As many of you already know, financial institutions have begun issuing a new type of Debit Card. These new Debit Cards include a chip, which adds an extra layer of security to each Debit Card transaction.
Oak Bank is currently issuing the Chip Debit Cards, or EMV Cards, for all new accounts, and whenever an existing Debit Cards expires. Beginning January 1, 2016, Oak Bank will begin a mass re-issue of all its existing Debit Cards, to replace them with the new EMV Cards. Please be on the look-out for your new Oak Bank Debit Card, with the EMV technology, during January, 2016.
Once you receive your card, call the number on the card to activate it.
To use your card, insert it into a chip-enabled terminal at the merchant, with the chip first, facing up. LEAVE THE CARD IN THE TERMINAL UNTIL THE TRANSACTION IS COMPLETE. You may be instructed to sign your name. If the merchant is not equipped with a chip-enabled terminal, you may swipe your card the traditional way.
The chip in these cards will generate a unique, one-time code each time you use your card at a chip-enabled terminal. The chip in your card is virtually impossible to duplicate, which means that attempts by a thief to create and use counterfeit cards will be much harder.
While these new EMV cards will provide much greater security at point-of-sale terminals, all online and phone transactions will not be affected by this new technology. Therefore, it is still extremely important to keep track of your card, and to regularly check your account for any fraudulent transactions. Notify the Bank immediately if you notice any suspicious activity.
The re-issue only affects Debit Cards, not ATM only cards. All ATM cards will continue to be used the traditional way at ATM terminals. If you have any questions about this technology, or about your card when you receive it, please do not hesitate to call or email Customer Service, at email@example.com.