COLORADO SPRINGS, Colo.–CO-OP Financial Services will waive millions of dollars worth of EMV implementation and setup fees to help customers move to chip cards, the organization announced today after its annual shareholder meeting.
CO-OP will waive its $6,000 implementation fee for all in-house credit and debit processing credit unions, CO-OP executive vice president of markets and strategy Caroline Willard (pictured) said.
It will also waive its EMV plastics implementation fee and up to two BIN implementation fees for credit unions using CO-OP's generic card program.
Credit unions could save as much as $15,000 per credit union depending on the program, according to CO-OP, which is still developing the details of its generic-card program.
The $9.1 million figure is capped and is based in part on the number of CO-OP clients and the percentage likely to use generic cards, Willard explained.
CO-OP is still determining the process for credit unions to sign up for the program, she added.
The move is a result of smaller credit unions saying they're daunted by the costs of migrating to EMV cards in time for the October liability shift, Willard said.
"This is a pretty big nut to crack, especially for smaller credit unions," she said.
"We didn't want cost to be the barrier to them having better security on their cards and getting some relief on the liability that they have been responsible for all these years."
"We feel this is the right thing to do. There's not some hidden catch," Willard added.
"It's something that will lift movement. Obviously, if card transactions are more secure, it's good for all of us."
CO-OP's shareholder meeting took place during its 2015 THiNK conference, held at The Broadmoor in Colorado Springs, Colo.
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