You must know by now that you’re supposed to replace all your signature-verified credit and debit cards by the end of 2016 (which is less than two weeks away, by the way). However, there have been rumours circulating on social media and through chat messengers recently, claiming that debit cardholders will be charged a renewal fee and denied cash withdrawals if they don’t replace them with the new PIN-based cards.
This is NOT TRUE
. Bank Negara Malaysia has also refuted such baseless claims. The central bank said in a statement that the public can still replace their ATM cards for free
and those who have not replaced their cards can still continue using them for cash withdrawals at the ATM
Image: The Star
Banks nationwide have been replacing all signature-based payment cards with PIN-based cards in progressive stages. This exercise is targeted to complete by 1 January 2017. Effective 1 July 2017, all payment card transactions conducted using payment cards issued in Malaysia at local point of sale (POS) terminals can only be completed with a PIN. Signature verification will no longer be accepted following that.
Image: Credit Cards
In other words, you’ll still have up to six months to sign on your purchases if you’ve yet to make your card replacement. This timeframe also allows you the flexibility in case you can’t recall the six-digit PIN on your new card.
However, this is no excuse for you to delay replacing your existing cards!
How to replace your payment card
Depending on your card’s issuing bank, you can replace it via:
- Internet banking
- Interactive voice response
- Branch terminal
- Self-service debit kiosk
If you’re travelling overseas
Make sure you already have a PIN before leaving the country
. Countries that have yet to migrate to PIN will still require you to sign for purchases. But if you’re going to a country with a PIN system already in place, you may need to enter the PIN instead of a signature or risk your luxurious holiday purchases being denied. If you don’t already have a PIN, follow the instructions provided by your card issuer on how to select a PIN or contact the bank for assistance.
So don’t wait until the last minute, go replace your debit cards and credit cards now! (Okay, if you’re reading this in the middle of the night, just go to the bank first thing in the morning.) Stop procrastinating!