When a debit card is lost or stolen Just as your money can be stolen and your credit card used fraudulently, a debit card can be filched and used without your knowledge. You may not realize it until checks start bouncing or you get your monthly checking statement. Fail to tell your bank within 60 days after a bank statement is sent and you could lose everything in your checking and overdraft accounts. Check with your financial institution about your liability.
Many card issuers offer consumers better protection than what the government requires.
Visa and MasterCard, for example, have increased liability protection. Visa debit card customers pay nothing if the card is reported missing within two business days of the loss being discovered. Under government regulations, financial institutions may have up to 20 days to provide provisional credit to consumers for losses due to theft or loss. Some debit card issuers promise faster credit. Visa, for example, gives provisional credit equal to the amount in the account at the time the card was reported missing within five business days.