VOL. 130 | NO. 184 | Tuesday, September 22, 2015
First Tennessee Introducing Chip-Enabled Cards Next Month
By Andy Meek
Following up on its promise in 2014 to introduce chip cards this year, First Tennessee Bank said Tuesday, Sept. 22, it plans to roll out a more secure kind of plastic for customers starting next month.
The biggest bank based in Tennessee is starting the rollout of so-called EMV (Europay, MasterCard, Visa) chip cards in October with credit cards, followed by debit cards in January and later prepaid cards. The launch comes at no cost to customers, whose existing magnetic stripe cards will be replaced with EMV cards as they expire or when the customer needs a replacement.
The cards' privacy value is that they're more difficult to counterfeit when used at chip-enabled terminals. The chip technology also has become a worldwide standard for card security. Customers use them by inserting them into a card reader and keeping them there until the transaction is completed, unlike the quick swipe motion they're more used to now.
While many national retailers already have installed the new card terminals, the new cards will have a magnetic stripe so customers can still swipe their cards if an EMV-enabled terminal isn't present.
Dave Miller, head of consumer banking at First Tennessee, said the technology offers "an extra layer of protection for customer data."