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ATMs Dispense Another EMV Deadline for Credit Unions

EMV card migration is top of mind with many credit unions, but theres another migration deadline they might be overlooking.

By Tina Orem | Updated on June 05, 2015

Credit unions across the country are working hard to migrate their credit and debit cards to EMV in time for the October 2015 liability shift, but that deadline isn’t the only one they have to worry about. Next up is the mass EMV migration for ATMs – and MasterCard’s October 2016 liability shift means credit unions are gearing up for another set of hurdles.

Currently, card issuers generally bear the cost of fraud associated with counterfeit cards at ATMs. But after the ATM liability shift, the party that does not support EMV bears the loss. For credit unions that own their ATMs, that means possibly paying for fraud if their ATMs can only read magnetic stripes, even if a member uses a first-generation EMV card that has a chip and a magnetic stripe.

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Tina Orem

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