Debit and credit cards are convenient ways of paying for purchases, but
they also come with a serious risk. If you lose your credit card, a dishonest
individual can use it to accrue significant debt in your name. Additionally,
your personal information could be compromised. Although losing a
credit card is never an ideal situation, your credit union can help you recover from the loss.
Report the Loss Immediately
As soon as you discover that your card is missing, you’ll need to
contact your credit union or other card issuer immediately. Since the
contact number is located on the back of your card, it’s a good
idea to enter these numbers into your cellphone—just in case. The
sooner you notify your credit union of the loss, the sooner they can
cancel your card to prevent unauthorized purchases. In addition, making a timely notification is essential for limiting your
liability on any unauthorized purchases.
Keep Updated Records
In most cases, reporting a lost credit card and receiving a replacement
is a fairly simple process. However, just in case your lost card leads
to additional problems, it’s a good idea to keep records. Make a
note of when you reported the loss and when you first noticed your card
was missing. Keep records of any unauthorized charges on your account.
Know What to Do If You Find the Lost Card
In some cases, people find lost cards before they report the loss. It isn’t
always a good idea to keep the card, since the information on it could
have been compromised without you realizing it. For example, if you lost
the card in a public place, anyone could have copied down your information
and left the card there. It’s a good idea to report the card anyway
and get a replacement.
Monitor Your Account
After you lose a credit card, you should carefully scrutinize your e-statements.
If you find any charges that you do not recognize, contact your credit
union and ask for more information about the charges.
Members of Westmark Credit Union should contact us immediately to report
a lost or stolen credit card. A representative at our credit union in
Idaho will assist you and explain the next steps in the process. You can
reach us at (208) 523-1071.