Why are we moving from rediCARD to Visa?

Why are we moving from rediCARD to Visa?

In April 2015, we commenced the conversion of rediCARDs to a Visa Debit card.

- If you ONLY had a rediCARD on your account, you received a Visa Debit card when the rediCARD expired, or was lost, stolen or damaged.

- If you had BOTH a rediCARD and a Visa Debit card on your account, you did not receive a replacement rediCARD when it expired, or was lost, stolen or damaged.

We have completed this process for the majority of members who had a rediCARD, and now only a small number still have a rediCARD as their only card. The retention of systems and material to service such volumes is not ideal, and so we are completing the conversion of rediCARDs so that we can remove all need to manage the rediCARD product.

This also means that we have more resources to continue to improve our products and services in other ways, including the benefits we can deliver via the Visa Debit card.

Why are Teachers Mutual Bank moving from rediCARD to Visa?

Visa Debit provides you with everything that rediCARD does plus more.

A Visa Debit card enables you to use your own money to make purchases online, overseas, over the phone and with a merchant wherever Visa is accepted. The same card also gives you access to Australian and international ATMs where the Visa PLUS logo is displayed.

There is also the Visa payWave contactless method of payment. It is a simple, secure and quick payment method for transactions up to $100. Plus, contactless payment technology is becoming more prevalent across the financial industry, and this change will ensure you’re able to access the latest products and services.

Will I receive a new PIN and do I need to activate my new card?

Yes. If you have your rediCARD replaced, you’ll receive a new PIN for your new Visa Debit card, which will be different to the PIN on your current rediCARD. You will receive information at the same time about how you can change the PIN to a number you prefer.

You will also need to activate your Visa Debit card before you start using it. The letter accompanying your new card will include instructions on how to do this.

Can I choose to keep my rediCARD until it expires?

No, there is no option for you to retain a rediCARD past 31st December 2017.

Can I get a new Visa Debit Card before December?

Yes. If you would like to receive your new Visa Debit card sooner, please call us on 13 12 21 and we will arrange for it to be sent out to you.

What if I’ve lost my Visa Debit Card or forgotten my PIN?

If you have lost your existing Visa Debit Card, simply call us on 13 12 21 to arrange for a replacement card to be sent to you. You will then be issued with a new PIN for the card.If you have forgotten the PIN on your Visa Debit Card, you can get a new PIN in a branch or at a mobile office. If that is not convenient, please call us as soon as possible to arrange for a replacement card and PIN to be sent to you.

I don’t want a card with payWave. Can the Visa debit card be issued without that functionality?

No, this option isn’t available. You can still choose to use your card in the way you’re most comfortable with – whether by payWave, or PIN.

Your personal information is of paramount importance to us. Only minimal account information is stored on a Visa payWave card.

Plus, you are protected by Visa’s Zero Liability policy when you do the following:

  •  select the Visa Debit Credit option and enter PIN
  •  make payWave transactions
  •  do online transactions
  •  conduct phone transactions
  •  make overseas and/or domestic transactions and select the credit option.

Visa's Zero Liability policy covers Australian and New Zealand-issued cards but does not apply to ATM transactions, transactions not processed by Visa or certain commercial card transactions.

Plus the security features of Visa payWave enabled cards include:

  • Ultrashort read range – generally less than 4cm
  • Your Visa payWave card has its own unique built-in secret key which is used to generate a unique code for every Visa payWave transaction
  • Every Visa payWave transaction is authorised securely
  • The power and global reach of the VisaNet system to help prevent fraudulent transactions (VisaNet is the global payment system, including security and technology which operates the Visa network)

Even for transactions not covered by Visa Zero Liability, there is protection against unauthorised or fraudulent activity on your account under the ePayments Code (monitored by the Australian Securities and Investments Commission).

Remember to notify Teachers Mutual Bank promptly of any unauthorised Visa use, and review your monthly statement and report any fraudulent activity as soon as possible, as there is a reasonable time period as to when you can make a claim on fraudulent activity that has taken place.