EastWest Bank to deactivate non-EMV debit cards starting Dec. 4

EastWesdt Bank will deactivate non-EMV debit cards (left) on Dec. 4, 2017. Customers are advised to claim their free EMV and payWave-equipped replacement cards (right) before Dec. 4 to avoid any inconvenience. Photo courtesy of EastWest Bank

EastWest Bank is deactivating all its non-EMV, magnetic stripe-only debit cards at 11:59 p.m. on December 4, 2017. 

Once a non-EMV card is deactivated, customers can no longer use the cards at automated teller machines (ATMs), point-of-sale (POS) terminals, and for online transaction, the bank said in a statement on Monday.

“We are deactivating all magstripe-only debit cards for our customers’ own protection.   Debit cards with EMV chips are safer to use as they provide layers of security protection against skimming and transaction fraud,” said EastWest SEVP & Retail Banking Head Gerardo Susmerano.

To avoid any rush and inconvenience, customers who still using magstripe-only EastWest debit cards are encouraged to visit the branch where their respective accounts were opened well ahead of the deactivation date to claim the free EastWest Debit Card with EMV-chip technology and payWave.

Those with payroll accounts are advised to coordinate directly with their company’s HR department.

An EMV card is embedded with a microprocessor chip that creates a unique transaction code for each payment that cannot be used again in succeeding transactions.

Named after developers Europay, MasterCard, and Visa, EMV chip technology is now the globally accepted industry standard for card payments. In contrast, the magnetic stripe on a traditional card contains fixed information, which can be accessed and used by fraudsters to make unauthorized purchases.
 
EastWest debit cards with EMV and payWave have enhanced security features against fraud and identity theft and secure contactless technology for greater convenience and global acceptance, the bank said.

It began issuing EMV debit cards in May 2015. The bank’s 580 ATMs nationwide are EMV-ready. Starting this year, EastWest replaced around 300,000 debt cards issued before 2015. — VDS, GMA News