CHIP FAQ

1. What is a CHIP Debit Card?

A CHIP Debit Card includes an embedded microcomputer chip that stores information such as account number and personal identification number (PIN). Chip cards are being introduced by financial institutions across Canada as a way to reduce fraud. This cutting edge technology will assist Columbia Valley Credit Union in providing members with superior security.

2. Why are we moving to CHIP technology?

The arrival of the CHIP card, or 'smart' card has impacted all financial institutions across Canada. This cutting edge technology will assist financial organizations in providing members with superior security. CHIP Card technology offers extra protection for members against fraudulent activities. Duplication and skimming of debit cards are virtually impossible with CHIP technology. The CHIP card will be an enhancement to the portfolio of our financial services we already offer as we strive to create a member experience that is convenient, demonstrates expertise, and provides added value. For more information on the transition to CHIP technology, watch Interac's Video.

3. Are other credit unions and financial institutions moving to CHIP?

All Canadian financial institutions are making the move to CHIP technology. Magnetic stripe technology for ATMs will not be accepted after December 31, 2012. For retail Point of Sale (POS) terminals, magnetic strip technology will not be accepted after December 31, 2015.

4. When will I receive my new CHIP Card?

Members will start receiving their CHIP cards in the mail early in April 2012. The cards are also equipped with a magnetic stripe on the back to ensure that they can be used at retailers and ATMs that have yet to switch to CHIP technology.

5. Will every member be receiving a new CHIP Card?

Most Members who currently have a MEMBER CARD® Debit Card will automatically receive a new CHIP MEMBER CARD® Debit Card. If you do not receive a new CHIP MEMBER CARD® Debit Card by the end of April please come into the branch and we'll issue you one.

6. Will my card number and PIN stay the same?

Your card & pin number will stay the same.

7. What if I enter the wrong PIN?

If you enter the wrong PIN three consecutive times, your PIN will be blocked until the following day for security reasons. Should you require that your PIN be re-set on the same-day, please visit Columbia Valley Credit Union during business hours.

8. Will I be able to change my PIN on my new CHIP card?

Yes - you will be able to change your CHIP Card PIN at any Columbia Valley Credit Union ATM or any ATM on the EXCHANGE® Network, which includes other credit unions and financial institutions.

Note that you can also use any ATMs on the EXCHANGE® Network surcharge-free. That means you will not pay any additional fees or surcharges. The EXCHANGE® Network offers a FREE EXCHANGE® ATM Locator app is available for iPhone, Android and Blackberry. Click here to download.

9. Will I need to do anything different when transacting at a Point of Sale terminal?

Watch Interac's short demo-video to view a CHIP Card transaction.

10. Will I be able to use my CHIP card outside of the Canada?

Yes. Canadian CHIP cards will work in countries that utilize chip technology. You will still be able to use your CHIP Debit Card in countries that have not yet migrated to CHIP technology, as your card will contain both a CHIP and magnetic stripe.

11. I'll be out of the country early in 2012 so unable to receive my new Debit Card via mail. Will my current Debit Card stop working?

Not immediately. Current Debit cards will be deactivated in mid 2012. Please visit the branch to obtain a new CHIP card prior to leaving for your trip.

12. There have been some stories in the media indicating that fraudsters can steal card data from contactless enabled credit and debit cards using a small computer device positioned near the wallet/card. Is this true?

CHIP Card is not a contactless technology (CHIP Debit Cards need to be inserted into a terminal for the transaction to process) and therefore, not susceptible to Electronic Pick-Pocketing.

 

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