Uh oh! My credit card was stolen

Last week, while balancing my business account, I discovered a charge that was unfamiliar. Further investigation revealed that the charge was unauthorized. I went to the bank to inquire about it, and we determined that my card number may have been stolen. We immediately canceled the card, and the bank refunded the money.

People sometimes keep only credit cards because they are uncertain of the protections they have with the debit card as compared to the credit card. Be assured that you have the same federal protections with the debit card. Here's a summary of what you may be held responsible for:

• $0 if you report the loss or theft of the card immediately and the card has not been used
• up to $50 if you notify the bank within two business days after you realize the card is missing
• up to $500 if you fail to notify the bank within two business days after you realize the card is missing, but do notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized withdrawals, or
• unlimited if you fail to notify the bank within 60 days after your bank statement is mailed to you listing the unauthorized withdrawals.

Funny, around the same time my friend Justin Lukasavige had his stolen also. Read his story here