Did you lose your debit card? Well, you’re not alone. Financial institutions issue around 165 million new debit cards each year–a figure which includes not just newly minted cards for new account holders, but also replacements for lost or stolen cards. That’s a lot of plastic!
Here’s the good news: You can deactivate your lost debit card using Andover State Bank’s mobile phone application. It’s easy! Just open the app, go to the “My Money” tab, and select “My Cards.” From there, you have full control. If you lost your card, turn it off.
But if you think you left it at the restaurant where you just had dinner, turn it off, and then after you pick up your card, turn it back on. This way you save the $5 debit card replacement fee. And remember, if we have to replace your card, we issue you a new number. Any regularly occurring debit transactions (like, say, Netflix) must be updated with the new card number. Heaven forbid you miss an episode of House of Cards!
On the whole ,consumers value debit cards because they deduct money directly from their checking accounts. They also appreciate the ability to see their pending transactions almost instantaneously. Probably a lesser known but still formidable fact, debit cards are triple threats: consumers use them to get cash at ATMs; they use them to buy products at point-of-sale storefronts; and they use them to buy goods and services online.
