It is easy to panic when a debit card is missing because giving your money to a thief would be horrible. However, this won’t happen if you report the stolen card on time. Banking companies must respect the time clients have to report the lost card. However, this is not always the case. If you report the theft within the legal time frame, and the company refuses to correct the error or give you your money back, you can file a legal claim against them to recover damages.
Your rights as a card owner
The law in the United States protects people with debit cards by giving them some time to report unauthorized withdrawals or transactions. According to the law, people have 60 days to report a stolen debit card or correct an unauthorized transaction. However, the longer you take to report a stolen card, the more liable you’ll be for the expenses.
You have 60 days to report your lost debit card without risking an unlimited loss. However, every day that passes implies a higher cost for you. If you report the loss within two days, you may lose up to $50. If you do it afterward, you may lose up to $500. After the 60th day, the loss can be unlimited. Because of this, it would be in your best interest to notify your company about the incident promptly. After you do so, the banking company will conduct an investigation that can take up to 45 days. You will get your money back when the investigation ends.
Getting your money back
You can file a legal claim against the banking company if you report the lost debit card on time and they refuse to give you back your money. You can also file a lawsuit against them if they failed to prevent another unauthorized transfer after you had reported the theft or loss. You don’t have to suffer the consequences if you have followed the rules, and you have the right to fight for your money in court.