One of the most frightening things that can happen is when bank cards are lost - or worse - stolen. You may have no idea of when your card disappeared, but it is very worrying not knowing who has it and how they will use it.
Although the law limits your liability for charges which are made without your permission, the amount of protection you have will depend on the type of card and more importantly, when you report the loss.
Never wait to report a lost or stolen card. Call the bank right away and talk to the fraud department if you think your card has been stolen.
By law you are not responsible for charges on your card if they are made after you report the loss. Should you wait even a day or so, you may find that your card has been used and some of the charges will be payable by you.
It is a good idea therefore, to keep some information in a separate folder. Make sure you have your card details and the contact information about the bank somewhere that you can easily access.
After you have called the bank and hopefully put a block on your card, you should always follow up with a written statement documenting as accurately as possible times and places where you feel your card may have disappeared.
You should keep a copy of your letter and make a note of dates and times of calls from the bank.
Check your account frequently as if you notice anything suspicious, call the bank to report fraudulent charges. Even if there is a transaction that you do not recognize, it is worth a call to check.
Again, follow any call with a letter noting the date and time, as well as the transaction.
It is unnerving to think that someone else has your bank card and is able to use it without your permission. This is why it is so important to contact your bank as soon as you discover your card is missing.
Never be tempted to wait until later to do this as it only takes a few minutes to use a card – and spend your hard-earned money.
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