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Lost or Stolen Card
Call the issuing bank when you notice the card is missing in order to limit the amount that you are responsible for if the card is used fraudulently. For credit cards, you will not be liable for more than $50 in damages for unauthorized use, and have no liability once your report the card missing. If you report an ATM or debit card missing within two business days after noticing, your liability will not exceed $50. If you wait longer than two days, you could be liable for up to $500.
Write a letter to the bank detailing the loss of your card. Date the letter and mention your phone call to the bank, including the date, time and who you spoke with. Send the letter by certified mail with a return receipt requested for proof that you notified the bank in a timely manner.
Request a replacement card. How soon you receive the card will vary depending on your bank. Follow the activation process on the card when you receive the new one. You may need to make a phone call from your home phone, or initiate a balance inquiry using your PIN at the bank's ATM.
Monitor your statements carefully for the next few months. Be certain that no unauthorized transactions are posted. Call the bank immediately if you find any.
Closing An Account
Pay the complete balance unless the bank is changing the terms of the card in a manner not
acceptable to you. If the terms are remaining the same, there is minimal advantage to closing the account before it is completely paid.
Call the issuing bank and tell them that you want to close the account. Be prepared for a representative to speak with you about keeping the account open. The bank may offer better terms or other incentives. If you still want to close the account and cancel the card, be persistent, and get a commitment from the representative to close the account. Write down any confirmation numbers that they give you.
Write a letter to the bank confirming the request and the closure of the account. Reference the call to the representative, giving his name and any confirmation numbers you received. You may want to cut the card in half, through the numbers, and mail it back to the company as further proof of your request. Mail this letter certified mail with a return receipt requested.
Check your mail for a final statement or a letter confirming closure of the account. Some banks may not issue this routinely, and you may wantto call back in 30 to 60 days to verify closure if you do not receive confirmation by mail.
Review your credit report when you confirm the account is closed. The entry for the account should show on your report, with the past history listed, indicating that the account was closed at your request. If the report indicates the account is still open, contact the bank again to resolve the matter.