What to do if you Lose your Debit Card

FOR IMMEDIATE RELEASE
Moon Township, Pennsylvania, United States of America (Free-Press-Release.com) January 7, 2012 -- Though the federal law grants protection for fraudulent use of your debit card, you must follow ways to protect your rights-

1. Report the Card Issuer-

The first step that you must take is to immediately inform the company that issued your card and services your account as soon as you realize it is stolen or is missing. According to the Federal Trade Commission, you are not responsible for any illegal transfer after it is reported lost. If you report the theft within two days, you are liable for up to $50 of unauthorized use. If you report about the stolen lost card after two days you may be responsible to pay for up to $500 of unauthorized use.

2. Monitor your Account-
Though proper notification of your issuer will reduce the risk from fraudulent use, but you should carefully monitor your account to make certain that the issuer takes right action to refuse fraudulent charges. You must report the card issuer about the theft by an immediate phone call and follow up the call you must send a letter about the card lost noting the time and date of the call and name of the representative you are talking to. You must also make certain that the card issuer properly handles legitimate charges made before the card was lost.

3. Make Request for a New Card
While reporting about the theft of your debt card, you should request for a new card with a new number. Closing your entire account to which the debt card linked will provide an additional layer of protection against any future fraudulent use. If you are in need of a debit card for immediate use, you can opt for a prepaid debit card until the new debit card arrives.

4. Report Users of the Debit Card

Many consumers have automatic withdrawals that are drawn via their debit card number. You should report these companies of the lost card. You may need to arrange for alternate methods for these payments, as some of the payments may be due before your new debit card arrives. Many of the consumers have their debit card information stored online with various merchants. You must immediately remove the old card and add the new one to avoid future problems.

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