Effective June 1, 2020, Presidential Bank is offering CardValet^®, a new card management and fraud mitigation tool for debit cardholders. Cardholders simply download the free app from the Apple^® App Store or Google^® Play Store, and then they can actively manage their Presidential Bank Visa^® debit cards. CardValet^® replaces Debit Card Purchase Alerts which will become inactive effective July 31, 2020.

Once CardValet^® is set up, cardholders have the ability to “turn off” their card when not in use, establish transaction spending limits and decline a transaction when the amount exceeds a predefined threshold.

The on/off feature is only one of the safeguards available with CardValet^®. Using the GPS system in the smart phone, geographic use restrictions can be established. Other controls can restrict usage by merchant and spending limit. Real time alerts create another layer of fraud protection with notice that a transaction was attempted, declined, or both.

Real-time smartphone alerts can be customized based on the types of information each cardholder would like to receive. For example, a cardholder can set up an alert to be notified when a card is used, when a transaction is approved and exceeds any of the permitted use policies, or when a card transaction has been attempted but has been declined based on the parameters established.

CardValet^® is also ideal for small businesses. All transactions can be monitored or controlled for specific merchant categories, such as travel, restaurants or entertainment, and can be denied or reported for types of merchants deemed not business related.

CardValet^® puts the control of debit cards right into the cardholders’ hands. Link more than one account to keep track of all debit cards in one easy-to-use application.

Simply go to Apple® App Store or Google® Play Store and download CardValet^® to your mobile device.