Welcome to New Generations Federal Credit Union! We are wholly-owned by our 14,000+ members and open for membership to those who live, work, attend school, and worship in the city of Richmond (Virginia) and the surrounding counties of Chesterfield, Goochland, Hanover, and Henrico.
Our member-owned, non-profit status allows us to serve you in the form of low loan rates, low (and few) fees, and high savings rates. This also means we don’t have to answer to shareholders or institutional investors – just to you, our member-owners! Operating as a full-service financial institution, we’re here solely to serve you and your family – just as we have done for others in our community since our founding in 1950.
We invite you to stop by and visit one of our area locations today to see what makes New Generations Federal Credit Union different from anything you’ve ever experienced. We look forward to meeting you!
What is EMV?
EMV stands for Europay MasterCard Visa, and refers to a secure electronic payment processing technology that is now being introduced in the United States. A hallmark characteristic of EMV is the gold electronic chip that you may have seen on some credit cards and debit cards. This chip securely stores payment and cardholder information, protected by use of very strong data encryption. The EMV standard is much more secure than the traditional magnetic stripe we have all used for many years now.
Though Europay drove the creation of this standard in Europe and MasterCard and Visa drove it here in the U.S., other major card issuers including American Express and Discover now participate in the standard, as well. This is great news for you, the consumer, as you don’t have to worry about which technologies your favorite merchants may have implemented to accept payments. Within the next several years, all credit cards and debit cards issued within the United States (and throughout the world) will meet the EMV standard.
While no technology is 100% secure, EMV cards have introduced a new level of security designed to offer better protection to consumers. EMV cards work one of two ways: either by being “dipped” (physically placed) into a credit card terminal so the chip can be read by the terminal, or by being held in proximity to a credit card terminal where RFID (radio frequency identification) technology allows the wireless transmission of card data. As with the cards you use now, you will still either enter your PIN or sign a piece of paper to approve each transaction.
New Generations Federal Credit Union will be rolling out the EMV standard on our credit cards in October 2015. We will begin issuing debit cards with EMV chips in the first quarter of 2016. If you have any questions, please call our friendly Member Service department at (804) 359-8754, option 2.