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.
Is a chip card different than a smart card or EMV card?
No, you may hear chip cards referred to as “smart cards” or “EMV(tm) cards” – they are all different ways of referring to the same type of card. Similarly, an EMV terminal is the same as a chip-enabled terminal.
When can I expect to receive a new debit or credit card with chip technology?
If you don’t have a debit or credit card with chip technology today, you’ll receive one when your old card expires or needs to be reissued. Until then, use your standard card with the magnetic stripe. ParkeBank will begin to issue Chip cards in early 2016, your account number will NOT change.
Why does my debit or credit 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.