Durbin Amendment - Debit Card Pin
The Durbin Amendment (Section 1075) of the Dodd-Frank Wall-Street Reform and Consumer Protection Act and it's impact on the HR Concepts Visa Debit Card
HR Concepts would like to make you aware of a legislative change that impacts all Debit Card holders. Effective April 1, 2013 a new regulation goes into effect as part of the Dodd-Frank Wall-Street Reform and Consumer Protection Act that requires consumers to be provided with the ability to pay using a PIN (Personal Identification Number) at the point of sale, in addition to the current signature process. Keep in mind, that the use of a PIN is not required for your participants using the debit card. Your participants can continue to use their debit card as they always have – no change required, simply by swiping their card and providing a signature. This new regulation requires us to make the PIN option available to card holders. HR Concepts will be notifying all Debit Card holders about the pin option by March 1st. A copy of that notice can be found here. Please review our Durbin Amendment FAQ page for more information on this change. If you have any additional questions, please feel free to contact your Account Executive team.