Is it true that someone can lose thousands of dollars from a stolen debit card?

Question

And it cannot be traced back to those who stole it? Someone I know put her inheritance of $10,000 all into a debit account. The card was stolen and she is out both the money and a home she planned to buy.

Answer 1

Oh yeah.... and I'm a Banker! I study my statements online daily and found a charge of $1,575 PLUS foreign exchange adjustment fees on my account. My bank researched it & it had originated in Columbia, South America....where I have never roamed. The bank made good on it. Credit card theft and debit card theft are rampant!!! And the thieves don't even need the cards; just the numbers! Your friend needs to make some noise at her bank! if she reported the card stolen, missing, or up in smoke (and like I said, the thieves don't even need to steal your card, just the numbers which they get off the internet all the time).

Answer 2

The person should have reported the card stolen. Most banks have a daily limit as to what the person can spend and/or withdraw from the bank to prevent large amounts of theft. Some cards offer theft protection as well. They notify you if your sppending habits change and they suspect someone has been using your card, they also refund your money. She should contact the bank and the police so that the person can try to be tracked down. If the person used an ATM, the date, time, and location is recorded on the transaction and there are cameras at the places.

Answer 3

yes it can be stolen. its left of identity. you can report it to police and they will fill out paper work for the left but, she won't get the money back. I know this because it happened to us.

Answer 4

Yes. Once you notice card missing, report it to credit card co. and cancel it.

Answer 5

I've never heard of it.