If you ever lose your prepaid debit card or bank checkcard, you should contact the company that issued your card and services your account as soon as you realize it is missing. The good news is that if you report it lost or stolen within two business days, the most you will be liable for is $50 should it fall into the wrong hands and be misused for unauthorized purchases or cash withdrawals.
According to the Federal Trade Commission, Once you’ve reported the loss of your ATM or debit card, you cannot be held liable for additional unauthorized transfers that occur after that time.
The bad news is that if you don’t report the loss within two business days after you find out that you are missing your card, you could lose up to $500 should a card thief take out that much money from your account by using your card for unauthorized purchases. You also risk unlimited loss if you fail to report an unauthorized transfer within 60 days after your card statement containing unauthorized use is mailed to you.
Some people make the mistake of thinking they have just misplaced their card, particularly if they can’t find their wallet or purse. You may think it is somewhere in your home, hidden under a coat in the closet, let’s say, but it turns out that your wallet or purse was lifted from you in a public place when you were not aware. It is better to be safe than sorry. After a thorough search of your home and car, if you still can’t find it, call your card issuer.
If you have a MiCash Prepaid MasterCard, a replacement card will be sent to you as soon as you report your card missing, and your old card will be “frozen” to prevent misuse.
ditional unauthorized transfers that occur after that time.
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