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A new CU Times survey completed in conjunction with the Tampa, Fla.-based Card Services for Credit Unions provided detailed new insights into how credit unions have fared with the EMV transition.

The survey, conducted in October and November 2015, found almost eight in 10 credit unions (78%) missed the notorious and highly anticipated Oct. 1 liability shift deadline, suggesting that the date marks the beginning rather than the end of a years-long national switch to chip-based credit and debit cards. Almost half (46.4%) of the 220 credit unions that completed the survey said although they weren’t ready on Oct. 1, they are close to finishing their EMV transitions.

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Tina Orem

 

Credit Union Times

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