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#2236049 - 05/01/20 04:09 PM CHIP & Contactless Cards - Disclosures?
Lele Offline
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Lele
Joined: Feb 2007
Posts: 806
In the Sun
We are just starting to offer CHIP Cards and Contactless cards. Would we have to specify that the card is a CHIP/Contactless card in the EFT Disclosure for this? It is still a Debit card and will replace our current debit card.
TIA
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eBanking / Technology
#2236050 - 05/01/20 04:13 PM Re: CHIP & Contactless Cards - Disclosures? [Re: Lele]
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 73,292
Galveston, TX
I doubt it. Do you currently say they have to swipe the card for a POS transaction? What they do at the terminal is not required to be disclosed under Regulation E.
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#2236052 - 05/01/20 04:33 PM Re: CHIP & Contactless Cards - Disclosures? [Re: Lele]
BrianC Online
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BrianC
Joined: Nov 2004
Posts: 5,350
Illinois
Agree with Randy. This is not a new product, just another access device issued for accessing an existing product. They're debit card transactions regardless of how the card accesses the account.
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