How to Safeguard Your Finances After Canceling a Debit Card

When you cancel your debit card and get a new one, charges made on your old card should not continue to be charged. However, it is crucial to understand that some merchants may have your old card information stored, leading to potential unauthorized charges.

Prevent Unauthorized Charges on Old Card

To safeguard your finances effectively, you need to take several crucial steps. Here are the steps you can follow to ensure that you are not left with unauthorized charges on your old card:

Contact Your Bank or Credit Union

Report the loss or theft of your card as soon as possible. This step is important to minimize your liability for any unauthorized charges. You can do this by calling or using the mobile app to contact your bank or credit union.

Call or use the mobile app to report the loss or theft of your card immediately. Follow up by sending a letter to the card issuer. Include your account number, the date and time of when you noticed your card missing, and when you first reported the loss. Keep a copy of your letter and notes from calls with the bank or credit union.

Update Payment Information with Merchants

Reach out to any merchants or services that you have recurring subscriptions with and update your payment information. This step ensures that charges are not attempted on your old card, thus preventing any potential charges from going through.

Monitor Your Bank Statements

Regularly check your bank statements to ensure that no unauthorized charges are being made. If you spot any unauthorized charges, report them to your bank or credit union immediately.

By taking these steps, you can minimize the risk of unauthorized charges on your old card and ensure that your payment information is up to date with merchants and services.

Additional Resources:

For more information on card management and financial security, explore these resources:

Lost or Stolen Credit, ATM, and Debit Cards - Consumer Advice The Credit Card Dispute Process Using Credit Cards and Disputing Charges - Consumer Advice

Key Steps Summary:

Contact your bank or credit union to report the loss or theft of your card. Follow up with a letter and keep records of your communications. Update payment information with merchants and services. Regularly monitor your bank statements for unauthorized charges.

These actions will help you safeguard your finances and ensure your payment information remains secure.