I was perplexed to get a new debit card in the mail from State Employees Credit Union (co-ops rock) the other day. My first thought was that my account must have somehow been compromised but then I saw that the numbers on the new card were the same as the old card.
Hmm. Then I looked at the paper insert that came with the card, which explained the whole deal. There’s nothing wrong with my old card, necessarily, but SECU is rolling out debit cards embedded with chips (or EMV) proactively. The plan is an expensive one to SECU but the savings from fraud prevention will help offset it. SECU becomes the second largest financial institution in the country to move their cards to the chip technology.
I’ve been a happy SECU member since 1992 and I’m happy to see that my credit union continues to lead the way.