Debit cards have become quite essential in changing times with their multiple uses. But if you misplace or lose your debit card, it can be troublesome. However, you don’t need to worry as there are ways to get a new debit card and block the lost one to avoid unscrupulous practices.
Block the card or report it
Report your stolen card to the concerned credit union
You can cede any unauthorized use of your card if you act prudently given the circumstance. If you report your missing card, you would be able to protect yourself against the loss that follows.
This process starts with the deactivation of your card which is done by the representative of the bank. The new card will be issued in your name as a replacement for the card that has been stolen or lost. You can also go with the alternative of temporary freeze if your guts say that it might still be possible to find it. For instance, Wells Fargo enables the user to ‘lock’ the card via their mobile application. If you go for this option, the card will be locked from any use until you find it and unlock your card.
When you are positive that the card is lost
If you are sure that your card will not be found, the best option is to cancel or terminate it and fill out the application for a new one. There are some minor fees for the replacement but it’s better than losing all your money if someone misuses the card. Getting a new card will take some business days to process. If you want the process to get finished early, you might have to pay a little extra fee.
Monitor transactions
You should always keep an eye out for any suspicious activity in your account. To do this, you need to log in to the bank mobile application to see the occurrences of transactions that weren’t made by you. If you find any such payment, jot down all the details including time and name, and submit it to the concerned banking institution.
The following day: Follow-up process
Once you have notified your bank or financial institution of the situation, you need to be taking updates. You can follow up through email, letter, or exclusive portal to reach your bank. Write down everything including the date, time, and details of the original report. This will be a confirmation for your report and serve as future proof in case the bank asks for any proof of your issue.
Keep track of your transactions
If there are any unauthorized charges, the card issuer can take up to 10 days to process it, while another 3 days to report the information to you. If the scrutiny takes longer, then the bank might credit the disputed amount to your card temporarily. This can be incorporated with a $50 fee. Then the bank may take up to 90 days to resolve the issue.
Do you need to pay in case your card is stolen?
Credit cards have debt protection, while debit cards lack this facility. However, keeping the circumstances in mind, federal law limits the amount that you owe in case of theft or lost card. This benefit only extends if you report the issue quickly and take action to safeguard your card. Here are some ways to do it.
- If you act quickly and let your bank know about the missing card within two business days, you will only have to pay up to $50 as a charge.
- Wait and that $50 turns into a $500 fee.
- If you are reckless and didn’t report the fraud to the bank for more than 60 days, any unauthorized transactions that were made from your account will make you liable and not the bank.
Many debit card issuers offer similar protection but there can always be variations. To minimize the risk, always read the terms and conditions on each card. Here is the extra measure that you can take to safeguard your card.
Note down the customer service number from the back of the card including your account-related information, and keep it at a safe palace. This gives you access to your card information even when the card is lost or misplaced.
Customer care information for various banks
Wells Fargo – 800-869-3557
US Bank – 800-872-2657
TD Bank – 888-751-9000
SunTrust – 800-786-8787
PNC Bank – 888-762-2265
Discover – 800-347-7000
Bank of America – 800-432-1000
BB&T – 800-226-5228
Bank of Internet – 877-541-2634
Chase – 800-935-9935
Charles Schwab – 888-403-9000
Citibank – 800-374-9700
Capital One – 877-383-4802
