Chip Technology makes an already secure card even safer! The new Mastercard® Chip Technology keeps your purchases private while offering the flexibility of a magnetic strip, making purchasing easy from wherever you are.
With the excitement of this big change we know you have some questions, and we’d like to help answer them!
Q: How is this card more secure?
A: The new debit cards feature Mastercard® Chip Technology, which generates a separate code for each purchase you make. This individualized code makes it nearly impossible for potential criminals to gain your information through in-store purchases.
Q: Does this change anything with my accounts?
A: This card will act as a replacement for any debit cards you currently have with us. Your previous card will be deactivated approximately 30 days after you receive your new card. If you have any reoccurring bills set-up using auto-pay, your payments should continue, but still touch base with your vendors to ensure a smooth transition.
Q: What do I do with my old debit card(s)?
A: After you have activated your new chip card shred or cut your old debit card into pieces and then dispose of responsibly, OR bring your old card to Putnam Bank and we will dispose of it for you!
Q: Can I use this card for purchases if it is only associated with a savings account?
A: If you card is attached to a savings account only, and not a checking account, then it will act as your ATM card, and continue to be limited for cash withdrawal purposes.
Q: Where can I use my card?
A: The United States has begun adapting chip technology across the country, but many businesses don’t yet have the processing equipment. If businesses are still using traditional card processors you may also use the magnetic strip on the back of your card to pay for purchases. Chip technology is now accepted in over 80 countries, so wherever you’re going your card can go with you!
Enjoy the security of your new Putnam Bank debit card with added Mastercard® Chip Technology! If you have additional questions stop by or call 1-800-377-4424 today!
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