Illustrated by Mary Galloway. By Farnoosh TorabiRemain Calm I knew I should have carried my wallet in a purse that night. Instead, I fashionably tucked it under my arm and headed to the local wine bar with my husband. Two pinot noirs later I reached over to pay the bill only to realize that my wallet — which I thought I’d rested on the bar top — had vanished. Was it stolen? Did it fall on the ground somewhere? Hold on. Did I even bring my wallet? (The wine wasn’t helping.) We carefully traced our steps back to our apartment, eyes glued to the ground. But, no luck. The wallet was gone and so was our fun date night. When this happens, the key is to remain calm and proceed through a quick and efficient plan of action. Follow these seven steps to ensure your money and identity stay safe.Step 1: Call Your Debit Card Issuers If you had an ATM/debit card or checkbook in your wallet, your very first phone call should be to that bank or card issuer, says Gerri Detweiler, Director of Consumer Education at Credit. If there have been any unauthorized withdrawals in the brief period since losing your wallet, you’ll be happy you acted fast. That’s because victims of debit card fraud need only pay up to a maximum of $50 as long as they report a missing or lost card within the first two business days of realizing the card’s gone. And, most likely your bank won’t hold you liable for a single penny if you notify them promptly, says Detweiler. They’ll replace all your missing funds while investigating the fraud. If you fail to report the lost or stolen card until after two days (and before 60 days), your liability limit jumps to a maximum of $500 in the event of fraudulent activity. After 60 days, if you’ve yet to make a claim, you risk losing any and all money stolen from your account. According to the Federal Trade Commission, if you report the loss of a debit card before someone illegally uses it, you’re not responsible for those unauthorized transactions.Related: Are You Doing This With Your Money? So, first things first, head to your bank’s web site and locate the 800-telephone number for reporting lost or stolen debit cards or checkbooks. Once you call and make the claim, your bank will probably try to verify the last few charges on the card with you. Then, they’ll issue you a new card with different digits (your lost card will no longer work) and, if they spot unauthorized transactions, refill your account, and launch an investigation.Some Common Bank Numbers Bank of America: 1-800-432-1000 Chase: 1-800-935-9935 TD Bank: 1-888-751-9000 Citibank: 1-800-950-5114 Wells Fargo: 1-800-869-3557Step 2: Call Your Credit Card Issuers Next, call your credit card issuer and let them know your wallet’s missing. Just like with your missing debit card, the issuer will replace the missing credit card with a new one with new digits. Delaying this step could cost you — but not as much as with a debit card, which is why it’s not the very first step. Under the Fair Credit Billing Act, you face no liability if someone steals your credit card and starts going on a shopping spree as long as you report the lost or stolen card prior to the theft. If someone starts charging up your account prior to you alerting your card issuer, your limited liability goes from zero to up to $50.Some Common Credit Card Numbers American Express: 1-800-992-3404 Discover: 1-800-347-2683 MasterCard: 1-800-627-8372 Visa: 1-800-847-2911Step 3: File A Local Police Report If you’re sure your wallet’s been stolen, you ought to let the police know. It’s a critical step towards protecting your identity. “File a police report and list all of the items that were stolen,” says Adam Levin, Chairman and Founder of Identity Theft 911. And, don’t leave the station until you receive a copy or two of the report. “This will be useful if the theft results in any sort of fraud. In the case that you are a victim of identity theft, you can file a complaint with the Federal Trade Commission and fill out an identity theft affidavit form and attach it with your copy of the police report,” Levin says. Note: In several states, you must file a police report if you lose your license or if it gets stolen. Check the rules with your state’s DMV. Refinery29 ift.tt/1zd4svL
Posted on: Sun, 09 Nov 2014 20:42:12 +0000
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