Cancelling your debit card can be a slow and frustrating process. Not only are you left without a viable card to spend money with, but you also have to access and change all accounts that use your cancelled debit card as a source of funds.
When you close your debit card, you are also risking the cancellation of any payments that have yet to be processed through your bank account. So what payments could get cancelled when you stop for a credit card?
Down below we have compiled together some important information regarding the subject of your credit card and what its cancellation can affect. Here you will find everything you need to know about the cancellation process and whether you have closed any recurring payments.
We understand that you probably know what a debit card is, but some people still don’t know it’s true definition.
A debit card is a plastic card that is used by consumers to purchase goods as an alternative to cash. Unlike credit cards, debit cards will typically take their funds from your bank account.
Although some debit cards can receive their funding through a prepayment program arranged by you and your bank.
You will want to cancel your debit card only under certain circumstances, these include the misplacement of your card, or your card being stolen for criminal purposes.
When you cancel your debit card you must order a replacement straight away, otherwise, you will be unable to access your funds without the assistance of your bank.
Any online retail accounts associated with the card will also have to be changed or they will not be able to access the money you have in your bank account.
Short answer – yes. If you have used your debit card to set up any recurring payments, then cancelling it will also stop these payments from being taken out of your bank account.
If you imagine that your payments and your bank account are two different sides of a river, then your debit card is the bridge that connects them. Without your debit card, the payments cannot be taken out of your bank account, as the company will no longer have access to your funds.
If you find yourself in a situation where you need to cancel your debit card, then you should contact any companies you have recurring payments with and let them know you are cancelling your debit card.
By doing this, you can start implementing methods that can be used to pay these companies until you have a new debit card.
Before cancelling your debit card, you should consider contacting any companies that you have recurring payments with – so that you can learn more about the protocols they have in place to help you in this situation.
When you set up a recurring payment, some companies will ask you to also set up a backup payment method, just in case the company has difficulty accessing your funds.
If you have a backup payment method in place, then the company should still be able to make the payments without the need for your debit card. However, some companies do not offer this option and this could mean you will owe extra charges when your bank declines the payment.
Sometimes contacting the company can be the most effective option, especially if they can stop or pause the payment at your request.
Certain companies will allow you to pause any outgoing payments until you have rectified the issue or received a new debit card, which can be useful when you are placed in such a difficult situation.
However, not all companies can offer this solution and this could mean you will have to owe late fees for the nonpayment.
In any situation like this, we would suggest that you contact the companies and see what they can do to help. Some companies may understand the issues you are going through and they may even offer to give you more time until you have acquired the necessary funds.
The only issue is that you could be scrutinized by the company in future, especially if you have a history of declined payments associated with your name.
This could lead the company to give your account to a collection agency, which will result in the defamation of your character and the lowering of your credit score.
What Happens if I Do Not Cancel My Debit Card?
If you do not cancel your debit card and it remains active, then anyone who has access to your card will be able to use it to make purchases or withdraw cash.
This could result in you being liable for any fraudulent activity that takes place on your card, as you are the legal owner of the card.
If you have given your debit card to someone else, such as a family member or friend, and they use it without your permission, then you could be held liable for their actions.
It is important that you keep your debit card safe and secure at all times, as this will help to protect you from any potential fraudulent activity.
You should also cancel your debit card if it has been lost or stolen, as this will help to prevent someone else from using it without your permission.
What Happens if My Debit Card is Cancelled?
If your debit card is canceled, then you will no longer be able to use it to make purchases or withdraw cash.
This could result in you being unable to access your funds, which could be a problem if you rely on your debit card for everyday transactions.
It is important to note that if your debit card is canceled, then you will need to obtain a new one from your bank.
This could take a few days or weeks, depending on your bank, and you may be charged a fee for the replacement card.
In some cases, your bank may require you to close your account and open a new one, which could result in you losing any money that is in your account.
It is important that you speak to your bank before canceling your debit card, as they will be able to advise you on the best course of action.
How to Cancel Your Debit Card
If you need to cancel your debit card, then you will need to contact your bank.
You should be able to do this over the phone or in person, but some banks may require you to send a written request.
When you cancel your debit card, your bank will close your account and issue you with a new debit card.
You may be charged a fee for the replacement card, so it is important to check with your bank beforehand.
It is also worth noting that canceling your debit card will not cancel any outstanding payments that you have made using the card.
These payments will still need to be processed by your bank, and you may be charged a fee for the late payment.
You should also cancel any direct debits or standing orders that you have set up on your account, as these will no longer be valid once your account has been closed.
It is important to speak to your bank before canceling your debit card, as they will be able to advise you on the best course of action.
How to Avoid Debit Card Fraud
Debit card fraud is becoming increasingly common, so it is important that you take steps to protect yourself.
One of the best ways to protect yourself from debit card fraud is to cancel your card if it is lost or stolen.
You should also cancel your card if you think that it has been used fraudulently, as this will help to prevent any further charges being made to your account.
It is also important to keep your debit card safe and secure at all times, as this will help to prevent anyone from using it without your permission.
You should also check your bank statements regularly to ensure that there are no unauthorized transactions being made on your account.
If you spot any suspicious activity, then you should report it to your bank immediately.
What is the best way to make recurring payments?
There are a few different ways that you can make recurring payments, but the best way will depend on your individual circumstances.
One option is to set up a direct debit, which means that the money will be taken from your account automatically on a set date each month.
This is a good option if you have a regular income and you know that you will be able to afford the payments.
Another option is to set up a standing order, which is similar to a direct debit, but you will need to authorize each payment yourself.
This can be a good option if your income is variable or if you want more control over when the payments are made.
A third option is to use a credit card for your recurring payments.
This can be a good option if you have a good credit rating and you are confident that you will be able to make the minimum payments each month.
However, it is important to remember that if you miss a payment, then you could be charged interest and fees, which could damage your credit rating.
What is the best way to cancel a recurring payment?
If you need to cancel a recurring payment, then you will need to contact the company that you set up the payment with.
You should be able to do this over the phone or online, and you will usually need to give them your name, address, and account details.
You may also need to give them a reason for why you are canceling the recurring payment, and you may be asked to provide proof of this.
Once you have canceled the recurring payment, you will usually receive confirmation from the company within a few days.
It is important to remember that some companies may charge a cancellation fee, so it is worth checking this before you cancel your payment.
What is the best way to dispute a recurring payment?
If you think that a recurring payment has been made in error, then you should contact the company that made the recurring payment and explain the situation.
You will need to give them your name, address, and account details, and you may also need to provide proof of the error.
Once the company has investigated the situation, they will usually refund any incorrect payments.
However, if the company does not agree that there was an error, then you can contact your bank or credit card provider and ask them to reverse the payment.
