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Q: My daughter just lost her debit card. Will there be a fee to replace it?
A: Most banks will not charge a fee to replace your debit card. Wachovia, SunTrust, Chase, and Bank of America (as well as others) all will not charge you the first time you lose a card. Some will charge you a fee if you continue to lose your card. For example, Chase will replace your card for free once per year, but the second replacement will cost you.
Although there is no fee, you could be responsible for any charges if someone finds the card and uses it. That’s why you should report a lost card immediately. The amount that you can be held responsible for increases with the amount of time you wait. Report it before any unauthorized charges are made, and you are responsible for nothing. Report it within 48 hours and you can lose up to $50, and up to $500 if you report it within 60 days. After that, your liability is unlimited.
After discovering that your card is missing, check your online statement to make sure no unauthorized charges have gone through, then call your bank. You can find the number on their website or on your account statement. Report the missing card and any charges that you did not make, if applicable, and you will be sent a new card.