Time is of the essence when it comes to your debit card. Notify the financial institution that issued your card as soon as you notice the card is missing. If you are able, lock your card to prevent further use. Call the card issuer for further assistance. If you report the card missing before any charges or withdrawals are made, you are not held responsible. If you report within two business days, your maximum loss is $50. If you report after two days, but before sixty, your maximum loss is $500. After sixty days, you may be held liable for all money lost or purchases made.
In addition to notifying your card issuer via phone, it can also be helpful to put all of the information in writing in a letter to your financial institution. This can include important information such as when was the last legitimate use of the card was, when you reported it, and any fraudulent purchases that took place. If you made a report to the police, include this as well.
Monitor your account to make sure fraudulent charges don’t take place on your account. Take documentation of this as it may be helpful to follow up with written confirmations to provide your financial institution.
If you use your debit card for any automated payments, you will need to change these to prevent any accounts from going into delinquency. It may be helpful to use past statements to track where all of your money is going so you can make these changes easier.