What to do if your ATM or
debit card is lost or stolen
If your ATM or debit card is lost or stolen, and someone uses it, you are responsible for up to $50 taken out of your account If you let your financial institution know within two business days after learning that your card was lost or stolen. Any money over $50 taken from your account is credited back to you by your financial institution.
For example, if you lose your card on Monday, but don't realize it until Wednesday, you have until Friday to let your financial institution know about the loss. If someone withdraws $100 from your account on Tuesday, you are responsible for only $50 of the $100. The remaining $50 is credited back into your account by your financial institution.
You may lose up to $500 if you do not tell your financial institution within two business days after learning of the loss or theft of your card. How much you lose depends on when the unauthorized withdrawal takes place.
For example, if you lose your card on Monday and realize it
immediately, but don't tell the financial institution until Friday, you could be responsible for up to $500. Suppose a $100 unauthorized withdrawal was made on Tuesday and another $600 withdrawal was made on Thursday, for a total of $700. Because you are responsible for up to $50 within the first two business days, plus the amount after the first two days and before notifying the financial institution, you would expect to be liable for $650. However, the maximum liability in this case is $500. The remaining $200 is put back into your account by your financial institution.
If you do not tell your financial institution about transfers made with a lost or stolen ATM or debit card that appear on your periodic statement, you could lose everything taken from your account. The rules say you can face unlimited loss on transfers made after the 60 day period plus up to $500 for any withdrawals made up to the end of the 60 day period. Remember the "60 day clock" starts running from the date of the first periodic statement, which shows an unauthorized withdrawal, was mailed to you.
It is very important that you look over your account statements as soon as you receive them to see if anyone has been taking money out of your account without your permission. Let the bank know about any problems immediately. If you are unable to contact the bank, call the following toll-free number to report your lost or stolen card: 1-888-833-3455.