When your debit card is lost or stolen, it's easy to watch your financial future flash before your eyes. It’s happened to me before and I’m not afraid to say I may have panicked. It’s scary to realize your rent money, your next vacation, your savings—it’s all suddenly at risk.
It doesn't have to be. A little preparation can help you react quickly and efficiently. If you realize your debit card is missing, here's what to do. (P.S. These tips work for credit cards, too!)
1. Cancel—or freeze—the card
Immediately freeze the card in question. If you think you've simply misplaced the card in a purse or pair of jeans, this temporary hold on charging privileges is helpful if you find it later—you can just unfreeze it. Many financial institutions allow you to do this right from the mobile app.
If you don’t have this capability, call your credit union or bank right away to freeze or cancel the card.
2. Request a new card
If you visit a branch in person, you may be able to get a new debit or credit card within minutes. If that's not an option, call customer service or use the mobile app to request a new card by mail.
3. Check your records
Now it’s time to do a little detective work. Look through your financial accounts, identify any unauthorized charges and make note of them.
If you come across unusual charges, notify your credit union or bank as well as the credit bureaus immediately. It’s also a good idea to order a free copy of your credit report from annualcreditreport.com. This gives you a chance to review it for fraud.
4. Protect your money
Now, it’s time to strengthen your security. Choose a new PIN number. Two ways to make a better PIN—(1) Pick a random word, like roux or mustang. Translate the letters to numbers using a keypad for reference or, (2) craft a sentence and translate the first letter of each word into numbers.
Check your accounts regularly. Understand your automatic payment schedule and keep track of expenses so you can recognize any unusual or fraudulent charges faster.
Knowing how to quickly deal with a lost or stolen debit or credit card goes a long way to limiting your losses
Editor’s note: The claims, facts, and information in this sponsored article have not been verified by LDS Living, and LDS Living does not endorse any claim or product herein.