How to Cancel Bank Cards
If you have lost your purse or wallet, fallen prey to pickpockets or been a victim of theft identity, you know how important it is to cancel all of your bank cards immediately. Even though it may not be your fault, it is your responsibility to contact your financial institutions as soon as you can so they can stop any unauthorized transactions that can lead to further inconvenience.
Things You'll Need:
- Personal Identification Number (PIN)
- Current bank statement
- Telephone
- Notepad and highlight pen
- Locate your bank statement. If you have more than one account linked to your bank card (such as your savings account and checking account are linked), try to have both statements available. Verify any unauthorized charges and highlight them with your pen. Not only will you need to cancel your current bank card, you will also need to identify and dispute any charges that occurred after your card was lost or stolen. This is especially true for identity theft that can continue for a long period of time.
- Use your telephone and bank statement to find the toll-free number for customer service. Almost every financial institution utilizes something called an ARU, or Automated Response Unit, to answer incoming calls. This service also allows you to enter your information (account number, debit card number and/or pin) before you speak with a representative. Once someone connects, they will have your account information on their computer screen.
- Advise of the loss. The agent will record the lost/stolen bank card and provide you with options. Explain that you want to cancel your card immediately. After the cancellation, take your bank statement and verify your transactions. Call attention to all that are not valid and ask the representative to complete a dispute investigation. Take notes, including recording the name and employee number of the representative. Ask for a reference number.
- Ask for a new card if you want to keep your account active. If not, close your account.
- Allow approximately 10 days or two business weeks to pass before you inquire about your dispute.
- Escalate if necessary.