Many MMCCU debit cardholders are due to receive new debit cards within the next week, as their original cards are set to expire at the end of August. If your card reads 8/20, this means that your card will be valid for use through August 2020. At the start of September, you will need to switch cards.
“The reason debit cards expire and need to be renewed every two years is for fraud prevention,” explained Carol Kulibert, Operations Manager. “The expiration date acts as just one more item a consumer must present in order to prove they are the owner of the card. It is not enough to just know the card number, they must also know the name on the card, expiration date, and the CVV number.”
She added that with the rapid advancement of technology, card readers and debit cards need to keep pace.
“Renewing your card every two years allows the issuer to provide a more secure and up-to-date card,” she said.
When the card expires, the only numbers that will change are the expiration date and the CVV number on the back of the card. The 16-digit number on the new debit card will remain the same. The Pin will also remain the same.
3 THINGS TO DO WHEN YOU GET A NEW DEBIT CARD
- Activate your new card. (instructions are included with the new card)
- Dispose of your expired debit card (make sure new card works before shredding or cutting up into small pieces)
- Update accounts associated with your debit card (monthly bills, paypal, amazon, digital wallet, etc)
If you have any questions regarding your debit card, please reach out to MMCCU at 715-387-8686.