Smart consumers are careful to keep track of their cash and plastic cards that function as money. But suppose a wallet gets lost or stolen with a bank Automatic Teller Machine card tucked away, seemingly safe inside. While some people may be tempted to wait and hope the wallet turns up intact, the wiser course is to take immediate action, according to http://www.bankrate.com.
Here’s what to do:
1. Report the loss
The loss or theft of an ATM card should be reported as quickly as possible. Most banks have a toll-free customer service phone number for this purpose.
As soon as you know it’s missing, you should notify your bank; you need to do that immediately.
It is also a good idea to send a follow-up letter, with the account number and an explanation of when the loss was discovered and reported, according to the Federal Trade Commission. Unauthorised withdrawals or transfers should alsobe reported as soon as possible.
2. Liability limits
A consumer’s potential liability due to a lost or stolen ATM card depends primarily on how soon the loss of the card is reported to the bank.
If the loss is reported prior to any unauthorised activity, the potential liability is zero.
If the loss is reported within two business days of discovery, the potential liability is capped.
If the loss is not reported within 60 days after the bank sends out a statement, the consumer is responsible for all losses up to the balance of the account, plus the unused portion of any overdraft line of credit.
Bestcase scenario, they are not responsible for anything. Worstcase scenario, they’re responsible for everything.
3. New ATM card
Most banks offer replacement ATM cards at the local bank branch or by mail. Some provide free replacements; others charge a fee or allow customers a few free cards and then charge a fee for any more.
Customers who want to speed up delivery of a replacement ATM card usually have that option.
Almost every bank has a process to expedite a replacement card. That may be for an additional fee, particularly if it involves something like express mail.
Customers who lose multiple ATM cards may be encouraged to use other banking services, such as paper cheques or an ATM card that does not include a credit or debit capability and carry a higher risk of loss. This type of ATM card can only be used to get cash or make deposits.
In the most severe cases, a customer may be cut off from ATM cards altogether. It really depends on how much risk the bank is willing to take and how good of a customer you are.
4. Registration services
Private companies known as registration services allow consumers to store and track credit, debit and ATM card numbers for a fee. Some of these companies will report lost cards and request replacements on the customers’ behalf.
Whether these services are worthwhile is a matter of opinion. Those who opt for such a service should compare offers and read the contract to find out what’s included.
Whether a bank will be willing to accept the word of a third party that purports to represent a banking customer is open to doubt.
5. PIN protection
No advice about ATM cards will be complete without a warning about PINs, or personal identification numbers. The chief caveat, often repeated and just as often ignored, is to keep the PIN private, even from banks’ employees. Storing a PIN in an online or mobile application is an absolute no-no. Starting out with a replacement card after a loss or theft is a good opportunity to develop the habit of memorising the PIN and keeping it safe and secret.
That is the major security you have, particularly for cash withdrawals. Don’t write it on the back of your card. Don’t store it in your online wallet right next to your card number. Don’t tempt people.
According to ttps://www.nerdwallet.com, the first thing to do is report the missing card to the issuer, typically your bank. Debit cards don’t have the strong fraud protections you get with credit cards. Federal law limits liability for a stolen or lost bank debit card, but only if you act quickly. If you contact your financial institution within two business days of the discovery and fraudulent charges have already been made, the most you will be responsible for is minimal. Wait longer, and your liability rises. And if you don’t inform your card issuer for more than 60 days after receiving your next statement, you will be on the hook for all unauthorised charges.
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