• Personal Banking
  • Commercial Banking
  • Investment Services
  • Tools & Resources
  • Convenience Services
  • News
  • Rates

INTRODUCING CHIP CARDS

Enhanced Security for your Debit and Credit Cards          

The Savings Bank will soon offer debit cards with chip technology. The embedded computer chip provides more security and wider international acceptance.

A microchip embedded in the card adds a new layer of protection against fraud for purchases made at the point of sale. Information programmed into the chip is personalized for your account and each transaction generates a unique code, adding an extra safeguard against unauthorized use and counterfeiting.

These cards are already in wide use around the world and are now becoming the standard in the U.S.

Follow these steps to use your card at a chip-enabled terminal:

Start the payment process by ‘swiping’ your card, just as you do today. If the terminal is chip-enabled, you will be instructed to insert your card.

  • Insert your card, face up and chip end into the chip-enabled terminal.
  • Leave the card in the terminal during the entire transaction.
  • Follow the instructions on the screen and either sign your name or enter your PIN as needed. Be sure to remove your card and take your receipt when the transaction is complete.

If a merchant isn't using a new chip-enabled terminal yet

Your payment will process as it normally does from your initial ‘swipe’. Chip cards will continue to have the magnetic stripe on the back.

Online or phone purchases

Provide your card information as you have done in the past. Chip cards will not change the way payments are made online or by telephone.

At an ATM

The process is essentially the same as at a merchant. Insert your card, leave it in the ATM, and follow the prompts on the screen. Depending on the type of ATM, you might be prompted to re-insert your card. Leave the card in the ATM until the transaction is complete and the card is released, and then remove your card. A PIN is needed for ATM transactions.

When will the change happen?

Even though chip cards have started being issued in the U.S. and some merchants have already installed chip-enabled card terminals for payment, the entire conversion process is expected to take a few years to complete.

That's why chip cards will continue to have a magnetic stripe on the back. That way, if a merchant's terminal or an ATM is not yet chip-enabled, your transaction can still be processed using the magnetic stripe as it is today.

When will I get my chip card?

Your card will be replaced with a new chip card as your current card expires. Once your new card arrives, be sure to activate it for use and then destroy your old card. There is no need to request a new card. You'll automatically receive your new chip card in the mail before your card's expiration date. There is no extra charge for the new chip card.

If you are planning to travel internationally or have an immediate need for a chip card, please contact us at 800-246-2009.

How am I protected?

With Zero Liability–All cards that we issue come with certain liability protections against unauthorized transactions in the event a card is stolen, lost or fraudulently used in a store or online. It is very important that cardholders promptly report a lost or stolen card or any suspicious transactions. Remind them to check the applicable agreement for their account on liability and reporting requirements for unauthorized transactions.

Contact us for more information

Call us at 800-246-2009 or stop in if you have additional questions about chip cards, or if you are interested in opening an account.

Related Links

Chip Card FAQs
Online Banking
Deposit Rates
Investment Services
Mortgages

PrivacyDisclaimerAgent ConnectSite Map
The Savings Bank  357 Main Street St, Wakefield, MA, 01880    Phone: (800) 246-2009    Fax: (781) 224-5482
DIFEqual Housing LenderFDIC