Will Chip-Equipped ATM Cards Be Easier to Lose?

The short answer? Probably.

Well just wait till your bank sends you one of the new, smart-chip-equipped ATM cards that are being rolled out across the nation. Then you might do as I recently did. I “dipped” my new Citibank card in the ATM. (That’s the quick in-and-out.) The machine told me to insert the card and leave it. I did. I entered my password, ordered up some cash, grabbed the greenbacks and started to leave.

I was almost out the door when I noticed an insistent beeping from the ATM. It was a reminder to take my card.

I expect similar scenarios will play out all over the United States over the next few years. The banking industry expects it, too.

The requirement to leave the card in the ATM for the entire transaction will definitely take some getting used to.

Overview by Alex Johnson, Sr. Analyst, Credit Advisory Service at Mercator Advisory Group

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