cashinout wrote:I thought it was law now that all banks had to update their cards with the chips by Sept 2014 or end of Sept. At least thats what CITI told me when i called. but who knows they might have until next year to do it but its the way that banks are moving.
It is not a law, and you got the date wrong.
It is called liability shift and it happens on Oct 2015. Starting at 10/2015, when a credit card fraud occurs the one that doesn't support EMV is the one that is liable for the fraud amount. So if a card issuer didn't issue you a chip card, they are responsible for the fraud. Or if a merchant process the transaction as swipe, they will be hold accountable to it.
The only exception to this liability shift is gas pump, where their liability shift happen on Oct 2017.
Issuers and merchants can still refuse to adopt EMV after liability shift, but they are taking a risk of becoming liable to credit card fraud.
In theory, most card issuers and major retailers should adopt EMV by then, as fraud is a big cost of them.