How will this affect credit card customers?
Starting in mid 2008, all new and existing ATB Financial MasterCard customers will receive a new Chip credit card when their new card is issued or when their current credit card expires. In the meantime customers do not need to do anything. Customers will receive a personal identification number (PIN) to use with the card around the same time that their card is delivered. Right now, most people do not have a PIN for their credit card since it is only required for cash advance transactions at ABMs. However, with a Chip credit card, a PIN is required for each transaction at Chip terminals.

Will this change how I complete a transaction?
Presently, a merchant swipes the card and the customer provides a signature, which is compared to the signature on the card for identity verification. With Chip, rather than handing the card to a sales clerk to swipe, the cardholder will insert the Chip card into the device and enter their PIN, which will replace their signature. The Chip card must remain in the Chip-enabled terminal to complete the transaction. Once the transaction has been approved the cardholder will remove their card from the terminal.

With Chip-enabled credit cards, customers will never lose sight of their card when making a purchase. Even though keeping your card within your control throughout the transaction will increase security, the current magnetic strip transaction remains a highly secure process.

Will new cards still work in old terminals?
The rollout of Chip cards and terminals will occur over a period of years. Each financial institution has a different schedule to migrate to Chip. For a period of time, existing magnetic stripe technology will still be present in the marketplace. During this period, all Chip and non-Chip cards and terminals will continue to function together to complete a secure transaction.