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Chip readers


Chip readers

I have been using a paypal here card reader/ swiper fort quite a while angst have not encountered this issue until now. I receive a deposit via card swiper on a semiregular basis usually 4-6 hundred dollars per week. I hadn't noticed previously any money being held "pending" for 30 days. My latest deposit, most all of the deposit was held pending, unavailable to me for 30 days. When I contacted PayPal here, they informed me it was because I used the card swiper. They then told me that had I use to chip reader the money would not have been held it would have been deposited directly to my balance. So after purchasing their basic model for $31, I still have to wait a month to get my money. I hope this resolves the problem in the future- they assured me it would. The reason for this was technology they said. All banks are going to chip readers, and they are just following technology. My question is why doesn't my PayPal card have a chip in it. I'm the only person in the checkout line that has to swipe their card. If they're trying to keep up with modern technology one of the issue chip cards to all their customers? Anybody have any comments on this or advice?
Frequent Advisor

Re: Chip readers

Having and using a swipe-only card is no risk to the user so there is no reason to be concerned about using it.  The risk of using a swipe-only card is to the merchant; as long as the merchant accepts the risk, then don't be concerned.  You will eventually get a card replacement when the bank issuer determines it is in the best interest for the bank.