Lose
You Check Card?
Better to be Safe than Sorry
By Daniel Muniz
One afternoon right after eating lunch at my desk at work, I
noticed that my check card was missing. I discovered its absence
completely by accident because I was specifically looking for
something else in my wallet. I actually bank at several different
credit unions so I typically have three check cards in my wallet
although I mostly use just one. I raced through that particular
day’s routine as well as the day before but I could not exactly
remember where I used that card.
And I also wondered if I did use it at the nearby Subways to
bring back a lunch-to-go for that day.
For a while, I figured that I would simply go
home and peruse the usual spots where I keep my personal effects
since this has happened to me before in which I have previously
found my missing check card. But that day I just felt uneasy. For
all I know, a total stranger could have the card and thus my entire
life could be turned upside down, especially if I had not noticed
that it was missing in the first place. And since it was the card
that I don’t use all that often, it could have been very possible
that several days would have passed without me even knowing it was
gone.
As a result, I called Subways to ask if any of
their employees had a credit card that a customer had left behind
during a transaction. They immediately confirmed my suspicion by
describing the card. I told them that I would be there in a few
minutes to pick it up. After confirming my identity, I got my card
back.
I was relieved since I was worried of what
could have happened. I know that check cards have different levels
of protection than credit cards. And certain financial institutions
charge for the privilege protection on their check cards while
others offer it as a free service to their customers, however I
really had no idea if my card had any type of coverage at all.
Also, an acquaintance of mine that once was a
branch manager at a major bank explained to me the minimum standards
set by the Electronic Funds Transfer Act (Regulation E). That is,
once a customer has filed a claim, a bank has ten business days to
research it before giving provisional credit (if not resolved). If
at that time the claim is not resolved, the bank must give the
provisional credit to the customer. Afterwards, the bank then has
another 45 days to continue the investigation. If the bank
determines that it was not fraud, the customer will have to repay
the provisional credit. Otherwise, if it is fraud, the customer
keeps the money.
In addition, he suggested that I immediately report the incident
to the bank. This would protect me against potential online fraud
and card “cloning”. It would also ensure that my personal private
information was also protected.
At first, I was a bit reluctant mostly because I was grateful to
get my card back. However, this individual is someone I greatly
respected and he also had a tremendous amount of banking experience
so I went ahead and heeded his advice.
And I have to admit that it was a huge hassle
because my credit union had so much red tape to deal with. It took a
while before I got my new card mailed to me and even after it was
activated, it was days before it worked right. In the meantime, I
checked my bank account online on a daily basis to ensure that
nothing strange had happened.
However, months later someone else had learned
of this incident and he recounted to me what had happened to him:
The above incident is probably the summation
of my worst fears, especially the part about seizing an entire
paycheck. There are quite a few people (myself included) who live
from paycheck to paycheck. It is one thing to get slammed by a
credit thief. It is entirely worse to lose your take-home pay in the
process.
Overall, if a total stranger does end up with
your check card, the best possible route is to immediately contact
your bank even if you get it right back. Yes, it may be a hassle to
be without a check card for a brief while especially in today’s
modern world, but the consequences can be so much worse. And since I
had other check cards from other credit unions, I simply moved money
around which minimized the hassle.
It is far better to be safe than sorry
especially when it involves the money in your bank account.
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