I have been investigating why almost no banelco ATM's accept my new chipped cards and most do not. I had the manager at Santander Rio phone around their branches to ask why some machines I tried work and some do not. The story I was told is that many of the ATM's have not been upgraded to read the new chips. Only a few machines work with the new chips. So for example no ATM machines at the Santander on Rodrigues Pena work. One in the Santander on Santa Fe at Scal Ortiz works, and all the machines in the Galicia on Santa Fe at Scal Ortiz work. So the moral of this story is do not upgrade your card to a new chip unless they give you no choice, and when you find a machine that works treat it well.