BIN8

Why did we have to change your card number?
The short answer is to avoid charges from Visa that could total nearly $3,000,000. The long answer is more complicated and revolves around how card numbers are issued.

The first six digits of a debit or credit card is called the Bank Identification Number (BIN) and it indicates the financial institution that issued the card. After April 2022, the BIN will be expanded to eight digits. This means the three BINs the credit union uses become 300. Visa has an annual charge for each BIN a financial institution uses. If we were to keep all these BINs our annual fee would increase by a factor of 100. The current BIN fee is $500 per year. If Visa was not changing the fees our annual expense would go from $1,500 to $15,000. But the fee is going down to $100 in 2023 unless the BIN is considered underutilized. Then the fee goes to $10,000 per year.

Under Visa’s conditions, all but four of the 300 new BINs would be considered underutilized resulting in an annual fee of $2,960,300.

We understand changing your card number can be frustrating and time consuming, but we hope you under why we had to do it.

Please activate your new cards as soon as you can by calling 800-290-7893 and remember your old card will not work after May 10.