(This is part of Take Charge of Your Money, a partnership between INQUIRER.net and Citibank to help readers handle their personal finances well.)
Q: I just discovered that money has disappeared from my ATM account last month. Someone withdrew cash using my ATM card without my knowledge. I can't find my ATM card too. Can I still get my cash back? – Tony
A: For years, unscrupulous people have been victimizing unsuspecting people through various means: stealing their credit cards and ATM cards and performing unauthorized charges and withdrawals; and stealing their identity so they can get access to their credit and bank accounts. This happens not just in our country, but in many countries the world over.
As soon as you discover the loss of your ATM card, the first thing you must do is call your bank (use their hotline number) and report its loss. Inform the hotline how and when you noticed that your ATM card is missing, and mention that you have discovered that money has been withdrawn without your knowledge.
According to Use Credit Wisely, a publication of Citibank, “If someone steals your ATM card and uses it, you could be responsible for the entire loss, depending on when you reported the theft. If you report the card missing before it is used, some banks will not hold you responsible for unauthorized withdrawals.”
This is why it is very important to inform your bank right away the moment you think your ATM card is missing. The bank will immediately put a hold on your account so that no further unauthorized withdrawals or purchases (ATM cards may also be used as debit cards at point-of-sale terminals) may be made. They will also investigate the matter and inform you when and where the card was used.
Try to recall when you last used the card, and where you placed it after. It is possible that a thief took it and used it, or cloned it so that he can use it even after you “find” your ATM card again (the thief may “return” your ATM card after cloning it). Contact the police so they may investigate and hopefully identify the thief. You can then press charges and demand that your money be returned.
Check your bank statement even after you have reported the loss of your ATM card. If there is a new suspicious transaction, contact your bank immediately.
As soon as possible, go to your bank branch and request for a new card to be issued to you. Here are some tips to ensure that your ATM card remains safe, as shared in Use Credit Wisely: 1. Make sure that the personal identification number (PIN) you choose is a strong one—it should not be your phone number, home address, or your birthday, as unscrupulous people may determine your PIN right away and use your card. 2. Don't write your PIN down on a deposit slip, envelope, postcard, or on anything you can keep in your wallet. Memorize it instead. According to Use Credit Wisely, “In a third of all ATM card frauds, the PIN was on the card or in the wallet.” 3. Check all ATM receipts against bank statements. 4. Never lend your cards to anyone or leave cards or receipts lying around in the house. It may also be a good idea to periodically change your PIN over time. Also, make it a habit to review your bank statement online as this will give you a report of your account activity with just the click of your mouse. If you are not enrolled yet in the online facility of your bank, do so. You will not only be able to check your account from the comfort of your home or office, you will also be able to do other banking transactions such as paying your bills wherever you may be. The same goes for phone banking. Enroll your account in the phone banking facility so you can access your account via a landline or mobile phone.
If you are going to change addresses soon, inform your bank right away. Give your bank your new contact information so account statements may be delivered to the right address.
Shred your ATM receipts as soon as you get your bank statement and you have confirmed that the transactions you made have been reflected on the statement. Keep bank statements for two to three years, then shred them—not just throw them whole straight in the trash.
Always have your bank's 24-hour hotline number saved on your contacts list on your cell phone, or written down in your planner or address book. Report lost cards immediately, whether you are in the country or abroad.
Safeguarding your ATM card is very important in this day and age. Take steps to do so.
(INQUIRER.net and Citibank invite readers to ask questions regarding financial matters. Send your questions to personal_finance@inquirer.net or comment through our personal finance blog called MoneySmarts.)
*Disclaimer: Readers are solely responsible for their own investment decisions and should thus conduct their own research and due diligence and obtain professional advice. INQUIRER.net will not be liable for any loss or damage caused by a reader's reliance on information obtained from our web site. INQUIRER.net receives no compensation of any kind from companies or industries or funds that are mentioned here.
