The New Bank Of America Debit Card – Bank of America announced today that starting this week it will include chip technology on all new and reissued consumer and small business debit cards. Bank of America already includes chips in most of its credit card programs and is the first major U.S. bank to add chip technology to debit cards. There is a bank. (Graph: Business Wire)
CHARLOTTE, N.C.–( BUSINESS WIRE )– Bank of America today announced that starting this week all new and reissued consumer and small business debit cards will include chip technology. Bank of America already includes chips in most of its credit card programs and is the first major U.S. bank to add chip technology to debit cards. There is a bank.
The New Bank Of America Debit Card
Cards with chip technology, also known as EMV cards (Europay, MasterCard, Visa), are embedded with a microprocessor chip that encrypts the transaction information. Each time a chip card is used, the transaction data changes, making it more difficult to copy or counterfeit the card.
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Many countries outside the US have already adopted EMV chip technology, and it is expected to become the security standard for card payments in the US as merchants begin adding chip terminals later this year coming.
“Chip technology is an important tool for improving card security and we want our customers to have the best possible experience when using their payment cards,” said TT Cole, executive of retail and subscription products at Bank of America. . “The new chip debit cards will improve the security of customers’ transactions when traveling abroad and at home as more U.S. merchants adopt chip technology.”
At merchant locations that accept chip transactions, customers will insert the card into a chip terminal and enter a PIN or signature. The cards include a traditional magnetic stripe, so customers will be able to swipe their cards the same way they do today if the merchant hasn’t converted to the new technology. The new cards also work at ATMs as before.
From October, debit cards issued to new customers will automatically include chip technology. Existing customers will receive chip cards when their existing debit cards expire or are replaced for any other reason.
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Bank of America has been adding chips to its consumer, corporate and business credit cards in the US since 2012.
Cole added: “We will continue to be a leader in protecting our customers’ cards and in preventing and detecting fraud. “We are on track to convert our card portfolio to EMV and expect to convert the majority by the end of the year coming”.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small businesses, mid-market companies and large corporations with a full range of banking, investment, asset management and other products and services financial and risk management products and services. The company provides unmatched convenience in the U.S., serving nearly 49 million consumer and small business relationships with nearly 5,000 retail banking offices and nearly 16,000 ATMs and award-winning online banking with 30 million users assets and more than 15 million mobiles. user Bank of America is one of the world’s leading wealth management companies and a global leader in corporate and investment banking and trades in a wide range of asset classes serving corporations, governments, institutions and individuals in all the world. Bank of America provides industry-leading support to nearly 3 million small business owners through a suite of innovative and easy-to-use online products and services. The company serves customers through operations in more than 40 countries. Shares of Bank of America Corporation (NYSE: BAC ) are traded on the New York Stock Exchange. The United States is the first to make the switch to all plastic credit and debit card products. Bank based; It will help reduce more than 235 tons of single-use plastic
CHARLOTTE, North Carolina, April 21, 2022 // – Bank of America announced today that it will transition all plastic credit and debit card products to at least 80% recycled plastic from of 2023. The company is the first US-based bank. Make this commitment across your entire debit and credit card portfolio, taking into account your focus on reducing single-use plastics in your supply chain. This will help reduce the environmental impact of plastic on cards issued by Bank of America and support the company’s efforts to drive sustainable, low-carbon solutions.
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Escalant’s market study (April 2022) found that more than 72% of consumer and small business customers are interested in environmental sustainability and more than 69% favor having a recycled plastic debit/credit card.
“Switching to a recycled card product is another step toward a more sustainable solution that will help promote a circular economy,” said Mary Hines Drosch, head of Consumer Products and Small Business at Bank of America. “We are committed to integrating sustainability into our business.”
Bank of America issues 54 million business and consumer cards annually and estimates that this effort will help reduce more than 235 tons of single-use plastic, according to its annual card issuance. The company also anticipates that switching to recycled plastic for its credit and debit card portfolio will reduce greenhouse gas emissions, energy and water consumption.
“Bank of America offers a digital debit card that customers can create immediately when they open an account or when they need to switch cards,” said Robin Groley, Bank of America’s executive of consumer deposits and payments. Consumer Deposit Products and Payments Executive. “The digital card further helps our customers reduce their reliance on plastic.”
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A Story of Bank of America’s Sustainable Leadership Bank of America set its first goal to reduce greenhouse gas emissions from its operations in 2005, and in 2019 the company achieved its goal of carbon neutrality, a year ahead of schedule. Last year, Bank of America set a goal of net zero by 2050 in its financial activities, operations and supply chain. Earlier this month, the company announced its goals to reduce emissions associated with financial activities related to three key sectors: automotive manufacturing, energy and power generation.
In April 2021, the company also announced a $1 trillion goal by 2030 to mobilize capital to accelerate climate change, as part of its $1.5 trillion sustainable financing commitment to give support for the Sustainable Development Goals of the United Nations. Since 2007, Bank of America has raised more than $350 billion for corporate climate and environmental activities.
More details about this initiative will be shared in early 2023, when the company will complete a lifecycle assessment of its ISO-compliant plastic credit and debit cards.
Cautionary Information and Forward-Looking Statements This press release contains information and statements of opinion relating to environmental, social and governance (ESG), in each case that may include metrics, goals, objectives, commitments and sustainability strategy . This information and any statements made in connection with it are not guarantees or promises that any metrics, goals, targets or commitments will be met, and current and current goals, targets, commitments, estimates, assumptions, standards and development methods are based on the available data. in , which continue to evolve and develop. The information contained in this press release is as of the reference date, is subject to change without notice and should be considered indicative and for illustrative purposes only. This information may also include the use of non-financial metrics and/or other information that is subject to significant measurement uncertainties, including methodology, data collection and verification, various estimates and assumptions, and/or underlying data. which cannot be independently verified.
Debit Card Security Features
In addition, certain statements contained in this press release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act, including statements about future financial performance and business and ESG-related information, which are forward-looking statements. may develop with Words such as “estimate”, “estimate”, “believe”, “expect”, “attempt”, “plan” and similar expressions are used to identify forward-looking statements. Forward-looking statements reflect management’s current expectations, plans or forecasts, are not guarantees of future results or performance, involve certain known and unknown risks, uncertainties and assumptions that are difficult to predict and are often beyond Bank of America Corporation and are inherently uncertain. . Actual results and outcomes may differ materially from those expressed or implied by the forward-looking statements. You should not place undue reliance on any forward-looking statements and should consider the uncertainties and risks discussed in Bank of America Corporation’s 2021 Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission . Bank of America Corporation undertakes no obligation to update or revise any forward-looking statements.
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At Bank of America, we are driven by a common purpose to help improve financial lives through the power of every connection. We are doing this through responsible development with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help grow the global economy, build trust and credibility and represent a company people want to work for, invest in and do business with. This is reflected in the inclusive and supportive workplace we create for our employees,
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