Debit card safety

What to do if your debit card is lost or if you suspect fraud:

• Report the Loss: As soon as you realize your debit card is missing, contact your financial institution. Quick action is crucial, as it legally protects you from major losses due to unauthorized charges.
• Lock Your Card Temporarily: If you think you might have just misplaced your card and believe you’ll find it soon, ask your financial institution about temporarily locking your card. This option can buy you time to locate the card without needing a replacement.
• Cancel and Replace: If you can't find the card or believe it's stolen, cancel the card immediately. Your financial institution will issue a new card, which may take up to a week to arrive unless you request expedited delivery, which might come with an additional fee.
• Keep Records: When you report your card lost or stolen, make sure to record any confirmation numbers provided by your financial institution. This documentation is essential for tracking the status of your account and for future reference.

Monitor your account for unauthorized transactions

• Inspect Account Activity: Log in to your financial institution’s online portal or mobile app to review recent transactions. Look for any suspicious or unauthorized charges. If you find any, note down the details—amount, merchant, location, and date—and report them to your financial institution immediately.
• Daily Monitoring: Regularly checking your account can help you spot any fraudulent activity early. If you notice anything suspicious, report it to your financial institution right away.

Follow up with written confirmation

• Document Your Report: After your initial phone call to the financial institution, follow up with an email, letter, or secure message via your financial institution’s online or mobile app. Include the date and time of your original report and details of any unauthorized charges. This written confirmation can be crucial if your financial institution conducts an investigation.
• Maintain a Record: Keep a copy of all correspondence for your records. If the financial institution requests documentation during their investigation, having this information handy can ensure you are credited for any fraudulent charges.

Notify credit bureaus and consider a fraud alert

• Place a Fraud Alert: Contact the three major credit bureaus—Equifax, Experian, and TransUnion—to add a "Fraud Alert" to your credit file. This alert advises creditors to take extra steps to verify your identity before extending credit, helping to prevent further fraud.
• Consider a Credit Freeze: For added security, you might want to place a credit freeze on your account. A credit freeze restricts access to your credit report, making it more difficult for identity thieves to open new accounts in your name.

Understand your liability and protections

• Debit Card Protections: Federal law limits your liability for unauthorized debit card charges based on how quickly you report the card as missing. If you report the loss within two business days, your liability is capped at $50. If you delay, it could rise to $500 or more. It’s crucial to act quickly to minimize your risk.

Request and review your credit report

• Obtain Your Credit Report: You’re entitled to a free credit report from each of the three major credit bureaus every year. Visit annualcreditreport.com to request your reports. Reviewing these reports can help you identify any fraudulent activity, such as new accounts opened in your name.
• Dispute Inaccuracies: If you find errors or evidence of fraud on your credit report, dispute them with the credit bureau. This process helps correct your credit file and prevent further issues.

Update automatic payments

• Change Payment Information: If your lost debit card was used for automatic payments, update your payment details with your new card information. This step ensures that your payments continue without interruption and prevents missed payments or late fees.

Take steps to protect yourself in the future

• Keep Information Accessible: Write down your card’s customer service number and account information and store it in a secure location. Having this information readily available can make it easier to report a lost or stolen card quickly.
• Practice Good Security Habits: Use strong, unique passwords for online banking, enable two-factor authentication, and be cautious when sharing personal information. Regularly monitor your accounts to catch any suspicious activity early.

10 Smart Ways to Use Your Debit Card More Safely

Debit cards are a convenient way to make everyday purchases, manage spending and access money directly from your checking account. As with any payment method, a few simple precautions can help protect your card information, prevent unexpected account holds and make transactions easier to manage.

1. Shop Safely Online. When using your debit card online or by phone, purchase from reputable businesses and make sure the website address begins with “https.” Avoid entering card information while using public Wi-Fi, and never save your card number on a shared device. Account alerts can help you quickly identify purchases you do not recognize.
2. Review Protections for Major Purchases. Before making a large purchase, review the merchant’s return, refund, delivery and warranty policies. Different payment methods may offer different benefits, so consider which option provides the protections and flexibility that are most important for the purchase.
3. Ask About Deposits and Temporary Holds. Hotels, rental companies and other businesses may place a temporary authorization hold on your account. Before presenting your debit card, ask how much will be held and when the funds will be released. Keeping an appropriate balance in your account can help prevent the hold from affecting other transactions.
4. Keep Your Card in Sight When Possible. At restaurants and other businesses where an employee may handle your card, use a contactless payment option, mobile wallet or pay-at-the-table device when available. Review your receipt and check your account afterward to make sure the final amount, including the tip, is correct.
5. Use Extra Care With Unfamiliar Businesses. Before purchasing from a business for the first time, check its contact information, reputation, return policy and customer reviews. Be especially cautious when a seller pressures you to act immediately or offers a price that appears unusually low.
6. Understand Purchases With Delayed Delivery. When paying now for an item or service that will be delivered later, keep the receipt, order confirmation, delivery date and seller’s contact information. Review the cancellation and refund policies, and follow up promptly if the item does not arrive as promised.
7. Monitor Recurring Payments. Debit cards can be a convenient option for subscriptions, memberships and automatic payments. Keep a list of recurring charges, review your statements regularly and cancel services directly with the company when they are no longer needed. Update your card information promptly if your card is replaced.
8. Plan Ahead for Travel Purchases. When booking flights, hotels or other travel, review the cancellation and refund terms before paying. Keep confirmation numbers and receipts, and ask your financial institution whether you should provide a travel notice. Continue monitoring your account while traveling.
9. Be Prepared for Holds at Gas Stations and Hotels. Some gas stations and hotels place temporary holds that may be higher than the final purchase amount. At a gas station, paying inside may help you know the exact amount being authorized. At a hotel, ask about incidental deposits and when the hold will be released.
10. Inspect ATMs and Payment Terminals. Before inserting or tapping your card, look for loose parts, unusual attachments, hidden cameras or anything that appears damaged or altered. Cover the keypad when entering your PIN. If a machine looks suspicious or does not operate normally, cancel the transaction and use another terminal.

Additional Debit Card Safety Tips

• Turn on transaction, purchase and low-balance alerts.
• Review your account activity regularly.
• Use contactless payments or a mobile wallet when available.
• Never share your PIN, verification code or online banking password.
• Report a lost card or an unfamiliar transaction to your financial institution promptly.

Remember: Debit cards are designed for convenient everyday use. Staying alert, understanding temporary holds and monitoring your account can help you use your card with confidence.