Debit Card Customers have been Reissued EMV Chip Cards

emvcards-blog

All current Merchants Bank MasterCard Debit Cards have been reissued as EMV Chip MasterCard Debit Cards. Cards were mailed the last week of October and first week of November. You are encouraged to activate and use your new card(s) by the end of November. All existing (non-chip debit cards) will be deactivated as of December 1.

Why the change to chip technology? With this change, you’ll be able to take advantage of the security features of EMV chip technology, which can help prevent fraudulent transactions.

What is an EMV chip card?
The term “EMV” stands for Europay, MasterCard and Visa – the original developers of chip cards. These cards increase the security of in-person transactions by generating a one-time use code that can only be read by a register enabled to read chip cards. The code is created from the small chip on the front of your card and is hard to counterfeit, which prevents fraud.

Is paying with a chip card different from paying with my other cards?
Yes, making a payment with a chip card is slightly different than the card transactions you are used to. Instead of swiping your card at the register, you’ll simply follow these instructions:

Step 1: Insert the chip end of your card into the terminal with the chip facing up.

emvstep1

Step 2: Keep the card in the terminal during the transaction and follow the prompts on the screen.

emvstep2

Step 3: Take your card when prompted. It’s that easy!

emvstep3

Do all stores accept EMV chip cards?
Not yet, but the trend is growing. You can still make a purchase at a store that does not yet accept chip cards by simply swiping to pay.

What happens if I swipe my EMV chip card instead of inserting it into the register?
The terminal will display a message asking you to insert your card instead.

If I don’t have a Merchants Bank Debit Card, how can I request a debit card with chip technology?
Just send us an email to let us know you’re interested. If you’d like to learn more about EMV chip technology, contact the Customer Service Representative at your local Merchants Bank.

If you are a business and would like to accept EMV cards, contact our Credit Card department.

What You Need to Know: Same Day ACH

samedayach-blog

A new ruling by the association that governs electronic payments (NACHA) will require all financial institutions to accept and process certain transactions, called ACH (Automated Clearing House) payments, from businesses same-day. This service is also referred to as Same Day ACH.

While there are many components to Same Day ACH, let’s start with the basics.

What is Same Day ACH?
Same Day ACH is an optional payment method for businesses where payments sent “today” may be received and credited “today.” These payments:

  • Can be sent to any bank account in the United States, including personal accounts.
  • Cannot equal more than $25,000 per transaction.
  • Only include credits.

The Same Day ACH ruling was effective September 23, 2016.

How does Same Day ACH affect my business?
You may also notice Same Day ACH payments may be credited to your accounts more quickly, increasing your funds availability and cash flow opportunities. Plus, payments and payment-related information may flow more rapidly from bank to bank.

In addition to these benefits, Same Day ACH could also impact:

  • Your accounting system
  • Intra-day settlement
  • Trading partner agreements

It’s important to review and prepare these areas of your business for the upcoming Same Day ACH changes.

If your business would like more information on Same Day ACH, contact one of our Cash Management Specialists.

EMV Chip Debit Cards Coming Soon

emvcards-blog

All current Merchants Bank MasterCard Debit Cards will be replaced with an EMV Chip MasterCard Debit Card with an anticipated rollout of November. With this change, you’ll be able to take advantage of the security features of EMV chip technology, which can help prevent fraudulent transactions.

What is an EMV chip card?
The term “EMV” stands for Europay, MasterCard and Visa – the original developers of chip cards. These cards increase the security of in-person transactions by generating a one-time use code that can only be read by a register enabled to read chip cards. The code is created from the small chip on the front of your card and is hard to counterfeit, which prevents fraud.

Is paying with a chip card different from paying with my other cards?
Yes, making a payment with a chip card is slightly different than the card transactions you are used to. Instead of swiping your card at the register, you’ll simply follow these instructions:

Step 1: Insert the chip end of your card into the terminal with the chip facing up.

emvstep1

Step 2: Keep the card in the terminal during the transaction and follow the prompts on the screen.

emvstep2

Step 3: Take your card when prompted. It’s that easy!

emvstep3

Do all stores accept EMV chip cards?
Not yet, but the trend is growing. You can still make a purchase at a store that does not yet accept chip cards by simply swiping to pay.

What happens if I swipe my EMV chip card instead of inserting it into the register?
The terminal will display a message asking you to insert your card instead.

If I don’t have a Merchants Bank Debit Card, how can I request a debit card with chip technology?
Just send us an email to let us know you’re interested. If you’d like to learn more about EMV chip technology, contact the Customer Service Representative at your local Merchants Bank.

If you are a business and would like to accept EMV cards, contact our Credit Card department.