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EastWest Bank To Deactivate Non-EMV Debit Cards On December 4, 2017

Team OrangeBy Updated:74 Comments2 Mins Read

EastWest Bank is set to deactivate all its non-EMV, magnetic stripe-only (magstripe) debit cards at 11:59 PM of December 4, 2017.

Upon deactivation, customers can no longer use these cards at automated teller machines (ATMs), point-of-sale (POS) terminals, and online merchants.

To avoid the rush and inconvenience, customers who are still using magstripe-only EastWest Debit Cards are encouraged to visit their store of account well ahead of the deactivation date to claim their free EastWest Debit Card with EMV and payWave.  Those with payroll accounts are advised to coordinate directly with their company’s HR Department.

“We are deactivating all magstripe-only debit cards for our customers’ own protection.   Debit cards with EMV chips are safer to use as they provide layers of security protection against skimming and transaction fraud,” said EastWest SEVP & Retail Banking Head Gerardo Susmerano.

An EMV card, also known as a chip card, contains a microprocessor chip that creates a unique transaction code for each payment that cannot be used again for succeeding transactions. Named after its developers Europay, MasterCard, and Visa, EMV chip technology is now the globally accepted industry standard for card payments.  In contrast, the magnetic stripe on a traditional card contains fixed information, which when accessed by fraudsters, can be used to make unauthorized purchases.

EastWest Debit Cards with EMV and payWave have enhanced security features to protect against fraud and identity theft and secure contactless technology for greater convenience and global acceptance.

For more information on the deactivation, visit www.eastwestbanker.com or call EastWest’s 24-hour Customer Service at (02) 888-1700.

EastWest began issuing debit cards with EMV as early as May 2015.  The bank’s 580 ATMs nationwide are EMV-ready.  It also embarked on a re-carding program this year to provide free replacement debit cards with EMV & payWave to around 300,000 customers who opened accounts prior to May 2015 and were issued magstripe-only debit cards.

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