There are various steps to take if you lost your business credit card. Business credit cards can be impacted the same as a personal card, though the results are more dangerous. Business credit cards are not automatically covered by the Fair Credit Billing Act meaning that you may not be protected against unfair usage. Of course, this is also relevant for the best credit cards for self employed individuals. As a business owner, you want each employee to know how to handle a lost or stolen financial situation. Read on to learn what to do if you lost your business credit card.
You’ve been searching through all your pockets for your bank card and it has disappeared somewhere. Let’s work with philly Huntington to find out how to make sure a lost card doesn’t turn out to be a financial loss.
First of all, make sure that your card is really lost. Maybe you left it in another jacket or you left it at the cash register of a store you just left.
Situation 1: There Is No Doubt That The Card Has Been Lost Or Stolen.
In this case, you need to block the card immediately. After all, there is a high probability that fraudsters may at any moment pay with it or withdraw cash. This is common with business credit cards for college students. There are a number of ways to block a bank card:
- By calling the hotline. The universal method. The emergency number is always listed on the bank’s official website. The support operator will ask for passport data, a codeword, or an SMS code, which he will send to your phone. After this, he will block the card.
- Through a mobile application. The fastest way, if you have access to the Internet, the application is already installed on your phone and it has an option to block the card.
- Online banking. Convenient if you have Internet banking connected and have a computer, tablet, or smartphone with Internet access nearby. There is usually an option “Block card” in a personal profile on the bank’s website. You will need to confirm your decision with a code from SMS, which the bank will send to your number.
- By SMS. Some banks use a system of SMS commands. You must send a code word (for example, “block”) to the short number of the bank. In response, you will receive a code, which must be sent back to the bank’s number to confirm the action. But it is better to clarify in advance whether your bank offers this service and which code words you should use.
- At the bank branch. If you are near a bank office or have lost your phone with the card, write an application to block the card at the branch. But you will need your passport for this.
Situation 2: It Seems That The Card Was Left At Home.
If you still hope to find the card and are almost certain that it is somewhere at home or at work, then other options may work for you:
- Temporary card blocking. There are several steps on how to lock credit. Some banks offer a temporary blocking service: if the card is found, you can unblock it and you won’t have to spend time reissuing a new card. If the card is really lost, you will be able to close it. Temporary blocking service can be available through a mobile app, online bank, or through a hotline operator.
- Zero limits on any transactions. This is an alternative option: the card seems to be active, but you can’t pay anything with it or transfer money to another account. Usually, you can set a zero limit on transactions through a mobile app, online bank, or through a hotline operator. And then continue to look for the card in peace.
It is worth checking with your bank in advance if it is possible to temporarily block the card and change the limit on it. If it turns out that your bank does not offer these options, you will have to weigh the risks each time and decide whether to immediately block the card for good or still wait and look for it.
What To Do If Fraudsters Have Already Managed To Steal Money From The Card Before I Block It?
If you act quickly, you have a great chance of getting back what was stolen. You can challenge the business credit card transaction that was made by the fraudsters. But you should do it no later than the day after you receive the transaction notice from the bank.
If you meet this deadline, the bank will return the money. But before that, you will have to make sure that you didn’t violate any security rules when using your card. For example, that you did not give your card details to criminals or write your PIN directly on the card.
How Do I Control All Card Transactions?
To avoid giving fraudsters a chance to steal your money, carefully monitor all card transactions. The bank must notify you of all payments – your contract spells out the way it must do it.
It is best to activate SMS notifications. Then you will immediately notice the charges that someone else made instead of you, and you can quickly call the bank. Many banks charge for SMS-informing, but it is worth evaluating all the risks and deciding what is more important.
The standard and usually free option is to email about transactions. But it requires you to be disciplined – you have to check the bank’s emails carefully at least once a day.
Some banks also offer push notifications through a mobile app. This, too, is free and convenient – such notifications don’t clog up your phone memory or mail. But to receive them, you must have the Internet connected to your phone at all times.
You can also use a mobile app or online bank to track card transactions. You can always get an account statement at a bank branch and sometimes through an ATM. If your card has been stolen, it makes sense to double-check all recent payments.