We want to share with you some FAQs on the change that will occur in 2013 affecting the way the Benny Card works.
What new legislation is changing the way the Benny Card works?
The Dodd-Frank Wall-Street Reform and Consumer Protection Act requires that debit cards provide consumers with the ability to access their accounts through at least two unaffiliated payment networks. Today our cards provide one network through MasterCard®. In order to comply with the law, we must add a second network. It is not technically feasible to add a second signature network, so the only practical alternative is to add a PIN network solution.
What is the effective date of this new regulation?
The new regulation goes into effect on 4/1/2013.
Which accounts are impacted by this legislation?
Cards that provide access to Health FSA, HRA, and TMA accounts are impacted by this new regulation. HSAs are exempt from these new rules because they are part of a bona-fide trust arrangement.
How will PINs be made available to consumers?
Consumers will have the option to choose whether or not they receive a PIN. If a consumer wishes to have access to their account funds via a PIN-based transaction, they will simply call the toll-free number (866) 898-9795 and follow the steps to create their PIN.
When will PINs be available to consumers?
PINs are currently available for consumers to create.
If a consumer does not remember his/her PIN, how can it be reset?
Consumers can reset their PINs via the same toll-free number(866) 898-9795. For security purposes, only the consumer will have the ability to select or reset his/her PIN.
Will consumers be able to receive cash-back or access their accounts via an ATM with this new PIN option?
No. PINs will only allow the consumer to pay for eligible goods and services at the point-of-sale as they do today. Cash-back and ATM transactions will not be allowed.
If a consumer is prompted to enter a PIN and they have not yet selected one, what should they do?
The participantshould let the merchant know that they do not have a PIN and that they wish to pay using the signature process. The merchant should be able to direct them accordingly.
Is there a limitation to how many attempts a consumer can try to enter in their PIN before the PIN is disabled?
There is no limitation on the number of attempts.
Will IIAS still work with PIN transactions?
Yes. The Benny Card will work with PIN networks that support IIAS transactions.
If the card is reported as Lost/Stolen, will a consumer need to enter a new PIN?
Yes. The PIN is associated with the card number, so the cardholders will need to create a new PIN.
If an additional card or reissue card is created, will a new PIN need to be created?
No. The PIN is associated to the card number. Since additional and reissue cards are the same card number as the primary card number, a new PIN is not required.