What to do if you loose your credit card ??

#1 Feb 2nd, 2006, 10:02
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  • sudheer poppa is offline
#1
Yesterday I lost mine! Bought something from the freindly neighbourhood shop and after that dont remember what happened with my card !! As I am leaving for thirupati today, I removed all my extra cards from the wallet and I saw that one is missing (with the largest credit limit )

I called the bank and asked them to close the account, but the new 'owner' has already used it for about 30k (started with a visit to a bar, then to bought a mobile phone, then an unknown shop!). Bank has assured to call me back to tell me how to proceed from here, but as can be imagined - I am having fireworks in my head..

Any one knows what would happen next ? Would I be covered by insurance ? Would I be asked to pay up ? Would I be told to run from pillar to post ? I had signed on its back and hence I hope that would not be a concern!

Also, I suggest every one to keep checking for their cards eveyday in the wallet. Had it not been for my visit to Thirupathi later this evening, I would not have known about it till the next time I swipe the card - maybe weeks later!!! Thank god for that !
We must learn to live together as brothers or perish together as fools - MLK
#2 Feb 2nd, 2006, 10:17
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  • Lakshmi Bhabi is offline
#2
Hi,

Sorry this happened to you! But don't panic. The bank procedures are likely to take a while to clear these expenditures but they should be cleared sooner or later. Check online to see what the bank's policy is for disputes - my bank guarantees protection against stolen card charges with zero liability, for example. The bank will probably ask you to put everything in writing then identify which charges were yours and which were someone elses's. When my debit card# was stolen I had to fill out paperwork for each charge which wasn't mine...after about 3 months it all finally cleared.

"Credit Card Loss or Fraudulent Charges (FCBA). Your maximum liability under federal law for unauthorized use of your credit card is $50. If you report the loss before your credit cards are used, the FCBA says the card issuer cannot hold you responsible for any unauthorized charges. If a thief uses your cards before you report them missing, the most you will owe for unauthorized charges is $50 per card. Also, if the loss involves your credit card number, but not the card itself, you have no liability for unauthorized use."
#3 Feb 2nd, 2006, 10:21
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  • Kanbe is offline
#3
Hi, Im sorry to hear your unfortunate loss. Im not sure. You will be covered for up to a certain amount for your liabilities for unauthorized transactions on your card. The amount will depend on your financial institution and the terms and conditions in your contract with them. Im sure for protection to be invoked, you must have notified your bank within 24 hours which you did so hope that is some assurance. Check your bank website, it should tell you your limited liability in event of loss and misuse of your card.

Hope it works out
#4 Feb 2nd, 2006, 11:23
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  • scub_a_holic is offline
#4
You may be Liable for what has been spent, it does depend on your bank and card type. But, now you have reported it, if any additional spenditure gets placed on the card it should be the banks problem.
#5 Feb 2nd, 2006, 14:31
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  • GoanCanuck is offline
#5
Quote:
Originally Posted by sudheer
I called the bank and asked them to close the account, but the new 'owner' has already used it for about 30k (started with a visit to a bar, then to bought a mobile phone, then an unknown shop!).
I am surprised that the shops that sold these items to this thief did not bother to check his signature with that on the back of the card. This alone should absolve you of any liability.
#6 Feb 2nd, 2006, 14:37
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  • SHIMLA is offline
#6
Quote:
Originally Posted by GoanCanuck I am surprised that the shops that sold these items to this thief did not bother to check his signature with that on the back of the card. This alone should absolve you of any liability.
The thief seems to be an expert at forgery as well.
Whoever said money can't buy happiness didn't know where to shop !
#7 Feb 2nd, 2006, 15:07
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  • jyotirmoy is offline
#7
Sudheer very sorry to hear this. Inform the issuer in writing & lodge a FIR. Most probably insurance will cover the expenses. The thief has probably made a blunder by buying a cell phone. Each phone has a unique EMI number. Contact the seller, he would have this number on his copy of the bill. With the help of this number service providers will be able to locate this guy.
#8 Feb 2nd, 2006, 15:20
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  • sudheer poppa is offline
#8
Ok response from Citibank is that I am responsible for eveything till the time I reported the incident. However, they conviniently decided not to inform me about a policy which absolves me of responsibility given I pay them Rs 89 maintanence charge per year.

The thief has bought two sony ericksson k700i mobile phones last night and shop employees confirm that they can recognise these two guys! And the phone is in my name !

Have to go back to the police station later in the evening!
#9 Feb 2nd, 2006, 15:27
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#9
Do mention the purchase of phones, the name and address of the phone shop & also put on record that the shop employees have confirmed to recognise the buyer in the FIR.
#10 Feb 3rd, 2006, 01:34
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  • GoanCanuck is offline
#10
Quote:
Originally Posted by sudheer Ok response from Citibank is that I am responsible for eveything till the time I reported the incident. However, they conviniently decided not to inform me about a policy which absolves me of responsibility given I pay them Rs 89 maintanence charge per year.
What a load of crap. The same Citibank provides 100% coverage to customers in Canada and the US without the cardholder having to pay any maintenance charges and you are covered even for those items which may have been purchased before you came to know that your card has been misplaced.

In fact out here most of the time it is the bank which phones the cardholder to inform him/her that his/her card is possibly being misused. My sister's credit card had been cloned(very common in Canada) and it was being used to try and purchase furniture worth $5000 but before the transaction could be made the bank phoned my sister to inform her and my sisiter told the bank to cancel the card and issue a new one
#11 Feb 3rd, 2006, 01:51
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#11
Yeah, majority of credit card companies can just absorb what was purchased, as they wouldn't reimburse the store for not checking sig/id, etc.
#12 Feb 3rd, 2006, 02:33
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#12
Quote:
What a load of crap. The same Citibank provides 100% coverage to customers in Canada and the US without the cardholder having to pay any maintenance charges and you are covered even for those items which may have been purchased before you came to know that your card has been misplaced.
Agreed. in the US the cardholder's liability is limited to $50.. and these are even for cards that do not have an annual fee.

Technically, each time a card is used, the merchant is supposed to verify that the signature on the reciept matches that on the back of the card and has the right to ask for additional ID. If it is a forgery, then the merchant is SOL. The bank does not take the loss, why should you?

http://www.mastercard.com/us/wce/PDF...hant_Rules.pdf
Page 3-1
#13 Feb 3rd, 2006, 04:43
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#13
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Originally Posted by sudheer However, they conviniently decided not to inform me about a policy which absolves me of responsibility given I pay them Rs 89 maintanence charge per year.
how ironic, Im taking commercial law and we are studying this very topic - in fact, i was just reading up on the bank's duty of disclosure as an implied term of contract.

But its strange that you are liable for all unauthorized transactions up to the moment you reported loss of your card. I was just studying the Banking Code and it states your maximum liablity is 50 pounds. I dont' know the law is in India, but seeing that its Citibank, Im sure it subscribes to such codes.
#14 Feb 20th, 2006, 13:16
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  • sudheer poppa is offline
#14

citibank = shitty bank !!!

Finally the update on the card story..

Shitty bank refused any invlovement and just sent me a dumb automated mailer saying that I am responsible for the loss completly and not one of the big bosses at shitty bank bothered to reply.

Finally on Friday night, got a call from the cops that they have nabbed the culprits. They were infact working in my company and gave me some crap on how they found the card. I bullshitted their theory and cops told me I can return and they would continue with their investigations..

Over the weekend, I decided to forgive them for their 'mistake' and decided to go for a settlement instead of pressing charges. They were young, educated and one of them just married!!!

The police men lead by Inspector Dhanesh Rao, did a commendible job and have bought back a good deal of confidence to the police force. Not just did the do a through investigation and bring culprits to justice, he also worked on a settlement from a humane point of view. I was reimbursed of the loss and culprits let go.

The financial loss, loss of their job (where one of them worked hard and got a commendible promotion) and the humiliation of spending over a day in Jail should be an adequate punishment for them... me thinks..
#15 Feb 20th, 2006, 13:33
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#15

Thumbs up

sudheer , in bengali there is a proverb which says:
" All is well which ends well "
"If you smile at me I will understand, because that is something everyone everywhere does in the same language"

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