Notify Card Issuer

• The first step that a consumer must take when a debit card is lost is to immediately notify the bank or credit union that issued the card. According to the Electronic Fund Transfer Act, consumers are not responsible for any use of the card after it is reported lost. Consumers that notify the issuer within two days of noticing that the card is lost are only responsible for up to $50 of unauthorized use. Consumers waiting more than two days to report the card missing may be responsible for up to $500 of unauthorized use. A debit card user should notify the card issuer of the lost card by an immediate phone call. The consumer should then follow up the phone call by sending a letter reporting the card lost and noting the time and date of the phone call and the name of the representative taking the call.
  
  

Monitor Account

• Though proper notification of the issuer will reduce the risk from fraudulent use, consumers should carefully monitor the account to make certain that the card issuer takes proper action to refuse fraudulent charges. Consumers noting any fraudulent charges on their accounts should immediately report the charges to the card issuer. Again, follow up any phone calls with a letter to provide written documentation. Consumers will also want to make certain that the card issuer properly handles legitimate charges made before the card was lost.
  
  

Request New Card

• When reporting the debit card lost, consumers should request a new debit card with a new number. Closing the entire account to which the debit card linked will provide an additional layer of protection against future fraudulent use. Consumers who need a debit card for immediate use may consider purchasing a prepaid debit card to use until the new debit card arrives. A variety of retailers sell prepaid debit cards, which work like standard debit cards.
  
  

Notify Users of the Debit Card

• Many consumers have automatic withdrawals that are taken via their debit card number. Consumers should notify these companies of the lost card. Consumer may need to make alternate arrangements for these payments, as some of the payments may be due before the new debit card arrives. Many consumers also have their debit card account information stored online with various merchants. Consumers should remove the old card and add the new one to avoid future problems.