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Never Fear, Help Is Here!
The first thing you need to do is report the stolen card to the company as soon as possible. Most companies have a
toll-free number or an online service that deals solely with this problem. Fortunately for you, federal law dictates that
you are liable only for the first $50 of any fraudulent charges made on your card. Still, you are required to report the lost
or stolen card even if you're not worried about losing $50. Here's a little extra incentive for you to make the call fast: If
you report the loss or theft before any unauthorized use, you don't even pay the $50. Many card issuers are now waiving the
$50 exposure, so check the details on your credit card offer.
Report Your Loss Immediately
After the card is gone, make sure you pay attention to every charge on your bill. Notify the card company in writing
immediately if anything shows up that isn't yours. Make sure to include in the letter the date you notified the company that
your card was lost or stolen. Send the letter to the billing errors address. Do not send it with your payment. It will get
lost in the shuffle. If your card was a debit card, things may work a bit differently. Your liability depends entirely on
how quickly you report it lost or stolen. If you report it before it has been used, you are not responsible for any
fraudulent charges. If you wait, even as little as two business days, you could be held liable for up to $500 of any
fraudulent charges made on your card.
Review Your Bill Regularly
Once your card is gone and you have reported it, review your bills regularly. Make your bank aware of any questionable
deductions from your account that occurred during the time your card was lost or stolen. A phone call is fine, but follow it
up with a certified letter, and include the date you reported your card stolen or lost. This should absolve you of any
liability.
Better Safe Than Sorry
The best way to avoid stolen or lost cards, of course, is to keep track of them. Know where they are at all times and keep
your pin number a secret. Also, don't use a pin number that is easy to figure out, such as your birth date or phone number.
Make it a number that only makes sense to you, and keep it that way.
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