|(Photo by William Grotonik)|
Alas, it doesn't which is why I was so pleased to hear, via the New York Times, that two small credit unions--The State Employees Credit Union of North Carolina and the United Nations Federal Credit Union of New York--have started offering chip and pin cards. The first has implanted the technology into its debit cards and the second into its credit cards. When interviewed, an officer of the credit union in North Carolina stated they felt the move was important for their customers, particularly since they'd heard that Canada and Mexico would soon be moving to this new technology.
So why aren't the big banks offering these types of smarter cards to their clients? Its a question that the article tackles, and frankly, there doesn't seem to be any answer beyond inertia. Because fraud hasn't been as widespread in the United States; and because the banks have been concentrating on cards that can be simply waived in front of scanners (rather than swiped), nothing has been done to catch the US up to the rest of the world.
Several months ago, I heard a rumor that Mastercard would be introducing a chip-and-pin card. It was supposed to be on the market in December, but that deadline has obviously passed. Let's hope that rumor turns out to be true, and not much more time passes before we're able to easily access this new and better technology.
In the meantime, maybe we should all just switch to Credit Unions. Heck, their fees tend to be lower!