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Financial Aid

Credit and ATM cards can bring you freedom, security, a way to handle economic emergencies and much more. But with these advantages come some responsibilities including the prevention of fraud and theft. The best way to fight fraud is to prevent it in the first place. That means knowing where your cards are and keeping them in a safe place. Importantly, you must never keep you personal identification number (PIN) on or near the card. In a third of all ATM frauds, the PIN was on the card or in the wallet.

Keeping Credit and ATM Cards Safe

•Don’t give your account number over the phone unless you’ve made the call.
•Get a card that has added security features, like photos.
•Never put your account number or PIN on the outside of an envelope or a postcard.
•Draw a line through blank spaces on charge slips above the total to prevent any changes.
•Don’t sign a blank charge slip unless absolutely necessary.
•Tear up carbons from slips and save receipts.
•Always check receipts against your monthly statements. Report any errors within 60 days of the statement mailing date.
•Make a record of card numbers, expiration dates and phone numbers. Keep this record in a safe place, separate from where you keep you cards. Use this information when you report your cards lost or stolen.
•Carry only the cards you need, especially when traveling.
•Choose a PIN that’s different form other obvious numbers, like you phone or Social Security Number or your birthday.
•Memorize you PIN and don’t write it on anything in your wallet.

Lost/Stolen Credit Cards

•Most stolen cards are used within 48 hours, so it is important to report your missing card immediately.
•Call your card company immediately to report the loss.
•Follow up your call with a letter, giving your account number, the date you noticed the card was missing and when you called in the report. If you call the company before the card is used, the Fair Credit Billing Act says you’re not responsible for charges made. If a thief uses your card before you report it, the most you’ll have to pay is $50.

Missing ATM Cards

•Most stolen cards are used within 48 hours, so it is important to report your missing card immediately.
•If someone steals your ATM card and uses it, you could be responsible for up to $500 or more. The Electronic Fund Transfer Act (EFTA) states the amount you’re responsible for depends on when you report the loss.
•You report the ATM card missing before it is used. The law says you’re not responsible for any unauthorized withdrawals.
•Someone uses your ATM card before you report it. If you make the call within 2 business days of unauthorized us, you won’t have to pay more than $50. But you could owe up to $500, if you don’t report it within that time.

Always Check you Statements

Even after you reported your ATM and credit card missing, check you statements. If you find any suspicious charges, notify your bank immediately. Then send a letter listing each charge. Include your account number, date stolen and date reported. It’s very important that you document the incident and send it to the bank as soon as possible.

Remember

•Never lend an ATM card or a credit card to anyone.

•Never give your ATM/Debit pin to anyone or any website.

•Never leave cards or receipts lying around your room, no matter where you live.

•Report a lost or stolen ATM card or credit card immediately.