EastWest sets Dec. 4 deadline for magstripe cards
Customers have a little over a month left to get their replacement cards.
EastWest Bank gave its clients until Dec. 4 to run to their bank branches to get their new debit cards carrying the microchip technology, or else face the inconvenience of having their current magnetic strip cards deactivated.
In a statement, the bank owned by Filinvest Corp. said all non-EMV cards will be deactivated by 11:59 p.m. of Dec. 4, 2017.
“Upon deactivation, customers can no longer use these cards at automated teller machines (ATMs), point-of-sale (POS) terminals, and online merchants,” EastWest said, noting that the replacement cards will be free of charge.
“Debit cards with EMV chips are safer to use as they provide layers of security protection against skimming and transaction fraud,” EastWest Senior Executive Vice President & Retail Banking Head Gerardo Susmerano.
The microchip cards carry “enhanced security features” and even the technology for contactless payments.