Lost Card Liability
Updated on October 4, 2023
In case your card is misplaced or stolen, it’s essential to swiftly inform your bank to deactivate the card and avert potential fraudulent activities. This prompt action helps ensure the security of your financial matters.
When a card is lost or stolen, there exists a liability fee. This fee corresponds to the expenses accumulated from the time of the incident until you communicate the occurrence to the bank. By promptly notifying the bank, you not only aid in limiting potential financial losses but also demonstrate your responsibility as a cardholder in addressing security concerns.
Effectively, the immediate reporting of a lost or stolen card plays a pivotal role in restraining unauthorized transactions and safeguarding your financial interests. It underscores your proactive approach to preserving your financial resources and assists in minimizing any liability fees that might arise.