Stolen Debit Card
Reporting a stolen debit card can be done by either contacting your bank for support or filling out some online form. The steps may differ with each bank.
Although it is better to be safe and avoid theft, knowing how to report a stolen debit card is still helpful. This information could help you, especially if your friend or family had their debit card stolen.
How To Report A Stolen Debit Card?
There are a few ways that are common across all banks that you could use if your card gets stolen. These steps are easy to follow, and you should ensure to carry them out as quickly as possible to secure your money.
Contact your bank:
This method is one of the surest ways to go. You can quickly call and speak with a banker to cancel your card and quickly replace it. You may even chat with your bank on its website. In some cases, such as regional holidays, it may be challenging to reach your bank. But, your bank should have 24/7 support that could promptly help you.
Through online banking:
In cases where call lines are jammed, or you are just too anxious to wait, you could temporarily lock your card using digital banking services. You should note the following:
This method is more suitable if you have lost your card. As a result, you can continue looking for your card before declaring it misplaced or stolen.
If you are sure that your card has been stolen, you can still report it on the digital platform, and your bank will mail a new one to you. Your bank may request that you complete and submit a brief questionnaire.
Using your bank’s Mobile App:
Most banks encourage their customers to download the latest versions of their bank’s mobile app. Here’s how it goes for most mobile applications:
NOTE: Make sure you keep an eye on your account and take the steps as soon as possible.
Go to your account manager/optionsCheck for card settings/manage cardThen, report your card stolen and follow the next steps. Your bank will give you a helpline to call and a form to fill out and submit.
Why You Should Report A Stolen Debit Card?
Most people may believe the best way to avoid losing money is to transfer all their money out of their account before it gets snooped. However, there are cases where this may not be enough, even if you’re fortunate to have all your money intact still. Here are some reasons:
Avoid slipping into debt:
If your debit card is linked to many of your bill payments, these charges could still keep coming and sink you into debt. Your bank statements would need to be regularised, and you could lose much more and incur many extra charges and losses.
Losing card protection:
If you don’t occasionally monitor your account, you could lose the liability protection from your bank. For example, if you fail to notify your bank for more than two months, you would have no chance of regaining any lost funds. In fact, just delaying for two days can increase your maximum risk to $500.
Avoid extra charges:
If you don’t contact your bank immediately, they may not know that your debit card has been compromised. Hence if your account is drained, you could still be paying penalties, late charges, and any other fees without even knowing it.
All banks have some procedure that they advise their customers to follow in the case of unfortunate incidents like stolen debit cards. While it is best to take security precautions to avoid theft, knowing these steps could prove helpful.
What if my bank won’t block my debit card?
Your bank is responsible for protecting your funds in whatever way they can; hence, no reputable bank will refuse your request to block a stolen debit card. But, remember it is your duty to inform your bank as quickly as possible and follow the instructions.
Which option is more secure, a debit card or a credit card?
Credit cards are still vulnerable to risks of theft. However, compared to most debit cards, which don’t offer any liability coverage for fraud, most credit cards can’t lose more than $50 to fraud and can cover up to $300 for each stolen item.
What if I’m not in the country where my bank is?
Contacting a bank helpline may be a bit more difficult if you have travelled out of your country. But, this is why banks have live online chats and online banking methods. It is also not impossible to contact your bank’s helpline from your country. There are many methods to use, and you should try as many as possible to secure your funds.
