Needham Bank Introduces EMV Chip-Enabled Debit Cards

Needham Bank, with nine offices in MetroWest, announced today that the bank is replacing all of its customers’ current NB Debit cards with a new debit card containing an EMV chip. EMV, also known as smart card technology, is an acronym for Europay, MasterCard, and Visa and was created to provide card users with added security through a microchip embedded in the card.

“EMV chip cards improve security for our customers against fraud during transactions when compared to the former magnetic stripe cards, as the use of a PIN and cryptographic algorithms provide card authentication to the processing terminal and to the card issuer's host system,” offered Needham Bank CEO Mark Whalen. “The unique code that is generated during a transaction protects the consumers’ card information and cannot be replicated, unlike the risk of forgery with traditional magnetic stripe cards.”

“In this instance, we are certainly not first to market a debit card with an EMV chip, but the safety and security of all of our customers is of paramount concern which is why we have followed this important industry trend. In addition to a more secure debit card, Needham Bank checking account customers may still take advantage of our global ATM reimbursement feature in which they can use any ATM anywhere in the world and we will automatically reimburse any ATM fees incurred to their NB Checking Account. This has been a fantastic feature for our customers and something we are pleased to offer,” commented Whalen.

It is anticipated that all 10,000+ Needham Bank debit cardholders will have their new cards by the start of summer, and all new customers can obtain the new EMV Chip Cards at their local branch during account opening with Needham Bank’s instant issue service. 

Click here for more information about EMV technology.

About Needham Bank
Needham Bank, headquartered at 1063 Great Plain Ave. in Needham, MA, is the quintessential community bank, serving Boston and its neighboring communities continuously since 1892. Needham Bank represents the evolution of community banking™, offering the latest financial products and technologies, while maintaining an unwavering commitment to the communities served. For more information please visit NeedhamBank.com. Needham Bank is a member of FDIC and SIF..