What to do if your bank card is lost or stolen?

Taking care of our financial instruments is part of this new culture in which it is no longer necessary to carry so much cash. Although there is reason to panic when your credit or debit card is lost or stolen, the most sensible and practical thing to do is not to do it.

To avoid this horrible feeling, we tell you what experts recommend to do when this happens.

What to do when your debit card is lost or stolen

When you can't find your debit card, it can mean 2 things: you left it somewhere or someone else has it. At this point it is important to establish if it is really lost in order to take action. If so, try to act calmly and follow this protocol:

Check your account

When you are certain that your plastic will not appear, you must first log in to your account to check that there is nothing unusual in the last movements.

In the event that there is an unauthorized or fraudulent transaction, we suggest you note the date, place, amount and the merchant in question. It does not matter if the amount is small, as it may be evidence.

Contact your bank

The next step is to notify the institution that gave you the plastic. It is important to let them know by phone or via the Internet if your debit card has been lost or stolen.

If you notice any unauthorized movement, be sure to report it in detail. Keep in mind that if you are in another country, the call will be collect.

Cancel or block the card

If you think you will find the card somewhere, you can ask the bank to temporarily freeze it (block). This action serves to deactivate it for a few days while you try to remember where it might be.

In case of absolute loss or theft, you will have to cancel it so that they can send you a new one, which can be free or with its respective fee, depending on your financial entity.

Eliminate direct debits

Once you proceed to request a new plastic, you must notify the companies that make automatic charges. Let them know that your debit card has been canceled and they will not be able to process payments as usual.

You can talk to the designated representative to offer another payment alternative to avoid suspension of service or a fee.

Follow up

According to the CFPB, the plastic issuer has 10 business days to investigate any fraudulent charges and 3 more to notify you. The way to follow up is by letter, mail or private message.

This is a good opportunity to make a formal claim for unauthorized transactions to get your money back. Always have a copy of your records and claims.

What to do if your credit card is lost or stolen?

For credit cards, the procedure is very similar as they are bank products that use the same kind of payment processing. However, you have to act diligently to avoid losing more than your bill. The steps to follow are:

Contact the issuer

If you cannot find your credit card, you should call or write as soon as possible to the entity where you contracted it. This is because federal law limits your liability to $50 USD for unauthorized charges.

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When you report your card stolen or lost before a fraudulent transaction occurs, you assume no liability.

Complete the process and control damages

The issuer will need to verify your identity with information such as your name, address and social security number. They will also want to know when you lost the plastic and the last charge you made.

Once this is confirmed, they will cancel the card and send you another one. This does not affect your credit score, but you will have to cancel the automatic payments to avoid more problems.

Check your coverage

There are some built-in policies and insurances that take care of liability if your credit card is stolen. That's why it's worth checking to see if the coverage can take care of the potential $50 charge.

Although many banks offer "Zero Liability", when this is not the case you should consider some type of insurance for these situations.

Tips to avoid lost or stolen cards

Since there are many ways to lose or have a debit or credit card stolen, applying some measures to prevent this occurrence can be helpful. Therefore, we advise you to:

• Carry only the plastic you need.
• Never give the card number on the phone if you did not make the call.
• Keep a record of the current ones and save or cut those that have expired.
• Check your checking account statements regularly for unauthorized charges.
• Have the banks' telephone numbers for these situations.

Español: ¿Qué hacer si pierdes o te roban la tarjeta bancaria?