Frequently Asked Questions - EMV

EMV Cards

General

Q: Why does my Founders card now have a chip?
A: We began issuing chip-enabled credit cards several years ago. All Founders Visa Debit Cards will be equipped with EMV technology in Spring 2016. If you currently have a Founders Visa Debit Card in good standing without a chip, you will be receiving a new card soon.

Q: Where can I use my chip-enabled card in the U.S.?
A: Since your card has a magnetic stripe and an embedded chip, you can use your card anywhere in the U.S. that accepts Visa. You will notice a growing number of retailers and ATMs accepting chip-enabled cards.

Q: Do I still need to sign the back of my card?
A: Yes, you need to sign the back of your card for security purposes.

Q: Can I still use my old card?
A: No. Your new embedded chip card replaces your old card. To properly dispose of your old card, you should shred it or cut it up.

Q: How do I pay at a card reader that is not chip-enabled?
A: Your card will also have a magnetic stripe on the back, so you can still swipe your card at a traditional card reader — just as you would today.

Q: How does a chip-enabled card work for Internet and telephone transactions?
A: Your Internet and telephone transactions will work just as they do today.

Q: What about recurring payments on my old card?
A: Just like anytime you get a new card, notify the merchants that charge your card, give them your card number, expiration date and the 3-digit security code.

Q: Can Founders cards with chip be loaded to a digital wallet (e.g. Apple Pay, Visa Checkout, Google Wallet, etc.)?
A: You may load your Founders EMV Credit or Debit Card to any digital wallet that accepts Visa cards for payment.

Security

Q: How does the chip make my card more secure?
A: The chip alone does not make your card more secure. A chip transaction adds another layer of security to cards by requiring the chip to produce a single-use code to validate the transaction — further protecting your card from unauthorized use. This process makes your chip card information more difficult to steal and therefore makes your chip card more difficult to counterfeit.

Q: How else does Founders protect my card information?
A: Founders is committed to your security and continues to provide you with Fraud Alerts and 24/7 Fraud Monitoring. This means you are protected against unauthorized purchases and notified of suspicious activity.

Q: What information is stored on the chip?
A: The chip stores information needed to complete your purchase, such as card number and expiration date.

Q: What should I do if I see suspicious activity on my account?
A. Call the number on the back of your card to report any suspicious activity on your account.

Q. What should I do if my card gets lost or stolen?
A. Call the number on the back of your card to report any suspicious activity on your account.

Using Your Chip Card

Q: Where can I use my chip-enabled card?
A: Founders EMV Chip Credit or Debit Cards can be used anywhere in the world Visa is accepted. We also offer a chip enabled Global Prepaid Card for international travel.

Q. Can my cash advance PIN be used to make purchases?
A: The card will mainly be authorized with a signature. If asked for a PIN, it will be the PIN used at an ATM.

Q: Can I still use my chip-enabled card at an ATM?
A: Yes, your chip-enabled Founders Debit and Credit Cards can be used at ATMs. All Founders ATMs will require processing your ATM transaction with a chip - just like you would in a merchant environment. When you use your chip-enabled card at a Founders ATM or any other chip-enabled ATM, you may notice a few minor differences in the manner in which your transaction is processed at our ATMs.

Q. When will I receive my chip-enabled card? Do I need to apply for one?
A: All of our credit cards have been replaced with chip-enabled cards. In Spring 2016, we will begin issuing chip-enabled Debit Cards. If you are an existing Founders Debit cardholder in good standing, there is no need to request a new Debit Card. You will be notified by mail regarding your new Founders EMV Debit Card.

Q: How do I pay at a chip card reader?
A: Instead of swiping the card at the merchant card reader, you’ll insert it into the slot in the front of the chip card reader. Leave the card in the chip card reader until your purchase is complete. If a signature is required, just sign, and always remember to take your card when you’re done.