUR CARD HAS A NEW DESIGN!
Hatboro Federal is excited to announce your ATM/Debit Card is getting upgraded to a more secure, MasterCard® Debit Chip Card! Your new chip card should arrive to you in the mail within the next few weeks.
Using your new chip card in a chip-enabled terminal creates unique data for that transaction, providing an extra layer of protection for your account. Your new chip card brings this additional security at no cost to you.
Protecting your accounts is our top priority at Hatboro Federal Savings. Your new debit card with the embedded chip provides the highest level of security currently available, and is the new standard in the U.S.
As you await your new chip card in the mail, we have composed some frequently asked questions about this new technology for your convenience. If you have any questions on chip cards or the security of your accounts, please contact us at 215-675-4000.
FREQUENTLY ASKED QUESTIONS
Why is Hatboro Federal switching to MasterCard?
MasterCard’s chip debit card program was reviewed and determined to be the best fit for our customers with keeping their security as a top priority.
When will I get my new card?
We will begin mailing chip cards within the next few weeks. If you currently have an ATM/Visa Debit Card open, you will receive a replacement debit chip card. Until then, continue to use your standard card with the magnetic stripe. Once your new card is activated, we will disable your old debit card.
Please activate your new card as soon as possible because we will be deactivating all the existing debit cards within two weeks of receiving your new card.
Why does the letter say “some merchants for recurring payments will be notified?”
Most merchants will receive the new card number automatically, however, we cannot guarantee they make the change on their end. We strongly encourage you to reach out to any merchants that you have provided your card number to in order to ensure the information they have is accurate.
Will there be any fees with the new card?
Just like your existing debit card, your new chip debit card is free with your approved qualified deposit account.
Will my spending limits change?
No changes were made to your daily spending limits for both point-of-sale (POS) transactions and ATM withdrawals. Please refer to the Cardholder Agreement and Disclosure included in your mailing for further information.
Will my chip card still work at an ATM?
Yes. You can continue to use your card as you do today by following the instructions at an ATM.
If I have an ATM card, why am I getting a Chip Debit Card now?
Technology continues to grow at a rapid rate. Your ATM card is built on older technologies that are no longer considered a best-in-class secure manner. Transactions with your new chip debit card are more secure because of a unique process that is used to determine if the card is authentic. This makes the card more difficult to counterfeit or copy.
What is a chip card?
A chip card is a standard-size plastic debit or credit card that contains an embedded microchip, as well as the traditional magnetic stripe. The chip protects in-store payments because it generates a unique, one-time code that is needed for each transaction to be approved. It is virtually impossible for fraudsters to replicate this feature in counterfeit cards, providing you greater security and peace of mind when making transactions at a chip-enabled terminal.
Why does my Hatboro Federal debit card now include a chip?
As chip technology will soon become the security standard in the U.S., many merchants are beginning to accept chip cards and we want you to be ready. You’ll have greater security when making purchases at a chip-enabled terminal since the chip provides better protection against counterfeit fraud. Chip technology is already used in over 130 countries around the world, including Canada, Mexico and the United Kingdom, so you’ll also enjoy greater acceptance when traveling internationally.
How does a chip card work?
It’s easy. If the retailer has a chip-enabled terminal, simply insert the chip end of your card face up into the terminal. The chip card will remain in the terminal while the transaction is processed. To authorize your transaction, just follow the prompts as you do today.
You’ll be prompted to enter your PIN or to provide a signature as you normally would to verify the transaction. You may not be asked for a PIN when travelling internationally. Your card will remain in the terminal until the transaction is completed.
If the retailer is not equipped to read the chip card, just swipe as you do today. However, if you swipe your chip card at a chip-enabled terminal, the terminal may prompt you to insert your chip card into the terminal. Transactions made over the phone or online will not change.
Are chip cards safer to use than magnetic stripe cards?
All of our cards are safe, and offer protection from unauthorized use of your card or account information. Chip technology offers another layer of security when used at a chip-reading terminal, because it generates a unique, one-time code that is needed for each transaction to be approved.
Can I use my chip card for all the same things as my old card?
Yes, you can still make purchases as you always have — by entering the card number online or swiping your card at merchant locations that do not yet have chip readers. You can also continue to use your card at ATMs.