New Debit Cards are on the horizon with the added protection of Security Chips!

WVFSL has been talking a lot over the past year about creating the ideal banking experience for our customers.  We’ve worked hard to update our banking technology to be sure that our customers can Bank Easier. We’ve been encouraging our customers to make the most of our products and services so that we can help them to Bank Smarter.  Today we want to talk about something that is going to help you Bank Safer

In our blog today we are going to review some details about the new EMV Technology enhanced debit cards or Chip cards.  Wallkill Valley Federal Savings and Loan will be mailing out new debit cards to our customers soon and we want to be sure all your questions have been answered. 

First, let’s look at what EMV Technology is and how it works.
EMV technology uses embedded microchips in order to authenticate payments.  The technology is virtually impossible to duplicate making it an extra layer of protection from fraudulent activities.  Unlike magnetic strips, the chips issue a one-time unique code each time you utilize your card.

Key Points about the new EMV Technology or Chip Debit Cards

  • You do not need to do anything to receive your new card – Cards will be mailed automatically sometime during the month of July.
  • You do not need to change anything when you receive your new card – Your pin number will not change and you will not need to make any adjustments to automatic payments previously associated with your card.
  • The new cards will be MasterCard Debit Cards instead of Visa Debit Cards – The shift from MasterCard to Visa should in no way inhibit the way you use your card.  There are no major differences between a card with the Visa logo and a card with the MasterCard logo on them.
  • If a retail establishment does not yet have a chip reader, you can still use your new card – Your new card will have both the chip as well as the magnetic strip so that you can use them anywhere debit cards are accepted.
  • You can still use your card for online purchases – Nothing changes for making purchases online.  Your card works as it always has.

We hope that this helped to answer questions about our new cards.  We are happy that we are able to present this new technology so that you can Bank Safer.  If still have questions, please don’t hesitate to call.  We would be happy to answer them.