FAQ: Protecting Your Money, Protecting Yourself

We received a very relevant question from an anonymous student via email recently. Because many of our readers use debit and/or credit cards, we recommend you pay particularly close attention to the following question and answer.

Dear Savvy Student,

A few weeks ago I used an ATM in Boston and stupidly forgot to take my debit card with me. I didn't realize I lost my card until the next morning, at which point I immediately called the company and canceled my card. It turns out that someone had found my debit card and spent nearly $70 at McDonald's! Luckily my bank issued me a refund for the money I lost. I just received my new card in the mail and now I am wondering if there is anything I can do to protect myself (besides not leaving my card at the ATM, of course) if my debit card is ever lost again?

Thank you for your question. We've come up with a few techniques you can use to prevent yourself from losing your card and to protect your money should you ever lose your card again.

• Keep a mental checklist.
• Think about the important items you need to have with you at all times. Come up with a checklist and every time you leave a location, get into the habit of repeating the checklist to yourself. Simple phrases like "cell phone, keys, wallet" can help you keep track of your things and if you ever lose something, you'll know when and where you lost it. Additionally, the sooner you realize you lose something (a wallet with all of your cards in it, for example) the sooner you can contact your bank and the less time someone else has to use your money.
• Have your photo printed on the card.
• Some companies offer the option of personalizing your card with a photo. This is a deterrent to any thief looking to use the card as a cashier could easily recognize that they are not the owner.
  
• Write "Ask for I.D." on the back of your cards and thank cashiers who follow your instructions.
• Many people are already using this strategy. However, many cashiers do not actually ask to see an I.D. The cashiers who do follow your instructions deserve recognition, and thanking them will encourage them to continue doing so.
• Have the number to the bank's customer service line saved in your cell phone.
• Realizing early that you've lost your wallet is great, but if you don't have your bank's customer service phone number you'll have to wait to report it lost. This could result in fraudulent charges to your account if the card ends up in the wrong hands. As soon as you get a new card be sure to enter the number in a safe, accessible location.
  
• Check your online banking balance often.
• It is smart to check your account at least once a day. Being aware of your balance and spending history may notify you that your card has been lost or stolen before you even realize it's missing. Also, find out if your bank offers a free "spending alerts" service. Some banks will send you text messages when purchases are made with your card.

Now that the weekend is just beginning you can begin to put these strategies to use. Let us know how they work out for you.

Do you have any strategies to share? We'd love to hear them! Send us an email to sfs@brandeis.edu and we'll update our list.

Have a relaxing weekend,

Savvy Student