Here's What Happens When You Lose Your Debit Card

Since your debit card is connected to your bank account, not being able to find it is stressful. The immediate concern is that a thief has it and will drain your bank account.

There are legal protections in place for lost and stolen debit cards. Banks are also good at resolving this situation quickly, once they know about it. But this is all dependent on how quickly you take action. Here's how to handle losing your debit card and what you can expect.

You need to report it ASAP to limit your liability for fraud

As soon as you know your debit card is lost, report it to your bank. You can do this in your online account, through your mobile banking app, or by calling the bank. If you don't have your bank's number, go to its website and look for a "Contact Us" section.

The reason this is so crucial is because your fraud liability is based on how soon you report your lost debit card. The table below breaks down the maximum amount of fraud you could be required to pay, based on when you report the loss.

As you can see, acting fast is important. The longer you wait, the more you're liable for. Fortunately, many banks go above and beyond the legal requirements by offering a $0 liability guarantee. They still normally state in their terms that fraudulent transactions must be reported promptly.

Your bank will cancel your debit card and send you a new one

When you report your debit card lost or stolen, your bank will immediately cancel it. It may also ask you to confirm if recent transactions are valid or unauthorized.

Once your old card is canceled, it can't be used anymore. Even if you find it later, your bank won't be able to reactivate it. If you think you might have misplaced your card, you may want to see if you can lock it. If you find it, you can then just unlock it instead of waiting for a new card to arrive.

You'll receive a replacement debit card to the mailing address you have on file with your bank. Shipping times vary, but with most banks, replacement cards arrive within about five to 10 days. You may be able to request expedited shipping if you need your new debit card right away. Don't forget to activate your new card when it arrives, if your bank requires that.

You'll need to update automatic payments set up with your debit card

If you have any bills set to auto pay using your debit card, check when the next payment is due. Since your debit card is canceled once you report it lost, any attempted payments will be declined. Your replacement debit card will have a new card number.

For any bills that are due soon, switch them to a different payment method. Or, if you don't have one, contact that company and ask if it can postpone your next payment until you have your new debit card. Once you get your replacement debit card, enter the new card information for your automatic bill payments.

By the way, if you have any credit cards, these are typically a better way to pay for bills and everyday expenses. It builds your credit score when you use your credit cards and pay them off on time. Also, you can earn cash back or travel points on those bills if you pay with rewards credit cards.

Losing your debit card isn't fun, but there's no reason to panic. If you report it promptly, you won't be liable for many, if any unauthorized charges. After you get your new card in the mail, you'll be good to go.