What if Cliff had needed cash on his travels and the card had been blocked by my request before I reached him? This incident brought home the potential security issues of carrying around a debit card with a Visa or MasterCard logo. So, here are some important reminders about the distinctions between those types of debit cards and credit cards:. Debit cards are linked to your checking account and have the potential to drain it in real time. Credit card charges don't carry that same risk.
You can catch an erroneous charge on your monthly credit card statement and dispute it without ever having to shell out a dime. These days, more than likely, your credit card issuer will contact you immediately if it spots an odd charge. It might even deny the charge on the spot.
Debit cards offer less security than credit cards. After 60 days, you might not be reimbursed at all. In general, after you report a fraudulent transaction, your bank has 10 business days to investigate, according to federal law. If the problem is proven to be fraudulent, the bank must replace the funds within one business day of making that determination. Check your account routinely. Sign on at least once a week. I do it daily now. If you notice any transactions you didn't make, contact your bank straightaway.
Set up account alerts. Most banks let you get debit-card alerts delivered to your cell phone or e-mail address so you can stay updated on your account activity on a daily basis.
Report it quickly to have the best chance of shielding your account and bank balance. Margarette Burnette writes for NerdWallet. Email: mburnette nerdwallet. Twitter: Margarette. A new report from Deloitte finds that unvaccinated Americans are more likely to listen to some people over others. Home Personal Finance NerdWallet.
NerdWallet What to do if your debit card is lost or stolen Published: March 3, at a. ET By Margarette Burnette. Some of the ways you can be scammed But if you wait longer than 60 days after the bank statement is sent to you — the one with the unapproved charges — you could lose all the missing money. Account frozen? My estranged daughter says she only wants my money and jewelry.
Do I include her in my will? My wife is a stay-at-home mom. Tax Exemption Limit. Income Tax Slabs. Insure Life Insurance. Health Insurance. Motor Insurance. Other Risk Covers. Personal Finance News. Mutual Funds. Rate Story. Font Size Abc Small. Abc Medium. Abc Large. Getty Images In case the user suspects a theft, it is recommended to file an FIR at the nearest police station. Hence, if the account holder misplaces the debit card, it is at the risk of being misused by the person who gets hold of it.
Once the user concludes that the debit card has been lost, it is important to act immediately in order to protect the funds. After logging into the banking portal, the user needs to report loss of card by selecting the relevant card registered in his name and issue an instruction to block the same. A confirmation notification is displayed and notified on the registered mobile number once the blocking is successful. A copy of the FIR is given to the user once it is filed.
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