|
February 10, 2001
By
John Tobin
Website:
http://www.visa-credit-cards-application.net
>
Lost Debit Cards: How to Report a Lost Debit Card
If you've lost a debit card or ATM card, you must act immediately. You absolutely must report a stolen or lost debit card ASAP. You see, when you pay for something with a debit card issued by a bank, the money is automatically deducted from your checking account. If you don't report a missing ATM or lost debit card promptly, you could end up liable for all the unauthorized transactions made with that lost debit card. Under the federal Electronic Fund Transfer Act, your liability is:
- $0 -- after you report the lost debit card missing
- up to $50 -- if you notify the bank within two business days after you realize the lost debit card is missing, unless you were on extended travel or in the hospital
- up to $500 -- if you fail to notify the bank within two business days after you realize you have lost a debit card or it's been stolen. The only exception here is if you were on extended travel or in the hospital, but have not notified the bank within 60 days after your bank statement is mailed to you, listing the unauthorized withdrawals made by your stolen or lost debit card.
- unlimited -- if you fail to notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized ithdrawals made by your stolen or lost debit card.
In summary, if you have lost a debit card or ATM card, or it's been stolen, call your bank immediately, and follow up with a confirming letter.
Change in Policy on Stolen or Lost Debit Cards
In response to consumer complaints about the possibility of unlimited liability, Visa and MasterCard now cap the liability on stolen or lost debit cards at $50, the maximum for unauthorized charges on your credit card bill. And some banks don't charge anything if unauthorized withdrawals made by that stolen or lost debit card appear on your statement. Also, a number of states -- Iowa, Kansas, Massachusetts, Minnesota, New Mexico and Wisconsin -- have capped the liability for unauthorized withdrawals on a stolen or lost debit card or ATM card at $50.
Perhaps you should consider lowering your risk and replacing your lost debit card with a low interest credit card. Click here for our recommended list for replacing a stolen or lost debit card.
Here's to your credit!
John Tobin
For
more information on lost debit card - click here!
> About The Author:John Tobin is a successful author and the
publisher of http://www.visa-credit-cards-application.net. He writes on Web Marketing at www.online-affiliate-programs.com, and runs the Free Phone Site www.1st-free-internet.com. *Webmasters,
need free content for your website? This free
article and many others may be reprinted providing the
hyperlinks are left intact... more
*Authors,
start or further your writing career
or hobby by allowing us to match your articles with dozens
of webmasters in need of fresh content... more
|
