At First Bank of the Lake, we know it is a terrible feeling when you realize you can’t find your debit card, or worse if you discover it has been stolen. Hopefully, it never happens to you, but if it does, it is good to know ahead of time just what actions you should take to be safe. By acting quickly, you can limit your financial liability in the event that someone tries to use your card and access your account. If you would like to know what to do if your card is lost or stolen, read on!
Step 1 – Contact Your Bank
Calling quickly to report the issue is key. If your debit card from First Bank of the Lake is lost or stolen, immediately call 800.417.8715, 24 hours a day, 7 days a week. Otherwise, let your bank or issuer of your debit card know that your card is missing. If you notice a purchase or withdrawal you did not authorize, report that as soon as you realize it. Once you have reported the loss or theft, you cannot be held liable for any purchases or withdrawals after that point according to federal law. If you have CardValet from First Bank of the Lake, you can lock your card with your phone app as soon as you realize it is missing. You can go to https://www.fblake.bank/for-you/card-valet to learn more about CardValet and all the handy features that come with it.
Step 2 - Monitor Transactions
You will want to review your bank statements and account
transactions promptly and regularly to carefully confirm debit card transactions,
payments, and other transaction data. Again,
if you find anything you did not authorize, report it immediately. Also, keep in mind, that with the CardValet
App, you are able to see a real-time list of all your transactions and can set
alerts to notify you when a purchase is made.
In addition, our bank in Osage Beach offers Kasasa Protect. It is a comprehensive and affordable service that comes with 24/7 monitoring, identity restoration services, and more! It also includes Lost Wallet Protection which allows you to take care of canceling and replacing all your important documents through one point of contact. Restoration through your agent includes your cards, licenses, social security cards, insurance cards, passports, military IDs, and even traveler’s checks. You can see more details about Kasasa Protect by going to https://www.fblake.bank/for-you/kasasa-protect on our website.
Step 3 - Cancel Automatic Payments
If you have automatic payments set up using the lost or stolen debit card, you will want to have those canceled. Once you deactivate your card those payments will not go through, and you don’t want to have the added stress of making late payments or damaging your credit. You will have to set up an alternative payment method until you get a new card issued.
Step 4 - Follow Up in Writing
The next step is to follow up in writing with your bank. Give them your account number, the date and time you first knew your card was missing, as well as when and how you reported it. Send it by certified mail and request a return receipt. It is important for you to keep good records throughout this situation. Write down the dates when you send letters or make phone calls, who you send it to or talk to, and the information shared.
Step 5 - Know Your Responsibility
The sooner you act, the less responsibility you will bear if your card is used fraudulently. That is why it is so important to report the loss or theft immediately. If you report it before someone uses your card, you are not liable for any unauthorized transactions. If someone uses your card before it is reported, your responsibility will be determined by how quickly you reported it. If you do so within 2 business days of discovering the loss or theft your maximum loss will be $50. If you report it between 3 business days and 60 calendar days your loss is limited to $500. If not reported until after 60 calendar days, you are responsible for all the transactions made with that card. If unauthorized transactions are made but your card is not lost, as long as you report it within 60 days of your statement being sent to you, you will not be liable.
Your Hometown Bank is Here for You!
We know that discovering your debit card is lost or stolen is scary and your first instinct may be to panic. As your hometown bank at Lake of the Ozarks, we want to help you get through it as quickly and easily as possible without it becoming a financial liability for you. If you have any questions about how First Bank of the Lake can help you before, during, and after the loss of your debit card, give us a call or see more details on our website. For more helpful tips and information regarding banking at the Lake of the Ozarks, feel free to subscribe to our social medial channels using the convenient links below!
(573) 348-2265
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