Lost Debit Card: What to Do If You Lose Your Bank Card

If you lose your debit card, quick action is vital to help protect your bank account and avoid fraudulent transactions. Whether you’ve misplaced your debit card or believe it to be stolen, here’s what to do if you lost your bank card.

What Can Happen If You Lose Your Debit Card?

A lost debit card could make it temporarily more difficult to access the money in your bank account. A lost card might also lead to different types of bank fraud if someone finds your misplaced debit card and is able to use it to make purchases or withdraw cash.

Whether a person is able to use your debit card to tap into the funds in your bank account may depend on whether they also have your PIN (or personal identification number), if the card has a tap-to-pay function, and where a person tries to use the card.

•   If you’ve written your PIN on the back of the card, which is generally something you shouldn’t do, the person who finds your debit card might be able to use it to buy things online or at a store or get cash at an ATM up to the ATM withdrawal limit.

•   If your card is enabled for tap to pay, the person may not even need your PIN to make fraudulent purchases. While some cash registers that allow contactless payments require a PIN to complete the transaction, many do not. So someone could just tap your card to pay, potentially drawing funds from your checking account for their purchases.

Steps to Take If You Misplace Your Debit Card

Realizing your debit card has gone missing may leave you feeling a little panicky. However, it’s important to stay calm so you can rectify the situation. Here are steps to take when dealing with a lost debit card.

Lock or Freeze Your Account

Your bank may allow you to lock your card through online or mobile banking. Locking your card right away may help prevent anyone who finds it from using it to make unauthorized purchases or withdraw cash.

If you’re not sure whether you’ve lost or misplaced your debit card, you may be able to instead put a temporary freeze on the card using your bank’s mobile app. This is a way to help prevent unauthorized transactions. Then, if you find the debit card a few days later, you could unfreeze the card on the app so that you can use it for transactions again.

Report the Missing Card Immediately

If you believe your debit card is truly lost or has been stolen, rather than just hiding somewhere in your home or at the bottom of your bag, report the missing card to your bank right away. You may be able to do this through your banking app, the bank’s website, or by calling or visiting a branch.

It is also typically a good idea to confirm in writing that the debit card is lost. A lost debit card could be an opportunity for thieves to snatch your money. Documenting the loss via an email or letter may be helpful for minimizing your liability for any resulting losses.

Request a Replacement Card

When you’re canceling your debit card, request a replacement card, which may take about a week to arrive. Your bank might offer the option for expedited delivery in exchange for a fee, though you could ask if they would waive the fee as a courtesy to you as a customer.

Some banks may allow you to add the replacement card to your mobile wallet so that you can use it for virtual transactions until the physical card arrives.

Update Automatic Payments

If you’ve scheduled any automatic bill payments using your debit card, you’ll need to cancel them so you won’t miss a payment. Once you receive your new debit card, you can update your payment information for your various accounts and bills. It may feel like a bit of a hassle, but it’s a wise money management move.

Monitor Your Accounts

If you’re worried that someone might have used your debit card to make fraudulent transactions, it’s important to check your bank account activity daily as a way to potentially help prevent debit card fraud. Look for any purchases you don’t remember making or any small deposits. These may indicate that someone is attempting to link your card to an outside bank account.

Recommended: Tips for Handling Incorrect or Fraudulent Credit Card Charges

Can You Get Your Money Back If It Was Stolen?

Federal law determines what losses you’re liable for if your debit card is stolen and someone uses it to make fraudulent transactions. However, time is of the essence for limiting liability. It’s therefore important to report a lost debit card to your bank promptly.

Here’s how much you might be liable for, according to the Federal Trade Commission (FTC), depending on when you report the loss.

These limits also apply to lost ATM cards as well. So again, the most important thing you can do when dealing with a lost debit card is to report it to your bank as soon as possible.

Recommended: How to Build an Emergency Fund

How Can You Get Cash When You’ve Lost Your Debit Card?

If you lost your debit card, you may wonder how you’ll access your money. That’s a good question (and often a pressing one), and the answer may depend on whether you bank at a traditional bank vs. an online bank. If you keep your checking and savings accounts at a brick-and-mortar bank or credit union, you can typically withdraw cash at a teller window during normal business hours. You could also write paper checks to pay bills or make purchases temporarily.

If you have accounts at an online bank, you may need to transfer funds from your online account to a linked account at a traditional bank. You could also use a mobile payment app to make purchases or send money to friends and family if you’ve linked it to your bank account.

At some banks, including SoFi, you may be able to get a digital version of your replacement debit card to use until the physical version arrives. It could be worthwhile to ask about that possibility.

Tips for Keeping Your Debit Card Safe

Taking steps to protect your debit card may help minimize the odds of it being lost or stolen. Being proactive might also help you spot potential identity theft or fraud before someone is able to clean out your bank accounts.

Here are a few tips that may help keep your debit card safe.

•   Leave your debit card at home in a secure location if you won’t need it while you’re out and about.

•   Don’t share your PIN with anyone, and don’t write it on the back of your debit card.

•   Consider linking your card to a mobile wallet app so you won’t need to have the card physically with you to make purchases.

•   Use caution when using a debit card online to make purchases. Only shop with trusted sites that encrypt your financial information.

•   Monitor your bank accounts regularly to look for any suspicious activity.

•   Consider setting up bank account alerts or notifications to let you know when new transactions occur.

•   Ask your bank if cardless withdrawal is an option, which allows you to get money at the ATM without having to present your card.

•   Be alert for debit card or credit card skimmers, devices that can be attached to an ATM or payment machine to capture your card information and perform debit card cloning. When someone clones your debit card, they essentially make a copy of the card that may be used to make purchases or withdraw cash. The card itself is counterfeit, but it typically works the same way as your legitimate bank card.

•   Consider using credit cards in place of your debit card as credit cards may offer greater protections against fraud and unauthorized charges.

The Takeaway

A debit card may make managing your finances easier, but if you lose your card, quick action is vital. Taking steps to secure your account may help ward off loss if the card has been stolen. The sooner you report the loss, the sooner you may also be on your way to getting a replacement and restoring access to your account and funds.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

How long does it take to get a new debit card if you lost it?

It may take about seven business days or more to receive a new debit card if yours is lost. You might be able to get your card faster if you request expedited delivery, though you may need to pay a fee. Some banks may offer digital versions of your debit card that you can use while you wait for a replacement.

Can someone use my debit card if I lost it?

Someone might be able to use your lost debit card if they know your PIN or the card is enabled for contactless payments. It’s important to freeze, lock, or cancel your card as soon as you realize it’s lost.

How much does it cost if you lose your debit card?

Some banks may charge a small fee to replace a lost or stolen debit card. The amount you’ll pay can depend on the bank and whether you choose an expedited or rush delivery option. At a number of banks, there is no charge to replace a lost debit card, but at others you might pay a small sum.

Will a replacement debit card have the same number?

If you’re replacing a stolen or lost debit card, the new card will have a different number, expiration date, and three-digit security code. If you’re getting a replacement debit card because your old card has expired, the number on the card may be the same, but the expiration date and three-digit security code will be different.

What should I do if I find my misplaced debit card after reporting it?

If you find a misplaced debit card after reporting it lost to your bank, it’s likely that the card has already been deactivated. In this case, it’s generally a good idea to destroy the old card and wait for your replacement card to arrive. You may be able to add a digital version of the replacement card to your mobile wallet so that you can make transactions virtually while you wait for the physical card to arrive. Check with your bank to see if that is an option.

Photo credit: iStock/Delmaine Donson

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