ATM card has changed our lives in many positive ways. We didn’t even imagine that a small piece of plastic can be so powerful, convenient, cheap and easy to use. You can literally stack thousands of rupees in a small plastic card without anyone guessing its real value. And it doesn’t even increase the bulge in your wallet or purse which is the case when we stack cash. Not to forget the protection features like water resistance, heat resistance etc. It’s also beneficial for the government since all the transactions are legal and traceable. The multiple uses of ATM card like online shopping, retail shopping, bill payments, cash withdrawal, cash deposits, money transfers (also called green banking E.g. State Bank of India), etc. is commendable.
However all said and done, life isn’t so easy. As Newton’s third law of motion states, “Every action has equal and opposite reaction”. So all the benefits cited above for ATM card also brings along its own set of risks and threats. Technology hasn’t really reduced the number of thefts. Rather, the thefts have increased and are more technologically sound and complex. However, unlike cash which is mostly non recoverable once lost, ATM card is much more safer and less damaging.
What risks are associated with lost cards?
Though the ATM card is protected by your PIN, yet if somehow the PIN gets unlocked or password is cracked (Thanks to technology again!), you can lose your money rapidly where the entire amount present in your savings/current account is at stake. The two most common risks are:
- Cash withdrawal
- Money deduction on shopping sites or in retail outlets
The moment you realize something is wrong, it’s time to wear the safety gear.
Related : What is ATM Banking?
What steps should be taken when ATM card is lost?
The first step taken after lost card is to block it immediately. This can be done in two ways:
1. Call Customer center
- Call the bank customer helpline number.
- Provide identification details like name, date of birth, branch name etc to the customer calling executive.
- On identity verification, the card will be blocked.
2. Use e-banking
- Login with your id and password for net banking.
- Click on lost debit/credit card tab.
- Fill in the relevant details and block the card.
Once the bank is notified about your lost card, any further transactions from your card will be a born by the bank.
Related : Safe ATM Banking
Re-issue a new card
A written application needs to be submitted at the bank branch along with an application fee. A new card will be dispatched at your place within two weeks.
Technology is thus demanding. It makes your life easier but it comes with a fee. It requires your timely intervention, cautiousness, adequate safety measures and most importantly, not taking it for granted. Therefore, we need to step up our responsibilities to truly benefit from the power of technology and enjoy our life.
Recommended Read :
- What is ATM Banking?
- What is An ATM Card? How to Use Your ATM Card?
- What is a Debit Card?
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- Lost ATM Card Steps to Take After You Lose Your ATM Card
- Beware of ATM Thief - Methods to Protect Your ATM Banking
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- 10 Safety Tips - Credit Cards
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- Steps to Take after you Lose ATM Card
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That’s True Rijal. Now Smart customers have become more cautious. They keep track of their ATM card and cash. Actually, now ATM Card Cum Debit card works as money. A customer’s potential responsibility depends mainly on the fact that how quickly the loss of the card is reported to the bank. And our banks have become friendlier too. They have the process to expedite the process.
This article would definitely help confused Customers. Thanks for sharing this with us.
ATM cards have become truly indispensable to our lives. In case, it gets lost we are into real trouble. Lot of steps need to be followed in order to abet loss of money from our accounts and also to reissue a new card. So, I believe before you start using an ATM card be aware of its safety norms and the steps to follow in case it gets lost to ward off any kinds of harassment.
One should always be extremely careful about ATM cards. I would say that even more careful than one is regarding cash. This is because, the misuse of an ATM card can turn out to be more harmful than stolen cash. The above article gives you step-by-step instructions about what should be done in case you lose your ATM card. Great job Rijal!
As you stated Rijal ‘every action has an equal and opposite reaction’, goes with almost everything in the real world. There are always two sides to everything : the good and the bad, the bad and the evil, pros and cons and so on. As important as the ATM cards are, they are equally risky if lost/stolen. And yes you are right. Thanks to the hackers and the hacking technique, every code can be cracked. Do ensure that you never write your ATM pin on your card at all and if you happen to loose it even by error, be pro-active in blocking it and it is really mandatory to activate mobile banking. That will help you understand even if a small amount is debited off your card without your knowledge.
TECHNOLOGY COMES TO MAKE YOUR LIFE EASIER BUT IT COMES WITH A FEE-so true lines of the article. In context to this , one needs to be very careful while using technology. As the article describes regarding the lost ATM cards,it very efficiently describes the steps that must be followed immediately, when the card is lost. Each and every point is a must read of this article and should be followed immediately if the same happens. An informative piece!!
It’s such a pain to lose a bank card. Especially if that bank card is a credit card and can be used everywhere, even online.
The most important thing is to notify your bank immediately. Otherwise any thefts can’t be covered easily. In the mean time, we have online banking while we wait for our replacement card.
Every action has an equal and opposite reaction - even if the equal opposite reaction is just the pain of going through your bank statements and waiting for your new ATM card once it has been lost.
ATM cards are nowadays used by almost all the people around the world. This article helped many people who worry about losing their ATM cards and then how to reissue it. It explains step by step as what to do when you lose your card and in an urgent need to block it.
Almost everyone have an ATM card these days. Losing a card can be an ordeal if not plain scary. The writer has explained very well the steps needed to be taken in case of a loss. The customer care number of your bank should always be saved. Once you have blocked your card you don’t have to worry about hackers. And as always mentioned, never ever share your PIN number with anyone.
ATM cards are helpful in carrying a huge amount of money with ease and safety. But in case if the card is lost, the card must be immediately blocked by informing the bank. Each bank provides its helpline number for the same and is 24 hours open. If any monetary loss occurs by the lapse of the holder, the bank is not liable to pay any loss. These cards must be carefully carried. The new card is issued by the concerned bank with a minor charge.
Yeah, Technology has a came a new dimension where convenience is guaranteed but somehow I feel that in one way ATM has been boon to human society for its hassle free work and easy method in the other way it took leap around where security of ATM cardholders are not that secured as it should be. I had my ATM card lost and I was totally panicked. Thanks to the bank information related to ‘lost card’. went to the bank and made my card blocked. Informative Article on how one can do when ATM card get lost.