It is important to be aware of, and understand, all fees that may be associated with your debit card. All of these fees can vary depending on how or where the card is used. For instance, transaction fees may vary depending on which automatic teller machine you use. Some institutions may give you a limit of free electronic transactions and charge a per transaction fee above the limit. When either a debit card or credit card is lost or stolen it is important that the cardholder notify the card issuer of the problem as soon as possible.
Any delay can put the cardholder at risk.
If you report your credit card lost or stolen before the thief uses the card, you cannot be held responsible for any fraudulent charges. The process is different for debit cards. If you don't report the card missing within 60 days of receiving your first account statement that showed a fraudulent withdrawal, you can be liable for all withdrawals. That means you could lose everything in your account in addition to the unused portion of any line of credit that was established to cover overdrafts. Regardless of when you report the card lost or stolen, you cannot be held liable for any unauthorized withdrawals made after you reported the card missing.