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What happens if your credit card is lost or stolen? Here is a detailed guidance to help you to take immediate actions before losing your money from your account.
In India the usage of debit cards are increasing daily. The economy is getting more computerized. Credit/ Debit cards have become a very common method of payment online as well as offline.
The convenience of carrying money has become less risky with the use of ATM cards. It is easier to carry an ATM card than carrying a cheque book. You have access to instant cash from any ATM machines in India, with your card. Also the density of ATM is spreading to villages in India. You do not have to bother about the banking timings any more to get cash from an ATM machine.
What if you have lost your ATM card or it is stolen?
You have to immediately call your bank and ask them to block the card from further unauthorized use. Almost all banks customer service will be open to block this kind of stolen cards. Do not wait to report about the stolen or lost card. Since it is your responsibility to keep it in a safe custody. Banks will not reimburse the stolen money from your account due to your lapse.
There may be a minor charge for replacement card, but the most important is to block your old card.
You wil regret, if you are not reporting your bank immediately.
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