Information For MSCU Members about Target Data Breach
Mutual Savings Credit Union is aware of the data breach suffered by Target and impacting their consumers. Target is a large and well known retailer in many of our communities that members use. Right now, we are currently waiting on information from VISA to identify any MSCU accounts that may have been impacted. If your account has been compromised, you are not responsible for the loss of funds.
Once identified, we will move to protect our members to minimize the hassle and uncertainties you may have. If your account is one that has been compromised by Target, here is what will happen:
Transactions like a VISA purchase – one that would require a signature, will have a lower purchasing limit. The maximum daily limit will be lowered to $250 per day. We will immediately order you a new debit card. Once your new debit card arrives and is activated, we will cancel the compromised card, and you can resume normal activities with your normal daily purchasing limits. In addition, the daily ATM withdrawal limits will be lowered to $100 until your new card is activated.
UPDATE: The latest update we’ve received on Friday, Dec. 20th 2013, also reflects that the Target REDcard, which is tied to your checking and withdraws funds via ACH has also been compromised. We recommend that members call 888-755-5856 that Target has established for their REDcard users. Continue to monitor your account for any suspicious activity.
We know that during the holiday season this is a stressful time to have your debit card impacted and your normal activities hindered. However, this is for your protection and is only in effect if your debit card has, in fact, been compromised. Accounts not compromised will continue usage as normal.
Target has communicated a potential impact of 40 million consumers. If your account is compromised, we will work with you on any required documentation to facilitate the process of recovery. We will be very proactive in refunding money back into your account. As previously stated, since so many consumers will be impacted by this, please be aware that the normal 7 – 10 day business day delivery period of your new card, may take a little longer. We will work diligently to get your new debit cards to you so that you can resume your normal daily activities.
As always we appreciate your patience and understanding as we work to assist our members with compromised accounts. We recommend that you monitor your monthly statement carefully and review for any suspicious transactions. You have daily access to your account activities through our multiple access points via the MSCU mobile app, home banking and telephone banking. Target has established a toll-free number you may wish to contact, 866-852-8680.
We also want to remind you that, you may continue to use your MSCU account by writing checks, withdrawing cash at a convenient location or a CO-OP Shared Branching location (www.co-opsharedbranch.org) and your debit card with the above-mentioned limits.