Here's What to Do if You Lose Your Debit Card

Losing your debit card can be a huge problem. This card is directly linked to your checking account, which means thieves could potentially access the money in your account. While they won't be able to take cash out of an ATM without your PIN (which hopefully wasn't written anywhere near the card), they may be able to use your card like a credit card to pay for purchases.

You don't want to find yourself out money due to a lost debit card, so here's what you should do if this happens to you.

Report the loss to your bank ASAP

If you have lost your debit card, you need to take action immediately and report it to the bank as soon as you realize that you do not know where the card is.

You are protected by federal law against being held responsible for fraudulent charges once your card has been reported as lost. But if you do not report the missing card promptly and someone uses it to buy things or access your cash, you could potentially be held responsible for any charges incurred prior to the time you let your bank know the card was out of your control.

Your bank statements or your bank's website should provide a customer service telephone number that you can call to report your lost debit card. You should also think about putting this information into the contacts on your phone before your card is lost, so you'll be ready to make a swift report if you do find yourself missing it.

The Federal Trade Commission recommends following up your phone call reporting the loss with a written letter. This will create a paper trail in case there's a question of whether you actually alerted the bank once the card was out of your hands.

Keep a careful eye on your account

As soon as your card has been lost, you should start keeping a very watchful eye on your bank accounts. You should sign into your account balance right away and at least everyday thereafter for a while.

When you sign into your account, be on the lookout for charges or withdrawals you did not authorize. If you find them, alert your bank immediately both via phone and with a written follow-up. This can help protect you from being held responsible for the financial loss resulting from misuse of your card.

Find an alternative way to access funds until a new debit card is sent to you

Finally, you are going to need to figure out how you're going to gain access to your money in your bank account until you get a new debit card. If you have a branch close to you, you may be able to visit and make a manual withdrawal from a teller. You could also write yourself a check and cash it, or initiate an online transfer from your bank with the missing card to another financial institution where you have an account.

Unfortunately, taking all these steps can be a hassle. But losing a debit card can happen to anyone, and if it happens to you, you'll want to act quickly to avoid suffering major financial losses as a result of your card loss.