When you use a MasterCard debit card, you enjoy plenty of benefits. However, you do need to take few steps to protect your new account. Remember that a debit card is like a blank check, so you need to guard the card and the account number carefully against loss or misuse. A thief can clear out the bank account that is linked to your MasterCard Debit Card before you even know your card is missing.
If your debit card is lost or stolen, or if you think someone is using it fraudulently, call your bank immediately. Follow the phone call with a letter.
Thieves don’t even need your card. As long as they have your name and card number, they can order goods by mail or over the telephone. They can wipe out your bank account before you know the card is missing, or even when you still have the card in your pocket. Protect your debit card by holding on to your debit card receipts and check them against your bank statement each month.
Memorize your PIN but don’t keep it with your card. Don’t choose one that a smart thief could figure out, like your phone number, address, birthday or part of your Social Security number. Never give your PIN to anyone.
The need to protect your debit card is reduced by the amazing “Zero Liability” promise made by MasterCard for all debit card holders. Here’s how MasterCard puts it:
Have peace of mind knowing that the financial institution that issued your U.S. MasterCard card won’t hold you responsible for “unauthorized purchases.” Zero liability applies to purchases made in the store, over the telephone or made online. As a MasterCard cardholder you will not be responsible in the event of unauthorized purchases provided that the following preconditions are met:
* Your account is in good standing.
* You have exercised reasonable care in safeguarding your card from any unauthorized use**. Unauthorized use means that you did not provide, directly, by implication or otherwise, the right to use your card and you received no benefit from the “unauthorized” purchase.
(**Failure to register certain cards will be considered as not safeguarding your card.)
* You have not reported two or more unauthorized events in the past 12 months.Zero Liability does not apply to MasterCard cards
(i) issued for commercial, business or agricultural purposes, except for MasterCard commercial cards used for small businesses as listed on www.mastercardbusiness.com; or
(ii) if a PIN for a debit transaction is used for the unauthorized purchase.
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