Use the link below to make a loan payment with a card. To pay from a bank account, please register for digital banking.
EMV Chip Cards
You may have heard about EMV or chip-enhanced cards in the news, or received a letter about it from us. These cards are an emerging technology meant to better protect our members. You will start to see EMV payment terminals at more and more stores and restaurants in the coming months. The reason behind the change in your card is simple. Magnetic stripe cards do not provide cardholders with the same level of security as EMV cards.
The most prevalent form of card fraud occurs from card present transactions, or purchases that are made in a store using a duplicated copy of your card. EMV cards cut down on this specific type of card fraud. When a transaction is completed with an EMV card at an EMV payment terminal, a unique code is generated and used for that transaction. Centra is upgrading your card so you can be more protected at the stores who do have EMV payment terminals, and also to shift the responsibility for fraudulent purchases to the stores who don’t have EMV payment terminals. The reason this card has both a magnetic stripe and a chip is because many stores have not yet upgraded to the new technology.
Currently, the financial institutions that issue your credit and debit cards bear the costs for fraudulent transactions. Those expenses are not paid by Visa, MasterCard, or the merchants. Regulations about that recently changed. As a result, in October 2015, there will be a “Liability Shift” for some transactions that will make most merchants responsible for fraudulent charges if they fail to protect their customers with EMV payment terminals. By utilizing EMV technology, the responsibility for fraudulent purchases will shift to the merchants who do not adopt EMV technology. This card upgrade better protects both you and your Credit Union, allowing us to use our resources on products and services that benefit members, not on fraud losses.
Still have questions? Visit our Contact Us page to send us a message or call us at 800-232-3642.