The stolen debit cards can create a number of problems for the cardholder. If a debit card is stolen, the debit cardholder has to work with prudence and promptness to avoid a number of problems. In such incidents, the cardholder should inform the card provider without any delay.
About Stolen Debit Card
Stolen debit card may cause numerous problems. Usually, the banks provide protection to the debit cardholders when a debit card is stolen and it is being used by any unauthorized person. Nevertheless, the debit cardholder has to act promptly and wisely.
This is because in comparison to stolen credit cards, stolen debit cards bear higher extent of risk as credit cards has limited liability for fallacious or deceitful usage, but for stolen debit cards, if the stealer comes to know about the PIN number by any means, there is a chance that he might withdraw all the money from the cardholder’s account. If a debit card has been stolen, it is advisable that the cardholder should report to the respective card provider within two working days.
If it is not reported within two working days, then the bank might charge a fine amounting to the extent of US$500 .
If an unauthorized transfer of money is shown on the bank account statement is not reported within a period of two months following the receipt of the statement, there is a risk of unlimited loss on balance transfers. This suggests that the cardholder can lose the total amount of cash in his account along with the highest overdraft line of credit (if applicable).