The next major step for merchants and card issuers in the move from magstripe to chip technology is looming: The liability shift deadline for ATMs and self-service fuel dispensers.
The liability shift deadline for ATM transactions made with MasterCard branded credit and debit cards is Oct. 1, 2016; Visa's deadline is Oct. 1, 2017.
Experts said as credit unions continue to migrate their magstripe plastic to chip cards, they should not neglect the impending deadline for making ATMs EMV ready. They must also prepare to educate members on the new ATM technology and emphasize chip card benefits.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
