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Frequently asked questions - Chip card technology
> What is a chip card?
> What is the benefit of having a chip card?
> Why do I need a chip card?
> How will I know if my card has a chip?
> When will Teachers Mutual Bank be issuing chip cards?
> What will be different about the way I use a chip card?
> Will my PIN change or can I request a new PIN?
> Will my chip card operate in an ATM?
> Does having a chip card change the way I use my card overseas?
> What if I want a chip card issued before my current card is due for renewal?
> Why do chip cards still have a magnetic stripe?
A chip card contains a microchip that securely stores the same card details as a magnetic stripe on a card eg your card number, card name and the card expiry date.
A chip card offers more security than a card with a magnetic stripe. The chip makes it more difficult to fraudulently copy card details.
Chip technology is becoming the global standard for card security. In Asia and Europe it has already been in use for a few years and has proven to be most effective in fraud prevention.
When you receive your new card, the card carrier will state if it is a chip card. You will also see a small gold shaped square on the top left hand side of your card – this is the chip.
From July 2009 onwards, all new, renewal and replacement Teachers Credit Cards will be issued with chips and for Visa debit cards from August 2009 onwards.
|To support chip processing in Australia, EFTPOS terminals are progressively being updated. Therefore when using your card, you might not notice any difference yet or at some merchants, particularly overseas your card will be inserted into the EFTPOS terminal (see below) and will remain in the terminal for the entire transaction. You will still be required to enter your PIN or sign the transaction slip.
Unless you are being issued with a new card, your existing PIN remains the same. If you have forgotten your PIN, PIN change facilities are available at all offices and Mobile office and Business Centre events once suitable identification has been provided.
Yes, there is no change to this.
In countries that have fully migrated to chip and PIN technology, you may not be able to complete your transaction without your PIN. If you do not know your PIN and are travelling overseas we strongly recommend you request a new card and PIN prior to leaving. A card replacement fee will apply. Please call us to arrange this.
We will be happy to issue you with a new card and PIN however, a card replacement fee will apply. Please call us to arrange this.
Until such time that all terminals in Australia and overseas are upgraded to chip technology, you still need a magnetic stripe. This will be gradually phased out over time.