While you're rarely liable for any fraudulent charges made on a credit card, your liability for fraudulent charges made with a debit card depends on when you report the card missing.
You might also cancel a debit card if you're switching banks, but in that case you'll be closing your entire account and your debit card along with it.
Reasons to cancel a debit cardCanceling a debit card may be necessary if:It's lostIt's stolenYou never use itYou're closing your accountImmediate steps to cancel a debit cardTurn off the card via the bank's mobile app Report the card missing or stolen Confirm the cancelation with a customer service representative Report any fraudulent transactionsReporting your card as lost or stolenThere are two ways to report a lost or stolen debit card.
Cancel automatic paymentsIf you have recurring payments attached to your debit card, you'll need to cancel these so your subscriptions or memberships stay current.
After canceling your debit cardThe Federal Trade Commission recommends following up a request to cancel a lost or stolen debit card in writing.
Persons:
it's, It's, you've
Organizations:
Bank and America, Ally Bank, Federal Trade, Social