Chase Bank has begun to issue debit cards with chip technology in Illinois which will be followed by a full national rollout. Chase now joins Bank of America and BMO Harris, two other large US financial institutions who have determined their debit EMV issuance strategies.
“Chase, which holds almost 25 percent of deposits in the Chicago area, said its rollout here will be followed nationally.
Other banks are slowly introducing chip cards. BMO Harris Bank, which holds 12 percent of deposits in the Chicago area, said it recently began issuing chip debit cards. Any new or replacement debit cards include chips, spokesman Patrick O’Herlihy said.
Bank of America, Chicago’s third-biggest bank by deposits, started adding the chips to its credit cards in 2012 and to consumer and small-business debit cards in October 2014. The chip cards are included on new accounts and to existing accounts when cards need to be replaced.”
Although this article, written for the general public, does not reveal how compliance with the Durbin Amendment is achieved, it certainly signals that banks are finding a solution they are willing to stand by and the EMV debit issuance has begun in earnest.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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