Credit unions still weary from the Oct. 1, 2015 EMV card liability shift will need to recuperate quickly, because another EMV deadline is sneaking up on them.
This time, it's a liability shift at ATMs taking place on Oct. 1, 2016. After that date, MasterCard will no longer bear the cost of fraud at ATMs that aren't EMV-compliant. That means credit unions and other financial institutions may need to change their ATM hardware and/or software – and they only have about eight months to do it.
"You're going to have a ton of ATMs that will not be upgraded come Oct. 1," Dolphin Debit EVP and Co-Founder Gary Walston told CU Times.
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