You may want to cancel your debit card if it gets stolen, or misplaced. Because your debit card is connected to the money in your bank account, canceling and requesting a new one will ensure that the money is safe. Canceling a debit card is very easy. All it takes is for you to reach out to your bank. Or if you prefer, you could visit a branch of the bank. However, if the need to cancel your debit card arises when your bank is closed, what do you do?
If you wish to cancel your debit card during your bank’s closing hours, the best step to take is to call them using their after-hours number. If you don’t have it, check their website or your banking paperwork.
Have you ever wanted to deactivate your debit card but couldn’t do so because your bank is closed? You aren’t alone. I believe there are a lot of people who get confused when the need to block a debit card arises at a period when their bank is closed. At that point, you won’t be able to visit the bank to request that they cancel your debit card. Also, you may not be able to contact some banks via the usual channel. So what do you do? It’s pretty simple. And I have it outlined in this article.
How To Cancel a Pending Transaction?
How To Cancel Debit Card When Bank Is Closed?
People cancel their debit card for several reasons. But, one of the most common reasons why people call their bank and request that they deactivate their credit card is because it was stolen or misplaced. It is always advised that you guard your debit card properly. But, if one way or another, you drop your guard, and it gets stolen. Or if you misplaced it in the game house, cinema, school, etc., the best step is to deactivate the card.
Deactivating or canceling a debit card will ensure that your money is safe. If you misplaced your debit card and you fail to deactivate it, you could lose the funds in your bank account to a hacker. So in the event that your debit card got stolen or you misplaced it, don’t hesitate to contact your bank. However, what do you do if your bank is closed?
In this case, the best thing to do is to check your bank paperwork for the after-hours telephone number. If the number is not on your banking paperwork, go to your bank’s website to search for it or contact your bank via their general telephone number to see if a recorded message gives you the number you require.
Contact your bank by calling their after-hours telephone number and table your request. They may ask why you want to deactivate the debit card. If it for because it was stolen or misplaced, tell them. Most banks adopt an automated system to enable you to input your account number to make the request or report.
Another effective option for deactivating your debit card during your bank’s closing hours is by going to their website and logging in to your online banking account. After logging in, visit the page that enables you to deactivate the card.
Find out your last transaction with your debit card and take note of it for reporting purposes. You may be required to provide this information to the bank representative when you call or visit during business hours.
Contact your bank ASAP on the next business day to ensure that the card has really been deactivated. Confirm the last transaction on the debit card to determine if anyone used it before you blocked it. If an unauthorized transaction occurred, indicate the fraudulent transaction. In the case of theft, if you reported the issue before the transaction happened, you won’t be responsible for the liability.
Reporting the theft within 2 business days of noticing the theft places your max responsibility at $50, based on the Federal Trade Commission’s rules. On the other hand, reporting the theft between two and 60 days after detecting the theft increases your responsibility to $500.
In a nutshell, if your card was stolen or misplaced, always ensure that you contact your bank in time. Don’t wait till the next day. And in case you lost your debit card, rather than cancel or deactivate it, ask your bank to freeze the card or your bank account. If you later find the card, you can always ask your bank to unfreeze it.
However, if you don’t find the card, you can tell your bank to deactivate it permanently and request a new one. It is also the same thing with your bank account. Once your bank freezes your bank account, no one will be able to withdraw money from it. That means if whoever stole your credit card manages to get your pin, the individual wouldn’t be able to use it to withdraw money from your account. It’ll be useless. You can deactivate your card (permanently) and unfreeze your account if there is no hope of finding the card.
Make sure you don’t relax and wait for the next business day because your bank is closed. If your card was stolen and you do that, you may end up regretting it. Remember, the earlier, the better!
How To Cancel a Payment Made by Debit Card?
Can a Bank Cancel Your Debit Card?
On one Saturday morning, you decide to visit a store to buy a few items. After shopping for the things you need, you proceed to the counter to pay with your debit card but was left shocked. Your debit card was declined for reasons you don’t know of. Someone suggested that your bank might have cancelled your debit card, and at that point, you begin to ask yourself: can a bank deactivate my debit card?’
Your bank can cancel your debit card if they believe that it has been compromised. Perhaps, if the database of your bank was breached and several debit card information was stolen, your bank, in its attempt to protect your funds, wouldn’t hesitate to cancel your debit card.
Canceling a compromised card is the best way to secure your funds. While this is a laudable act by banks, people aren’t happy when banks fail to notify them before executing the act. Perhaps they have a reason; we may never know.