The heartbreaking moment when you realize you don’t have your debit or credit card when you arrive to the ATM or cash register has happened to many of us.
Losing a card is a headache that must be resolved right away, whether it was stolen or lost, but it isn’t always a reason for concern. With today’s digital technology, a misplaced bank card may be recovered quickly.
In any case, your misplaced debit card may cause issues, such as late rent payments, unauthorized charges, or the inability to purchase groceries, among others. But there’s no need to freak out. When your debit or credit card is lost, immediately take the procedures listed below to guarantee your money is secure.
Immediately Report and Replace
You must store the number somewhere you can easily find it because the first thing you must do is contact your bank. Once the operator is on the line, tell them about the loss and request that the card is promptly canceled. While your card is not available and you urgently need money, you can use the borrow money app, which does not require a credit card.
Although the operator will certainly grill you with a barrage of security-related inquiries, the ultimate goal is to prevent your stolen card from working. Although your card may not have been stolen, taking these precautions is still vital to ensure that anybody who discovers it cannot use it to harm anyone.
Once the missing card has been deactivated, just go to the nearby bank office and complete the necessary paperwork. You only need to change your password at the ATM outside, and your new card should be available right away.
Additionally, you are exempt from prosecution under federal law if you report a missing card quickly. Once you report your card stolen, you are no longer responsible for any subsequent purchases under the Fair Credit Billing Act (FCBA). However, the law only holds you legally responsible for $50 if someone uses your card before you report it.
Follow Up Promptly In Writing
Include your account number, the day and time you discovered your card was stolen, and the date and time you first reported the loss in a letter you send to the card issuer. Keep a copy of your letter and any notes you made during your conversations with the bank or credit union.
Examine Your Account History
Checking your account for any unauthorized purchases should be your first step if you discover that your debit or credit card is missing. If dishonest people obtained your card, they could have attempted to use it to make unauthorized purchases from your account. If you see any of these, you should contact your bank right once since your card may be in the hands of fraudsters.
As an alternative, discovering no unusual activity on your account might provide you peace of mind while you look for your lost card. Check your monthly statement for any charges you don’t recognize, and contact your issuer if there are any.
A wise and easy method to take control of your money and identify any possible fraud or credit problems is by checking your credit report. There are several free sites for credit reports accessible.
Be Prepared for Automatic Charges
The most crucial task has been completed if you have canceled your card and a new one is on the way. However, you’ll need to change your payment information to a new card if your card is connected to any bills or services – like those from Amazon, Netflix, and Uber, for example. When your replacement card is issued, you may then link it to those accounts.
Put New Safety Measures In Place
It might be beneficial to take a few actions before receiving your new debit card to perhaps steer clear of this difficulty in the future. We can’t promise that you won’t misplace your card again, but at least you can take additional precautions. You may start by changing your PIN, even if you’re not convinced your card has been hijacked. Additionally, you may keep a closer eye on your privacy security and transactions. You can check at any time, anywhere, thanks to the internet and mobile banking. You may also configure notifications for purchases that exceed a certain threshold. In case anything suspicious occurs, you will be able to take rapid action.
To avoid having to hustle in the future, it might be useful to have your bank’s customer support number nearby. Add it to your phone’s contacts or keep it in a secure location with your account details.
Get Emergency Cash
After you’ve reported the loss, you may worry about where you’ll receive money while waiting for your replacement ATM card to be created. Fortunately for us, a lot of banks now provide cardless ATM withdrawal services.
Don’t utilize this approach if you’ve lost everything, including your phone since the bank will require it to provide the code you need to withdraw.
Maintain Your Card In the Same Place
Keep your card in the same location in your wallet, not only there. Keep your wallet organized by keeping everything in the same location so that you can quickly identify where to search and whether or not a card has disappeared. A floating card between a purse, wallet, and pocket invites anxiety-inducing times of erroneous card loss.
Also beware of various types of fraud that can happen to your card, because such frauds are very common in the USA. Payment card fraud losses per $100 of total sales in 2020 stayed at the same level as in 2019, at 6.8 cents. In 2016, fraud losses peaked at 7.2 cents for every $100 in U.S. sales. This number may seem small, but it is ultimately in the billions of dollars.
Conclusion
Don’t freak out the next time you misplace your debit or credit card or learn it was stolen. You won’t be responsible for more than $50 if you phone your credit card company right away to explain the problem and act fast. Remember to transfer any bills you have set up for automatic payment to your new replacement card and keep track of any payments you have set up for autopay. In addition, regularly check your credit reports and card statements for any questionable activity.
