Monthly Archives: January 2016
Over the past year, Bank of Tucson has provided over $20,000 in Community Reinvestment Act (CRA) donations to various organizations throughout Southern Arizona.
“Financial institutions have an obligation to reinvest in their community,” said Michael Hannley, President, Bank of Tucson. “Our focus is on giving back and providing financial assistance to organizations that support and service the lower-income communities in and around Tucson.”
One of the recipients of Bank of Tucson’s CRA donation was the Ha:San Preparatory School.
This past November, Erin Chico, VP Lockbox, presented the Ha:San School with a $2,500 CRA donation on behalf of Bank of Tucson. During her visit, Erin had an opportunity to tour the school and meet with two of the school’s honor students, Gabrielle Gary and Aiden Wyaco, along with the school’s Director of Finance and Operations, Jacob Pawson, and Academic Curriculum Coach, James Merino.
Jacob explained that many of the students travel many miles to attend school and that the school proudly boasts a 90 percent graduation rate! Lots of the school’s activities are funded through students’ fund raising efforts, such as organized car washes and providing parking space for those attending the University of Arizona football and basketball games. The school’s proximity to the UofA allows students to operate the parking lot on game days and charge a nominal fee for parking. These events provide monetary means to host activities such as school dances and field trips.
The Ha:San Preparatory School is an academically rigorous, bi-cultural community-based high school dedicated to increasing achievement for below grade level Native youth by infusing aspects of the educational experience with elements of Tohono O’dham language, tradition and Native history.
The Ha:San School continues to be a source of encouragement and inspiration! Bank of Tucson looks forward to providing further support to the Ha:San School in 2016.
Whether you are a merchant, a consumer or both, EMV chip technology is great news. Also known as smart chip technology, EMV is a global payment standard designed to reduce fraudulent transactions where payment cards are physically present at the time of the transaction.
EuroPay, MasterCard® and Visa® (thus the abbreviation EMV) developed the EMV chip technology to combat counterfeit card fraud. Outside the U.S., more than 130 countries in Asia, Europe and South America, as well as Canada and Mexico, have already embraced the technology, and counterfeit credit card fraud has declined noticeably in those countries.
Here in the U.S., credit cards enabled with an EMV chip are gradually replacing their magnetic strip ancestors. If your payment card has a chip, you will see a small metallic square on the front of the card. Cards still have magnetic strips, too, so that you can use them at merchants that don’t yet accept chip cards.
The difference between EMV cards and the traditional magnetic strip cards is that the EMV chip better protects against unauthorized use by generating a unique number for each sales transaction. The magnetic strips on traditional cards contain unchanging data. When an EMV card is used for payment, the card chip creates a unique transaction code that cannot be used again. If a counterfeiter steals the chip information from one specific point of sale, typical card duplication would not work because the stolen transaction number created in that instance wouldn’t be usable again, and the card would be denied. Therefore, even if card data and the one-time code are stolen, the information can’t be used to create a counterfeit card.
EMV cards can be used at stores or at ATMs. The readers may differ, but each includes a slot in which to insert the card – with the EMV chip facing up. Directions on the screen instruct the user about what to do next. Generally, the chip card stays in the machine until the transaction is complete. If your card has an EMV chip and you attempt to swipe the magnetic strip instead, an error will appear and you will be prompted to insert the card for chip processing instead.
Credit and debit card providers are now rolling out the EMV chip cards, providing customers with an extra layer of security and confidence. Bank of Tucson card holders can expect to receive their new cards in the next few months. In the meantime, card holders can continue to use their magnetic strip cards at stores and ATMs.
For merchants, EMV software-equipped terminals offer the most secure way to accept in-store payments and reduce fraud liability risk, especially since the liability shifted to merchants on October 1, 2015 in the event that fraud occurs on a chip card presented in-store and chip card terminals weren’t used.
Additional information about EMV chip technology can be found here.
Linking to Non-Bank of Tucson Websites
This icon appears next to every link that directs to a third party website not affiliated with Bank of Tucson. Please be advised that if you click this link you will be taken to a website hosted by another party, where you will no longer be subject to, or under the protection of, the privacy and security policies of Bank of Tucson. We recommend that you review and evaluate the privacy and security policies of the site that you are entering. Bank of Tucson assumes no liability for the content, information, security, policies or transactions provided by these other sites.