What to Do After You’ve Lost Your Debit Card: 5 Steps

When you’re dealing with a lost debit card, the situation occurs either because the card was stolen or you’ve misplaced it. Either of these scenarios can be unsettling. You’ll want to remain calm and notify your bank or credit union about the card right away.

Acting quickly should protect the money in your checking account and make sure your financial institution doesn’t hold you responsible for any unauthorized charges. But if you fail to report the loss in a timely manner, you could face increased liability if someone uses your card without permission.

The following guide will explain how to keep your money safe if you lose your debit card. You’ll also learn the steps you can take to report a stolen or lost debit card, along with how to report a compromised PIN.

Lost debit card: What to do

First, try not to panic if you lose your debit card. Instead, here are five steps you can take to protect your finances from fraud.

1. Report the loss to your bank or credit union

As soon as you discover your debit card is missing, reach out to your financial institution. Federal law may protect you from liability for any fraudulent charges on your bank account — but that protection depends on how quickly you report the problem.

• Within two business days: Your financial institution may only hold you liable for up to $50 worth of fraudulent transactions.
• More than two business days but within 60 calendar days after you receive your statement: Your financial institution may hold you liable for up to $500 worth of losses.
• More than 60 calendar days after your statement is sent to you: Your financial institution may hold you liable for all of the money missing from your deposit account.

Once you contact your bank or credit union, your financial institution should also freeze or cancel your missing debit card. Note: If you think you may have only misplaced your debit card, you could ask your bank if a temporary freeze is possible to give you a few days to look for it.

If your bank freezes or cancels your debit card, either of these actions should prevent additional charges from going through on your bank account. Your financial institution may also send you a replacement debit card, often with a new account number.

2. Check your account for suspicious activity

Next, look through your bank account history and most recent bank statement and search for any transactions you don’t recognize. Any suspicious transactions, even small ones, could be a sign of fraud.

Write a list of the transactions you don’t remember making. Record the transaction amount, date and merchant name so you’ll have this information when you call your bank to report the fraudulent activity.

3. Follow up with your bank

You should not only call your bank but also follow up with a written notification to document your lost debit card. Consider sending your bank an email, letter or secure message via your online banking portal or mobile app. Make sure to save a copy of the message and any confirmation or reply for your records.

If problems come up later, such as fraudulent transactions or disagreements regarding liability, you’ll want the written confirmation that you reported the loss of your debit card in a timely manner.

4. Update your debit card’s autopay

After your bank freezes or cancels your debit card, you’ll need to reach out to any companies using this payment method for recurring payments. Make sure to update the payment method on file.

The sooner you can update that information the better to avoid potential issues such as late fees, pauses in service and other unpleasant consequences.

5. If necessary, get a new debit card

Once you receive your debit card, keep your information safe moving forward.

• Set up account alerts. Alerts differ, but you could set up texts or emails to track purchases, including large purchases. These notifications could help you know right away if you’re a victim of fraud.
• Keep a copy of your account information. Consider making a digital or hard copy of your account information and the customer service number from the back of your debit card and storing it in a safe location. If your debit card is lost or stolen, you’ll still have access to the information you need to contact your financial institution right away.
• Protect your PIN and secure your card. Memorize your PIN and don’t share it with anyone. Sign the back of your card when you receive it, and store it in a safe place when you aren’t using it. Don’t leave it unattended.

How to report a stolen or lost debit card

In general, the process of reporting a lost or stolen debit card should be similar from one bank or credit union to the next. But you may notice some subtle differences depending on where you bank.

Below are basic tips to help you navigate the process of reporting a lost or stolen debit card at a handful of major banks.

Lost debit card PIN: What to do

If you have your debit card but have lost or forgotten your PIN, it could be a challenge to withdraw cash from your bank account or even to authorize certain types of transactions. The good news is that many banks will allow you to reset your PIN so you can regain use of your card.

Below are some general instructions from several popular banks on how to change your PIN if you have forgotten it.