Did you recently lose your debit card? Did you have a scare that makes you think this could happen to you in the future? Losing your debit card is a big deal for many reasons. Although this may never happen, it is good to be prepared for the worst.

Here are several steps to take if you lose your debit card:

1. Call your bank as soon as possible. It is common to wait a few days, hoping that your card turns up. While this could happen, it is better to be safe than sorry. Remember, the longer you wait to report your debit card missing the more chance there is that somebody will use it in a fraudulent manner. Are you really willing to take that risk?

2. Mail your bank a letter reiterating the information that you already spoke about on the phone. This may seem like a waste of time, but it is beneficial for many reasons. Above all else, this gives you a record of what you are requesting. If the rep on the phone does not cancel everything properly and in a timely manner, you can use the letter as proof of what you requested.

3. Request a new debit card. Since your old card has been canceled you are no longer able to use it. In turn, you need to make sure you receive a new debit card from your bank as soon as possible. After all, you do not want to go to long without one.

4. Remember to change any automatic payments that you have setup with your old debit card. Since your number and expiration date have changed, you will no longer be able to use the card for automatic payments – until you update your account, of course. This is one step that many people forget to take upon receiving their new debit card.

Tip: you can usually change your account information online.

5. Watch your account for fraudulent charges. From the time you lost your debit card until the time it was canceled, there is a chance that somebody used it to make fraudulent purchases. Keep an eye on your account, and if something looks suspicious make sure you immediately contact your bank.

One final tip: don’t make the same mistake twice. Losing your debit card can cost you a lot of time and money. Do whatever it takes to keep your card safe and secure at all times.

If you lose your debit card make sure you follow the steps and advice detailed above. It will help get you back on track soon enough.