Bank of America Begins Rollout of Chip Debit Cards
September 30 2014 - 11:10AM
Business Wire
Bank of America is the First Major U.S. Bank to
Issue Chip on Consumer and Small Business Debit Cards
Bank of America today announced that beginning this week it will
include chip technology on all new and reissued consumer and small
business debit cards. Bank of America already includes chips on the
majority of its credit card programs and is the first major U.S.
bank to add the chip technology to debit cards.
Bank of America today announced that
beginning this week, it will include chip technology on all new and
reissued consumer and small business debit cards. Bank of America
already includes chips on the majority of its credit card programs
and is the first major U.S. bank to add the chip technology to
debit cards. (Graphic: Business Wire)
Cards with chip technology, which are also referred to as EMV
(Europay, MasterCard, Visa) cards, are embedded with a
microprocessor chip that encrypts transaction information. Each
time the chip card is used, the transaction data changes, making it
more difficult to copy or counterfeit the card.
Many countries outside the U.S. have already adopted EMV chip
technology and it is expected to become the security standard for
card payments in the U.S. as merchants begin adding chip-enabled
terminals over the next year.
“Chip technology is an important tool in increasing card
security, and we want our customers to have the best possible
experience when using their payment cards,” said Titi Cole, retail
products and underwriting executive for Bank of America. “The new
chip-enabled debit cards will improve security of customers’
transactions when traveling abroad and at home as more U.S.
merchants adopt chip technology.”
At merchant locations accepting chip transactions, customers
will insert the card into the chip-enabled terminal and enter the
PIN or signature. The cards include the traditional magnetic stripe
so customers will be able to swipe their cards just as they do
today if the merchant has not converted to the new technology. The
new cards also work at ATMs just as they did before.
Beginning in October, debit cards issued to new customers will
automatically include the chip technology. Existing customers will
receive chip cards when their existing debit cards are replaced
upon expiration or for any other reason.
Bank of America has been adding chips to its consumer,
commercial and corporate credit cards in the U.S. since 2012.
“We will continue to be a leader in the protection of our
customers’ cards and in the prevention and detection of fraud,”
added Cole. “We are on track to convert our card portfolio to EMV
and expect to have the majority converted by late next year."
Bank of AmericaBank of America is one of the world's leading
financial institutions, serving individual consumers, small
businesses, middle-market businesses and large corporations with a
full range of banking, investing, asset management and other
financial and risk management products and services. The company
provides unmatched convenience in the United States, serving
approximately 49 million consumer and small business relationships
with approximately 5,000 retail banking offices and approximately
16,000 ATMs and award-winning online banking with 30 million active
users and more than 15 million mobile users. Bank of America is
among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business owners through a suite of innovative, easy-to-use
online products and services. The company serves clients through
operations in more than 40 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, visit the Bank of America
newsroom.
www.bankofamerica.com
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140930005292/en/
Reporters May Contact:Betty Riess, Bank of America,
1.415.913.4416betty.riess@bankofamerica.com
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