A Guide to EMV (Chip Cards)

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What you need to know about EMV (Chip Cards)

EMV or chip cards contain a computer chip that will make duplicating cards increasingly difficult. The chip actually sends a unique code for each transaction where the card is present for the transaction. This technology has been available for many years in Europe and the rest of the world. The technology has been slow to come to the US because we are the largest and most complex payment market in the world.

What is the October 1 deadline?

The October 1, 2015 deadline that is being discussed in the media was set by Visa and MasterCard for the date where credit card issuers and merchants should have EMV capable cards and merchant terminals. This deadline represents a shift in liability for fraudulent transactions to the party who does not have a EMV capability in instances where the card is present for a transaction. So for example, if a card has the chip and the merchant does not and the card is used fraudulently, then the merchant become liable for the transaction. In the past, the liability was always passed on to the card issuer. The card holder still has no liability for fraudulent transactions same as before the deadline.

How does paying with an EMV card work?

If you have an EMV card and you are paying at an EMV capable terminal, a big change will be that you leave your card in the terminal for the entire transaction. Once the transaction is complete, you will have to remember to remove your card.

What is your credit union’s plan?

We have two separate EMV projects going on. The first is for our new credit cards which we hope to make available to members before the end of the year. To learn more about our new credit cards, click here. The second project is for our debit cards. We are working with our processor on adding the EMV capability to our debit cards. For both card types, we will continue to print them in our offices. Once our debit card project is complete, all newly issued debit cards will have the EMV chip. Members will begin to receive EMV debit cards at renewal of their current debit cards.

EMV Highlights

  • All cards issued with EMV will also have the magnetic strip on the back of the card for the foreseeable future.
  • EMV only applies to transactions where the card is present so online transactions will not use the EMV technology.
  • Card holders continue to have no liability in the event of fraud with the only liability shift taking place between card issuers and merchants.
  • Only the largest retail merchants such as Target and Walmart have EMV enabled payment terminals. Most smaller merchants do not have the EMV terminals yet.

Our members report getting their payroll direct deposit early.

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“I’ve been a member for more than 15 years and I really enjoy getting my payroll check deposited into my account early.” – Irasema Padron

What this means to you?
If you have your direct deposit going to another financial institution, then you are likely waiting to receive your payroll direct deposit at least one day longer than if you had your direct deposit sent to a Gulf Coast Educators checking or savings account. You work hard for your money so why not get it sooner?

What you can do?
Contact your employer or benefit provider and let them know you want to change your direct deposit to your Gulf Coast Educators account. You will need your five or six digit member/account number and the credit union’s routing or ABA number which is 313087286.

If you would like to open a checking account to have your direct deposit sent to, give us a call at 281-487-9333 and we can assist you with that and send the documents for you to sign via e-mail.

 

Not signed up with Direct Deposit?

Not a problem. You can make the switch in no time at all with our Member Switch Kit. We try to make doing business with us as easy as possible. Click the button below to get started.

 

 

 

Direct Deposit Case Study

Clear Creek ISD Direct Deposits to GCEFCU in 2015

Direct Deposit Date CCISD Pay Date Days ahead
08/03/15 08/05/15 2
07/16/15 07/20/15 4
07/02/15 07/05/15 3
06/17/15 06/20/15 3
06/03/15 06/05/15 2
05/18/15 05/20/15 2
05/01/15 05/05/15 4
04/16/15 04/20/15 4
04/02/15 04/05/15 3
03/18/15 03/20/15 2
03/03/15 03/05/15 2
02/19/15 02/20/15 1
02/03/15 02/05/15 2
01/15/15 01/20/15 5
12/31/14 01/05/15 5

Average number of days direct deposit is received before actual pay date for CCISD: 2.93

Alvin ISD Direct Deposits to GCEFCU in 2015

Alvin ISD Pay Date Direct Deposit Date Days ahead
8/17/2015 8/13/2015 4
7/31/2015 7/29/2015 2
7/16/2015 7/14/2015 2
6/30/2015 6/29/2015 1
6/16/2015 6/12/2015 4
6/1/2015 5/28/2015 4
5/15/2015 5/13/2015 2
5/1/2015 4/29/2015 2
4/16/2015 4/14/2015 2
4/1/2015 3/30/2015 2
3/16/2015 3/12/2015 4
3/2/2015 2/26/2015 4
2/16/2015 2/12/2015 4
2/2/2015 1/29/2015 4
1/16/2015 1/15/2015 1

 

Average number of days direct deposit is received before actual pay date for AISD: 2.80

Pearland ISD Direct Deposits to GCEFCU in 2015

Pearland ISD Pay Date Direct Deposit Date Days ahead
09/15/15 09/14/15 1
08/31/15 08/27/15 4
08/15/15 08/13/15 2
07/31/15 07/30/15 1
07/15/15 07/14/15 1
06/30/15 06/29/15 1
06/15/15 06/12/15 3
05/31/15 05/28/15 3
05/15/15 05/14/15 1
04/30/15 04/29/15 1
04/15/15 04/14/15 1
03/31/15 03/30/15 1
03/15/15 03/11/15 4
02/28/15 02/27/15 1
02/15/15 02/12/15 3
01/31/15 01/30/15 1
01/15/15 01/15/15 0

Average number of days direct deposit is received before actual pay date for PISD: 1.71

Based on actual member account data. Actual results per employer will vary and the credit union can’t guarantee early arrival of direct deposits.

Welcome to Apple Pay

Your GCEFCU debit card has been added to Apple Pay™

Now, whether you are paying in a store or within apps, you can pay with just a touch of your finger on your supported Apple® device.

How to Pay
To pay, just hold your iPhone® 6 near the contactless reader with your finger on Touch ID. You don’t even have to look at the screen to know your payment information was successfully sent. A subtle vibration and beep let you know. In apps, tap the “Buy with Apple Pay” button, verify your information, and then place your finger on Touch ID to complete the purchase.

Where to Pay
You can pay anywhere Apple Pay contactless payments are accepted. You can also make purchases within participating apps on iPhone 6, iPad AirTM 2 and iPad miniTM 3 with more stores and apps to come.

icon_paywave_applepay

Look for one of these symbols at checkout.

Sincerely,

Gulf Coast Educators Federal Credit Union

Apple, the Apple logo, iPhone and iPad are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Pay and Touch ID are trademarks of Apple Inc.

HSA Administration for School Districts

Health Savings Account (HSA) Administration for School Districts

Gulf Coast Educators Federal Credit Union offers members of the credit union HSAs in response to the increase in popularity of High Deductible Health Plans (HDHP) offered by school districts in our service area (TRS Active Care). Our Health Savings Accounts have some distinct advantages to our members:

  • The ability to make additional deposits in person, by mail or online, including same day deposits
  • No monthly service charges
  • Instantly issued Visa debit card
  • Earns dividends
  • Local, trusted employees to support HSA holders

In addition to saving school district employees money with our HSA offering, we offer our HSAs to school districts in Texas to offer to their employees with qualifying HDHPs free of account fees. The credit union will administer a school district HSA program at no charge to the district. Our offer includes:

  • No per user charge to district
  • No set up fee
  • No prefunding accounts like Flex Spending Accounts
  • District can send pre-tax or post-tax funds via direct deposit or payroll deduction
  • HSAs can be opened electronically or on site
  • Co-branded debit card
  • Presentations on benefits of Health Savings Accounts to district employees

If your school district would like more information on our HSA Administration Program, please fill out the contact form below and we will contact you shortly.

HSA Administration Request

Request more information about our HSA Administration Program

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