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I know there are clear-cut rules on your liability and what you should do upon losing your credit card. But what are the rules with respect to debit cards? What’s your liability and what should you do? I’m asking because my debit card doesn’t have my photo on it. Nor does the merchant even attempt to verify my signature. [Nor is it PIN verified.] A transaction on my lost debit card will immediately debit the funds from my account.
I don’t know the answer. It’s especially scary given the fact that many banks have hiked up the daily limits for shopping with your debit card. With a daily shopping limit of over Rs 1.5 lacs, would you even want to carry such a debit card in your wallet?
Coming back, what are the liabilities and lost-card reporting rules for debit cards? Do you know the answer?
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.