Use your Deerwood Bank chip-enabled debit card to withdraw cash from thousands of ATMs nationwide or to make purchases wherever MasterCard® is accepted. The funds are automatically deducted from your account so there is no bill to be paid at the end of the month.
Why do debit cards now include a chip?
Chip card technology is soon becoming the security standard in the U.S. and many merchants are beginning to accept chip cards. They provide greater security when making purchases at chip-enabled terminals since the chip provides better protection against counterfeit fraud.
What is a chip card or EMV card?
A chip card is a standard size plastic debit or credit card that contains an embedded microchip as well as a traditional magnetic stripe. The chip encrypts information to help increase data security when making transactions at terminals or ATMs that are chip-enabled.
Are chip cards secure?
Yes. Chip technology has been around for over two decades and is already the security standard in many countries around the world. When purchases are made using the chip feature at chip-enabled terminals, the transaction is 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.
Will chip cards prevent all fraud from happening?
No. As the industry continues to develop new ways to protect consumers, perpetrators continue to look for new ways to commit fraud. Chip cards provide an additional layer of security at chip-enabled terminals, on top of the fraud prevention monitoring we currently provide.
Where can I use my chip card or EMV card?
More terminals and ATMs are becoming chip-enabled throughout the U.S. You'll also enjoy greater acceptance when traveling. Chip technology is common in over 130 countries around the world, including Canada, Mexico and the United Kingdom. Your chip card will still work at terminals and ATMs where only magnetic stripe transactions are accepted.
Do the same benefits come with my chip card that I had with my prior card?
Yes. You'll continue to enjoy the same benefits with your chip card as you do today with your debit card.
How does a chip debit card work?
If a retailer has a chip-enabled terminal, simply insert your chip card face up in 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 will be prompted to enter your PIN or to provide a signature as you normally would to verify the transaction. Your card is available to be removed from the terminal once the transaction is completed.
If the retailer is not equipped to read the chip card, just swipe as you do today. For transactions made over the phone or online, nothing changes.
Are there any situations where I could experience issues using my chip debit card?
When traveling outside the U.S., some card readers at unattended terminals (such as public transportation kiosks, gas pumps) will require a PIN. In these situations, enter your debit card PIN. Some international self-service terminals do not accept U.S. issued debit cards and may display a message such as "Transaction Canceled." In these cases, please locate an attended terminal to complete your transaction, or plan for an alternative payment method, such as local currency.
Are there any situations where my chip debit card may not work when inserted into the chip terminal?
Yes, during this transition, you may encounter the following situations:
The chip terminal is installed, but not turned on. Some merchants are not yet allowing any chip cards to be inserted. This will occur frequently in the short-term while terminals are becoming chip-enabled. If you insert your chip debit card and nothing happens, please swipe your card to complete your transaction.
The chip terminal is turned on for chip credit cards only. Some merchants are only allowing chip credit cards to be inserted and plan to allow chip debit cards at a later date. If you insert your chip debit card and nothing happens, please swipe your card and complete your transaction. This does not mean there is anything wrong with your chip card.
When can I expect to receive a debit card with chip technology?
If you do not have a debit card with chip technology today, you will receive one when your old card expires or needs to be reissued. Until then, use your standard card with the magnetic stripe.