DoverPhila Federal Credit Union Adopting Chip Cards

Starting early 2016, DoverPhila Federal Credit Union will be adopting EMV “chip” cards. An EMV card, which stands for Europay, MasterCard, and Visa, is a standard-size plastic debit or credit card that contains an embedded microchip, as well as the traditional magnetic stripe. The chip in the card protects in-store payments from fraud by generating a unique, one-time code that is needed for each transaction to be approved. Because it is virtually impossible to replicate this type of technology, you receive a greater security and peace of mind when making transactions at a chip-enabled terminal.

If you do not have a chip card – don’t fret – credit/debit card machines and ATMs accept both chip cards and cards with magnetic stripes. If you have a chip card, you will start inserting your card into the enabled terminals when making a purchase.  If your card does not have a chip, you will continue to swipe your card at point of purchase.

Here are some quick facts about the EMV Cards:

  • Other terms for an EMV Card are “chip cards” and “smart cards.”
  • They are used in over 130 countries around the world.
  • They still work at terminals where only magnetic stripe transactions are accepted.
  • It is a very secure method of payment.
  • The chip card technology is not a locator system. The technology is strictly limited to supporting the authentication of card data during a purchase.

If you have any questions about the new chip cards, please contact DoverPhila Federal Credit Union at 330-364-8874.