Bank5 Connect Visa® Debit Card
Below are some Frequently Asked Questions about the Bank5 Connect Visa® Debit Card.
Q: What are chip-enabled cards?
A: Chip-enabled cards are embedded with computer chips and tethered to technology that’s used to authenticate chip-card transactions.
Cards equipped with computer chips are intended to replace cards with magnetic stripes on the back of them. Cards with magnetic stripes contain data that doesn’t change from one transaction to another. That makes these cards easy targets for crooks, who use stolen card data to create counterfeit cards.
But each time a chip card is used for payment in a chip reader, the card’s chip creates a unique transaction code that cannot be used again, so if a thief creates a fake card based on stolen transaction information, the card will be denied because the information will be outdated.
Experts point out that this technology will not totally prevent fraud from occurring, but it will make it harder for criminals to benefit from stolen card information.
Q: Why are the cards changing?
A: The new cards use chip technology, intended to thwart counterfeit card fraud and security breaches. This technology has been in use in Europe for several years and is now being deployed in the United States.
Q: How do chip cards work?
A: Just like magnetic stripe cards, chip cards are processed for payment in two steps: card reading and transaction verification. But there is a distinct difference in how the cards are read. Rather than swipe in a particular direction like you do with a magnetic stripe card, the chip card calls for "card dipping," which means inserting the card into a terminal slot and waiting for it to process information.
Once the card is dipped, information flows between the card chip and the issuing financial institution to verify the card's legitimacy and create unique transaction data. This process will take a bit longer than a magnetic-stripe swipe, so the user will need to take a little more time to dip the card and allow the data to be transmitted. You'll then have to sign for the transaction or enter a personal identification number (PIN) for verification that the card belongs to you.
Q: What if the retailer doesn’t accept chip enabled cards?
A: If you want to use a chip card at a retailer that doesn't yet have the technology/equipment to support it, you may do so using the magnetic strip.
Q: When will I get my card?
A: Chip-enabled cards were sent to all existing Bank5 Connect debit card customers in late January. Once you receive your new card, please activate it and begin using it immediately.
Q: What is a Bank5 Connect debit card?
A: It's a card that gives you all the benefits of an ATM card, plus an added bonus: You can use it to make purchases anywhere Visa® is accepted. Just present your Bank5 Connect Visa® debit card, sign the receipt, and the purchase amount will be deducted from your checking account.
Q: How can my Bank5 Connect debit card help me with my banking needs?
A: Your Bank5 Connect debit card gives you 24-hour banking convenience. Simply use your card to make deposits or withdrawals, check your balances, or transfer funds between accounts at Bank5 Connect.
Q: Can I use my Bank5 Connect debit card for purchases without paying interest charges?
A: Yes. Since the money for your purchases comes directly from your checking account, there are no interest charges.
Q: How is my Bank5 Connect debit card different from a credit card?
A: Your Bank5 Connect debit card is not a credit card, so you don't pay finance charges. Each purchase amount is deducted from your checking account and the details are on your monthly statement.
Q: What other benefits will I enjoy?
A: Your Bank5 Connect debit card can get you out of checkout lines fast because you won't have to wait for check approvals. Every purchase will be listed on your monthly checking account statement, which can simplify your record keeping.
Q: Where can I make purchases?
A: Your Bank5 Connect debit card can be used to make purchases at millions of places that accept Visa® – including restaurants, department stores, doctors' offices, airlines and hotels, grocery stores, gas stations, and more.
Q: What is a Personal Identification Number (PIN)?
A: A PIN is the numeric code you enter to enable a transaction at an ATM or point-of-sale terminal. Safeguard your PIN by memorizing it and not disclosing it to anyone. Do not write your PIN number on a piece of paper in your wallet where you carry your card.
Q: When I make a purchase, do I have to give the merchant personal information regarding my PIN or checking account balance?
A: No. You do not need to divulge any personal banking information such as your PIN or checking account balance and they cannot be accessed by merchants.
Q: Is the BankFive debit card safe?
A: Absolutely! Use your Bank5 Connect debit card to pay for purchases and shop with confidence knowing that Bank5 Connect protects your account and Visa®'s Zero Liability protection covers you for unauthorized purchases on signature transactions. And carrying your card is much safer than carrying a lot of cash or checks.
Q: How do I keep track of my purchases?
A: All transactions made with your Bank5 Connect debit card are listed on your monthly account statement. Each transaction shows the merchant name, the date of the purchase and the amount spent – so the more you use your card for everyday purchases, the easier it can be to track expenses and manage your budget. Log into Bank5 Connect Online Banking to monitor your activity.
Q: How long does it take for purchases to be posted to my account?
A: The vast majority of purchases made at retail locations will post to your account within a day or two. Other transactions done for car rentals, hotel reservations and pay-at-the pump transactions may not post for several days. Use Bank5 Connect Online Banking to monitor your account. It's fast and easy!
Q: What happens when I need to return merchandise?
A: It's the same as returning merchandise purchased with a credit card or check. Be sure to save your receipt in case you need to return an item. Returns are made directly with the merchant. The merchant will refund the purchase amount.
Q: What do I do if I find an erroneous charge on my account?
A: Contact the merchant directly to resolve the discrepancy. All participating merchants in the Visa® network are bound by rules and regulations as it applies to consumer inquiries and investigations. If you are unable to resolve the issue directly with the merchant, we will need to know the steps you have taken to resolve the issue before we can intercept on your behalf with Visa®.
Q: Why would I want to do a PIN transaction?
A: If you find that you need some cash it's easy to get "cash back" at the point-of-sale. It's quick and easy and you don't need to waste time locating an ATM. At the point-of-sale terminal, just swipe your card, select "debit" on the PIN pad and enter your 4-digit PIN. You will be prompted for “cash back”. Select the cash back amount. The merchant will give you a receipt and the cash.
Q: Can I get cash back with my purchases?
A: Yes, this is a convenient way to withdraw cash from your checking account when shopping, with no need to make a special trip to the ATM. Simply inquire if you can get cash back before the cashier calculates your purchase total. Merchants will be happy to honor your request where the service is available. A PIN is required to get cash back.
Q: Can I use my Bank5 Connect Visa® debit card to set up automatic bill payments?
A: Yes. From Internet and phone charges to health club dues and insurance premiums, more and more service providers are offering the convenience of automatic bill payments using your Bank5 Connect Visa® debit card. It ensures that your recurring bills are paid on time without the hassles of writing checks every month. And there are no interest charges since your payments are automatically deducted from your checking account. The preauthorized amount can be fixed, like a magazine subscription, or it can fluctuate, like your utility bills - it depends on the terms you set with the service provider. To set up automatic bill payments, simply contact providers that send you bills on a regular basis and ask if they can bill your Bank5 Connect Visa® debit card instead.
Q: What number do I call to activate my new ATM card?
A: Call 1-800-472-3272 to activate your new ATM card.
Q: What should I do if my Bank5 Connect Visa® debit card becomes lost or stolen?
A: Call 1-855-55BANK5 to report a lost or stolen card during business hours. To report a lost or stolen card after business hours, call 1-800-472-3272, choose your language, and then press 2.