Steps to Take if You Have Lost Your Card or if It Has Been Stolen
It is quite likely on your part to feel helpless if you lose your debit or credit card. None of us would like to fall into such situation, but then, no matter how much we try often fall prey to the same. If you too have landed into similar situation, then some of the questions that would perhaps pop up into your mind are:
- Is there any solution through which I can get out of this?
- What if I lose my card? Is there any way to retrieve it?
- What step should I take up initially?
- Will I be able to retrieve my money? Is there any legal way of obtaining the same?
Well, in recent times you will find that more and more people are making use of cards. As a result, chances of losing them are quite likely. In case you too lose your card, be sure to take up the following steps:
- Inform the card issuing company at the earliest.
- You can talk to their customer care representatives or call up the respective toll free number in case of any emergency.
- After you have made a call, make sure to send in a corresponding mail relating the same problem. Don't forget to mention the account details of missing card.
- If you have a home insurance plan then double check to find out whether it offers coverage if your card gets lost. You can also talk to your policy owner for the same, in case they don't have any coverage, they may also change the policy as per your need.
- After you have lost the card, make sure to go through the billing statements thoroughly. In case, you find any kind of unauthorized charge is reflected on your bill, make sure to send a letter to the issuer of the credit card and ask for a clarification about the charge.
- Don't forget to report the exact time as well as date when you had lost your card. The same rule of thumb is also applicable in case you notice any unauthorized charge on your bill. For the latter, you need to report for the errors at the address meant for billing purposes. However, make sure not to send any money at this address unless you have been asked to do the same.
- As per the law, you need to pay $50 because of unauthorized usage of your card, in case you had reported about the loss prior to using the same.
- According to the Fair Credit Billing Act, the card issuing company in no way can consider you responsible for an authorized charge.
Last, but not the least, if nothing works out, you can also choose a good consolidation company and enroll with their debt consolidation programs.