Summary
Here’s what happens when someone steals your debit card number: Fraudulent charges immediately pull money from your checking account, leaving your real funds gone while the bank investigates. That cash-flow hit makes debit card fraud more disruptive than credit card fraud, in which the issuer’s funds are used first. Once you report the theft, your bank will cancel the card and may restrict your account during the investigation. Federal rules limit your liability if you notify the bank quickly, but delays can increase your loss. Temporary provisional credit may be issued, but you may still need to resolve overdraft or missed payment issues caused by the fraud.
The Motley Fool
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