A checkbook or debit card is required to use a checking account. You may even have both. Keep them safe since they provide access to your account funds. Here are some precautions to protect your bank account and debit card.

Can I Cancel A Lost or Stolen Check?

Simply calling your bank will allow you to put a hold on a particular check's payment. If someone tries to cash or deposit a statement that has been reported as stolen, the bank will not release the funds. You will likely be asked for the amount and check number to halt payment on a check.

Can My Bank Hold Me Liable For Unauthorized Transactions?

You may be held liable for up to $50 in fraudulent charges made to your account if you report the loss of your debit card or checkbook after an order has already been made to your account. You won't have to pay anything if you notify the loss before any charges are processed. If someone else uses your account number but hasn't misplaced your debit card or checkbook, you won't be held liable for any resulting charges.

Freeze Your Account

Start by calling your bank to freeze your accounts. A freeze will remain in effect until you either remove it or tell the bank that the card or book is permanently lost. For the time being, this will prevent any further debit or check transactions from being processed on your account. This block might prevent previously completed transactions from processing, including rent payments or new purchases. Remember that this is not the same as placing a stop payment on a single check.

Collect Transaction Data

Prepare for your trip to the bank by compiling relevant paperwork, such as recent transactions, a printout of your checkbook ledger, or past statements. You and the CSR can use this information to determine which things can be cleared. The sooner you collect this data, the sooner you can decide whether financial dealings are secure enough to be processed by the bank. This is a crucial move that will ensure your ability to keep up with monthly expenses and buy food and other necessities.

Terminate Your Existing Account

You should go into the bank and set up a new account—plan on spending some time at the bank as a result. An agent will meet with you to review your previous account and help you decide what charges you can safely let go of. Everything mentioned up there will be part of this. Then, they'll set you up with a whole new account. When your wallet or purse is stolen or misplaced, this is the most effective strategy to prevent any further unauthorized use of your debit card or checks.

Make a Police Report

Additionally, you must report the incident to the authorities. Do this only if you know that your wallet containing your bank information has been taken. Please disregard this procedure if you have misplaced your checkbook and are canceling your account as a precaution. However, if you become a victim of identity theft, you must file a report with the police. The process of filing the complaint shouldn't take too long, and you may use the same information if, say, your wallet was born, and you need to freeze your credit cards.

Manage Your Bank's Direct Debits and Deposits

If you have any recurring payments or deposits going into this account, write them down. Any regular expenses, such as automatic withdrawals or deposits, must be revised. It could take a few days to update your account details, so it's best to get this done as soon as possible. If you have questions about whether or not you need to cancel and reopen your savings account because of automated transfers, you may speak with a customer care representative.

More Advice

• You must take the same measures if your credit cards are lost or stolen. Each financial institution should be contacted as soon as feasible.
• A lost or stolen checkbook should be reported as soon as possible. If you notify the bank of theft before any unlawful transactions are made, the bank will often cancel all charges. 1 Furthermore, the less money you stand to lose due to fraudulent conduct, the sooner you report it and freeze your account.
• Please keep an eye out for any unauthorized charges made to your debit card. Don't forget that skimmers are frequently used to steal credit and debit card information. You may make purchases with your card regardless of where you are in the country.