If They're Lost or Stolen
Many people use credit cards and ATM cards.
If your cards are lost or stolen, there are laws that may help you.
Use these tips to protect yourself
If You Lose Your Credit Card . . . .
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If your credit card is lost or stolen, call the credit card company right away. (Many cards have toll-free numbers open 24 hours a day).
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After you call, send a letter. In the letter tell them that your card is missing.
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If you don't send them a letter and they do not record your call, you could have to pay for credit card charges made by someone else.
The Letter
In this letter put
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Your account number;
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The date when you found out that your card was missing;
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The date you first told them that your card was missing and who you told;
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Sign and date the letter;
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Keep a copy for your files.
What You Might Have to Pay
If someone uses your card after you report the loss, you will not have to pay for charges you did not make.
If someone uses your card before you report the loss, the most you will have to pay is $50 for each card that was missing and used by someone else.
This is true even if a thief uses your credit card to get cash.
Check Your Bills
You should also check your bills for charges you did not make
You should read your bills for mistakes. If they show any charges that you did not make, send another letter. In the letter:
Tell the card company about the charges you did not make. Tell them
- When your card was lost or stolen and when you first told them about the missing card.
- Include a copy of the bill with the wrong charges with your letter. Send your letter to the address for "billing errors" listed on your bill.
- Do not send your letter with your payment.
Use these tips to protect yourself if you lose your ATM card . . .
If your ATM card is missing . . .
Call your bank right away!
You should also send them a letter with
- your account number,
- the date the card was found missing, and
- the date you called to them to say that the card was missing.
The Rules for ATM Cards
The rules for who pays when an ATM card is lost or stolen are different from the rules for credit cards.
- When an ATM is lost or stolen your best bet is to tell the card company that you lost your card before someone uses it. That way you won't have to pay for money taken by a thief.
- If you tell them that you lost your card within two days after you find out your card is missing, you won't lose more than $50.
Read your bank statement as soon as you get it. If there are charges that you did not make, tell the bank as soon as you can.
- If you don't tell the bank about these charges within two days, You could lose up to $500
- You could end up losing all the money in your bank account if you don't tell the bank within 60 days after the postmark date on your bank statement.
- Once you have told the bank that you lost your ATM card you can't lose any more money after that. This is true even if the thief uses your card to take more money.
