The Bank of America EMV chip card transition has begun. On September 30, 2014, Bank of America announced that they would start distributing EMV chip cards to customers in October 2014, a full year before the October 2015 mandated EMV transition. Bank of America plans to issue EMV cards to new customers and replace existing customers’ magnetic stripe cards with chip cards.
The Bank of America EMV chip card launch marks the first major issuer of the new chip cards. Bank of America’s EMV chip card distribution is an outstanding goal of the corporation, and the banking behemoth plans to have most of their magnetic stripe credit and debit cards switched to chip cards by the end of 2015. Unlike the old magnetic stripe cards that store and send static cardholder data, the new chip cards add dynamic data to each transaction, creating protection for card data.
The 2015 change will bring a ‘liability shift’ to the U.S., meaning that merchants will now be responsible for all fraud that results from transactions made on any non-EMV systems. Businesses will need to purchase new, EMV-capable terminals, and customers should switch to chip cards in order to keep themselves safe from fraud.
With the chip card transition deadline quickly approaching, Frontline Processing is here to help you save time, save money, and eliminate fraud today with EMV.
Call our customer support at 1-866-651-3068 to get your free EMV credit card terminal today!
For more information on the EMV transition, read about our EMV Credit Card Processing services or our EMV Guide.
At Frontline Processing, on average, we save our merchants 12% or more on their credit card processing fees! 1-866-651-3068