Consumer Payment Card News

What to Do if Your Debit Card is Stolen

Most times we go through life reacting to the various situations we encounter rather than planning for them. Different forms of insurance, like car insurance and health insurance, allow us to protect ourselves from unknown issues that may arise. Theft, though, is something we can not really anticipate. If your credit card is stolen, you are likely to call your credit card company, put a hold on your account, deny any fraudulent charges, and request a new credit card number. But what do you do when your debit card is stolen?

Because a debit card, ATM card, or check card is connected to your bank account, it is increasingly important to get in touch with your bank right away so you can block any purchases. Once the crook has your card, he or she can often swipe it just like a credit card without a signature, drawing funds from your account with ease. Once the money is gone, getting it back becomes more complicated.

The most important action to make if your debit card is stolen, is to call your bank right away and ask to be transferred to the fraud department. You must report the lost or stolen card immediately to safeguard yourself from unauthorized purchases. Your financial liability relates directly to how long you wait to report the stolen card, so donât delay! If you are fortunate enough to call before your card is used on any fraudulent purchases, you may not be liable for anything at all!

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