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Stolen or Lost Debit Cards
There have been many cases of debit
cards being stolen or lost. If this
happens to you, you must act immediately
so that the liability for any of the
charges can be cut off. The case is
completely different from losing your
credit card. One must know the
difference and the limit of the loss. If
some other person uses your debit card
without your permission, you might lose
more than you lose a credit card. One
can immediately contact the bank so that
it will help you restrict the loss that
happened.
One can contact the bank quickly once
you have lost the debit card. Once you
have done this, you will not be held
responsible for the transactions and it
will be considered invalid. The limit of
your loss will depend upon the quickness
with which you report the loss and
whether you card is used before you
report the case.
If you make the report of the loss
within two days, the bank will hold you
responsible only for about fifty
dollars. But if you fail to report
within two days, but within sixty days
of the date of the statement, you might
lose 500 dollars. If the loss is not
reported within the sixty days of the
date of statement, you will have to pay
the entire amount. You will also have to
bear with the additional loss that
happened on the card. If you did not
report due to other circumstances such
as long travel, disease or any military
service, the holder of the card can
extend the period of notification.
If the state imposes liability limits
that are low, those limits will be
applied to the card holder. Each and
every debit card or credit card will
have its own information and
restrictions. One must read the
instructions that are given in the debit
card carefully. Once you have done
reporting the loss of the debit card,
you will not be responsible for the loss
that incurred after the incident. The
card will still show the transactions
and it is a must that one needs to
observe the deals that happened. Once
you see the unauthorized transactions
you can get it reported to the issuer of
the card. Most of the firms have toll
free numbers along with service centres
which will be working twenty four hours
in order to deal with such emergencies.
One must not forget to give the give the
number of the account, the date in which
you found your card missing and the date
in which you reported the loss. One can
check with the insurance policy to see
whether they cover the liability of card
thefts. There are some insurance firms
which allow the persons to get this
clause included in the policy.
The effective method in which you can
make your cards safe by keeping the PIN
number safely. One must not use the
address, date of your birth or your
social security number as the PIN number
and always gets the number memorized.
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