Chip-based debit card safer: says central bank
THE BANK of Thailand yesterday made it clear that the ATM and debit chip-based cards are safer than magnetic-stripe cards, which can continue to be used until December 31, 2019.
The move came after consumers yesterday attacked banks on Line chat over the chip cards. Starting on Monday, the central bank has required all new ATM and debit cards at all banks to be chip cards.
Customers can change their ATM swipe card for a new chip card at all bank branches by bringing in their passbook.
Siam Commercial Bank said yesterday that it will waive the Bt100 fee for issuing a new card for customers who want to change to the chip card until July 31.
After that, customers who want the new chip card, even though their existing card has not expired, will have to pay the Bt100 issuing fee.
Banks will steadily issue chip-based ATM/debit cards to existing magnetic-stripe card holders when their cards expire, the central bank said in its statement.
Customers whose cards have not yet expired but want to change to a chip card can contact their bank, but they might incur costs for changing, depending on their bank’s conditions.
Some banks may waive charges temporarily.
The chip cards can be used at ATMs from the same bank but some ATMs in the first phase might not handle chip cards from other banks.
The banks will inform customers when they are making a transaction at their ATMs.
Consumers can get details on chip cards and the conditions for card issuance from banks before making decisions or compare the fees of all banks at the central bank’s website at www.bot.or.th.
Consumers are requested to contact the call centres of all banks or call the Financial Consumer Protection Centre at 1213 if there is any confusion over the services of banks.
Commercial banks normally charge Bt100 for issuing a ATM/debit card and an annual fee of Bt200-Bt300, depending on the bank.
Debit cards have to be replaced every five years for safety reasons, unlike ATM cards, which carry no expiration date.
However, several banks have combined ATM functions in their debit cards so that the debit cards can be used at ATMs for making transactions or checking balances and at merchants for making purchases.
