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Home » Business And Finance Articles » You Lost Your Debit Card How Much Do You Pay

You Lost Your Debit Card -- How Much Do You Pay?

You stop at the grocery store for just a few items, but the next thing you know, you have a cart full of food and only a few bucks in you pocket. That when you notice that you left your checkbook at home, but it's not a problem you have your debit card with you.

You slide your card, punch in a few numbers and your on your way. A few days later you notice that you don't have your debit card and now instead of enjoying its convenience, you're worried about how much in fraudulent charges you'll be responsible for.

Debit cards have become extremely popular as the plastic of choice for paying for many types of purchases. According to consumer experts more than 2/3rd of Americans have a debit card in their wallet and, in 2003, debit card purchases topped $1.48 trillion, outpacing credit card purchases by nearly $300 million.

The convince of sliding a card instead of writing a check has been a boon for retailers, but its also been a boon for debit card fraudsters and identity thieves. Last year the American Bankers Association (ABA) reported that fraud involving debit cards cost banks nearly $51 million and many bankers believe that this is just the tip of the iceberg.

If you're one of those people who prefer using your debit card instead of writing a check, then you need to know that you're at risk of losing money every time you slide your card or present it to pay a bill. How much you can lose depends on the type of card you carry and when you report the loss or theft.

What's your responsible for fraudulent charges on your card?

Since your debit card is tied to your checking or savings account, if it's lost or stolen and someone else uses it, the consequences could be financially devastating. The amount of fraudulent charges you could be responsible for depends on how quickly you report the card lost or stolen to the issuing bank.

• If you determine that your card has been lost or stolen and report it to the issuing bank within 2 days, of discovering the loss, you'll only be held responsible for up to $50 of fraudulent charges made on your card.
• If you report the card lost or stolen in 2 to 60 days, you can be responsible for up to $500 in fraudulent charges.
• If you wait more than 60 days after receiving a bank statement that includes an unauthorized transfer, you can be held responsible for an unlimited amount of fraudulent charges on your card, but you will not be held responsible for any funds withdrawn after you notify your bank that the card was lost or stolen.

Debit cards with the Master Card or Visa logo offer a higher level of protection for some consumers. Visa and Master Card have both placed a voluntary limit of $50 on debit cards bearing their logo where the transactions are signature based.

Steps to take if your debit card is lost or stolen

In the event that your debit card is lost or stolen, there are certain steps you need to take immediately to limit your responsibility for fraudulent charges.

First, call the issuing bank and cancel the card immediately! If you contact the bank and cancel the card before any charges are made on the card you won't be held responsible for any charges. Even if you think you lost the card and that you may find it, it's safer to cancel the card and limit your liability. Make sure that you keep a written record of the date, time and who you spoke to at the issuing bank.

Second, file a police report. Whether or not your bank requires it, you should file a police report with your local police department. In the event that a negative entry is made on your credit report about charges that were fraudulent, you'll need the report to prove that you didn't make the charges.

The best way to prevent fraudulent charges on your card is to keep your card and account numbers out of the hands of thieves. Identity thieves are extremely sophisticated and they don't need to have the physical card to drain your account, all they need certain information from the card. Here are some steps that you should take to protect yourself from card thieves.

Be aware of your surroundings. If you use your debit card at an ATM machine, make sure that you're aware of who is around you and shield the keyboard with your body when entering your personal identification number (PIN).

When using a drive up ATM, make sure that the area is well lit and is in view of passing traffic. Don't use an ATM in a neighborhood you feel uncomfortable in.

Check out the ATM machine. If there is a transparent overlay on the ATM keyboard don't use the machine. ATM thieves use keyboard overlays to capture PINs. Also, if there is a detached card reader next to the machine, take your business elsewhere: these devices are used to capture debit card data.

Don't use your debit card for online purchases, use your credit card. If online thieves get your debit card information they can drain your bank account; if they get your credit card information they can only make charges up to the credit limit of the card. It's much easier and less costly to dispute credit card charges than charges than withdrawals from your bank account.

Commit your PIN to memory, don't write it down. Don't give your PIN to anyone, not even someone at the issuing bank.

Using your debit card to pay for purchases is convenient and fast, but it also exposes you to numerous risks. Be card smart: keep track of your debit card, monitor your bank account on a regular basis, take precautions when using your debit card, and, if your card is lost or stolen, report it immediately.

And here is another random article you might be interested in...

Guidelines for Energetic Meetings

Everyone has a unique perspective of what constitutes an "energetic meeting." Some may believe that an energetic meeting must be lively and fast-paced; others may believe that a meeting is energetic when they leave feeling energized and uplifted.

Regardless of your own personal viewpoint of energetic meetings, you can increase the likelihood that your meetings will be more satisfying by encouraging your group to adopt certain procedures as standard. Here are some key procedures, if you want participation in your energetic meetings.

Clarify Purpose. A group's clear purpose right from its beginning helps all other considerations and actions to become clearer.

Establish Climate for Sharing. When possible, arrange for participant comfort. Here are suggestions to consider:

* Provide name tags if the group is large or filled with strangers; * Place chairs for all to see each other; * Allow everyone the opportunity to speak; * Protect the rights of individuals to have dissenting opinions and to change their opinions.

Explain Ground Rules. Let group members know what is expected; check their understanding and acceptance of procedures. Ask if they have questions about certain ground rules or give them choices that help them to interpret the ground rules. If the group is new, be certain that the members are involved in establishing these rules.

Set Goal(s). Develop meeting goals with the group and refer to them as the meeting progresses. As goals are reached, be certain that specific individuals and the group as a whole are acknowledged and applauded.

Reveal Agenda. Announce items to be covered and the meeting's structure and process. Written agendas emphasize meeting focus and hold the attention of participants. When practical, allow group members to participate in agenda setting. Agendas distributed in advance allow participants to think through important items so the meeting is more productive and meaningful.

Be Task-oriented. Focus on the task and not on personalities or irrelevant issues. Be careful, though, not to be so task-oriented that the group overlooks or short-changes interpersonal relationships.

Listen to All. Acknowledge group members and their ideas. Not all ideas must be pursued, used, or evaluated, but all need to be received. Leaders and participants take the first step in showing that they are listening by giving direct eye contact to the speaker. Calling participants by name and referring to the comments they have made are indications that group members are listening to each other.

Monitor the Energy. If the vitality of the group wanes, notice and take actions to work with lowered energy. Sometimes it is appropriate to slow down, suggest silence, or take a break. Other times, it is appropriate to take an action that uplifts the energy.

Reflect Together on both Process and Task. Periodically, talk with each other about perceptions of a meeting or a series of meetings. Ask participants if they are satisfied or want to suggest changes. You might from time to time suggest changes to test a group's willingness to look at itself. Without a specific time devoted to reflection, both participants and leaders can make assumptions about satisfaction of others.

Embrace an Intention of Empowerment. Decide that every meeting is an opportunity for everyone to be empowered. You can meet the opportunity with vitality and inspiration.

As you conduct and attend meetings, you need to use good sense. Each group, each meeting is unique. Experiment to find the techniques and style that produce the most productive results for each meeting.

Copyright 2006 Marshall House